Looking For Warehouse Space for Rent in NJ?
What should you look for in a commercial property?
Choosing a commercial warehouse space for rent for your business will have a huge impact on your businesses success. What you want to look for in an ideal location is size, layout, location and in some cases appearance should be factors that need to be looked at prior to leasing commercial space within Bergen County or anywhere else for that matter. If you’re looking for space for industrial use you may also want to look into zoning and environmental regulations as well.
There are many different types of commercial properties with several different shapes, locations and prices, so you have to know what your business will need to succeed and more importantly what you can afford to pay. If you’ve worked on a business plan, you’ll want to factor in rent costs and utilities. Typically, a cash-flow analysis will help you determine what you can afford to pay for a commercial lease or rental location.
For most businesses renting warehouse space is the most viable option and allows you to keep more working capital for daily business operations. You’ll also want to factor into your business plan future rent increases and utility needs. It’s very important to weigh out your options when renting or leasing a commercial space, because you may grow out of your space quickly or have too much space and get stuck paying for something that you don’t need.
Seeking out a commercial real-estate advisor is a great idea, if you’re unsure about how to proceed. A commercial real-estate advisor can help you with setting the criteria to choose the right building. Most commercial real-estate advisors should know the area you’re searching in and the zoning regulations that come along with the location you’re looking into. Warehouse space for rent in NJ is easy to come by, but not always easy to find what you’re looking for…
While you’re in search for the information you are seeking, here are five tips to help guide your thinking when searching for the right commercial real-estate for your business.
You will want to consider your preferences for your business.
If you’re a retail operation, location may be important, but if you’re a manufacturer you may be concerned with the locations column spacing and electrical output. If you’re in high-end retail you may want to be around other high end retailers. If you are a baker you may want to make sure the location has the electrical capabilities to allow you to leverage all of your equipment.
In many cases location and esthetics are less important if you are a manufacturer or a wholesale operation. However, you may have to comply with local zoning regulations that stipulate where and when a business should operate. Also, you should also take into consideration the availability of qualified employees within a 30 minute commute.
For creative services or IT services you may want to take into consideration a quiet space that is qualified to have computers and other necessary equipment, while including high-speed networking capabilities and easy access to public transportation into your consideration. When you’re looking for loading docks, you need to consider, are they shared? Do they require any repair and are they easy to access with big trucks?
Will the location require modification?
Once you find a suitable location you need to consider what it will take to get everything up and running. How much will it cost for modifications and how long will the lease be for? It’s important to know if you will have to pay for modifications or will the leasing company pay. In many cases this may need to be included in the discussions with the owner of the property. A contract is usually necessary to make sure that all of these needs are met by a deadline. The provisions should be drawn into the lease.
Not all changes to the location are up to the owner to complete. There may be zoning or heritage regulations that will require renovations to be approved by a local board. In some cases, even the most minor of changes like inserting a shipping door into a brick wall will require municipal approval. This, in most cases takes time to get approval and may be too much of a headache.
Take into account local infrastructure and taxes
Tax rates can vary between municipalities, with some towns offering preferential rates in hopes of attracting new business. A commercial real estate agent should already be familiar with the local tax rates and infrastructure and utilities-including stuff like garbage pickup, roads, electricity, internet access and natural gas.
Consider future growth
Having room for expansion may be necessary. However, paying for extra space for when you do need it may not be in the best interest of your working capital. Before making an investment in extra space, you should be sure you’ll need it or have any use for it until you need it. You business advisors can assist you with determining what you can afford.
Separating Your Needs from Your Wants.
Becoming overwhelmed is very easy to do when considering features and options available to you. Once you’ve taken a look around and you have seen what’s available, make a must-have list of things that you need for your commercial property. Making a wish list of features you’d like, but could do without.
Commercial leasing spaces and locations that lack all the must-have criteria should be struck off the list. Keep the must have list that you make short and sweet. Too many specifications will keep your options limited.(Suggested) Develop a scoring system for each must-have and as you go through seeing properties mark a score between 1-10 based on all of the must-haves you have listed. For example, if electrical output is one of your, “must-haves” and you need 1200 amps score the locations with a high number that qualify, but if a property has just below what you need score it low and at the end total them up and choose the best property.
