How to Choose Your Commercial Real Estate in Birmingham
Choosing a new space for any business is a demanding task. The right space can be brand-defining, but the wrong price could render your business profitless. How can you ensure you are making the best decision for your company?
At ARC Realty, we know just how tricky leasing or buying commercial real estate in Birmingham can be. Before you set out on this journey, read these 5 helpful tips from our professionals!
#1: Location, Location, Location
Even the most successful businesses have shut down stores because of a bad location. Pick your neighborhood wisely. A hip neighborhood today may be empty tomorrow. Instead of choosing the trendier street, think strategically. How long has this district been popular? Are there other locations that have exhibited more stability?
(Speaking of new, hip locations, did you know Birmingham was recently named one of 2016’s top travel destinations?)
Another aspect to consider is your surrounding competition. Businesses thrive when they are solving problems for their customers. Pick an area where you can be the sole provider of your particular goods or services. If you can’t be a unique business to an area, pick a location that allows you to be the highest quality or the lowest price.
#2: Interior and Exterior Restrictions
Commercial real estate in Birmingham may come with restrictions. Interior restrictions, like building or eliminating walls, may be in place to protect a landlord. Outdoor restrictions, like building codes, could prohibit you from designing the exterior the way you want.
Before you search for a location, have an idea of how you would like to create your new space. This will help you know what questions to ask when you get there. There is no use pursuing an office that cannot meet your needs.
#3: Space
How much space do you need? Do you want your company to remain the size it is, or do you want it to grow? Is there a chance you might have to downsize? Whatever your situation, calculating the amount of square footage needed is a tricky process. As a general rule of thumb, a business needs around 275 square feet per employee.
#4: Length of Lease
Leasing? The length of your lease should be considered. Relocating is always expensive. Is your company stable? If so, you may want to negotiate a long lease for a smaller price. On the other hand, if you aren’t exactly sure where your business is headed, don’t get sucked into the pretty prices of longer leases. Spending more on a short lease may save you money in the long run.
#5: Lease Options
Does the discounted price of a long lease feel too good to pass up? Try to negotiate your leasing options. If you end up overestimating the growth of your company, you don’t want to be stuck paying for space you never use. Are you allowed to lease out your extra space? This kind of lease option could be a financial life-saver.
Get Professional Help: Commercial Real Estate in Birmingham
All of these tips are great guidelines to follow while searching for a commercial property, but negotiating the best deal and navigating the complicated contracts can be tricky. You want a professional real estate agent on your side. ARC Realty has the experience you’re looking for. Contact our professionals today!
