So you’ve experienced year after year of successful business growth, you’ve considered all the options and you’ve chosen a new branch location in order to further expand your company. Now what next? Choosing the best property for your commercial expansion is an essential part of the expansion process. You’ll want a property that is in a good location, with easy access to local facilities and at a good price. How can you find this out? A commercial estate agent will be able to help.
Location
Choosing the best location for your business expansion can depend on the function of your business. Do you sell a service? Are you client facing? Do you work in retail? You may be better off in a central location or on the outskirts of a town or city, depending on the type of service you sell. Companies that specialise in retail are better off in the centre of town, whereas businesses that specialise in callout services (plumbing, engineering etc.) don’t rely on the location of the head office so much. The closer you are to the town centre, the higher your renting costs are likely to be so this is also something to bear in mind.
Price
Moving on from location, the price of the property is important. You want to be conscious of the price you are paying for renting the space. If the cost of rent is too high when compared to your estimated earnings in that area, you may want to look elsewhere. Sometimes it is better to compromise on location if the price is reasonable, as you can always move elsewhere when your business grows again.
Parking
Your new commercial property needs to have parking available or relatively cheap parking nearby. It is good to give your employees several options for travelling to work. Driving to work is the most common option unless you are working in London. If you are a client facing business, company parking is also very useful as it gives your clients somewhere to park without fear of incurring any fines or charges. If no parking is available, it might be a good idea to look into other potential areas of transport. Is the property near any local bus routes or near a train station? This might also be a viable solution.
Opportunities for Further Expansion
Don’t look for a property that just about fits all your employees. You’ll want to choose a property that has room for growth so that your business can expand as it grows. There is no harm in going for an office that has extra space, as you can always downsize later on if necessary. If you ‘play it safe’ and get a smaller office only to experience resounding success in the new area, it can be a pain finding another new office nearby that can accommodate your growth. Better to choose the new property with further expansions in mind.
Choosing the right commercial property is as important a decision as choosing the city or town for your new branch. You need the property to be fully functional and accessible as well as the option for further expansion in the future. Getting advice from a commercial estate agent is always a good idea in these situations, particularly for the larger and more densely populated cities like London, Birmingham and Manchester. Commercial estate agents have specific experience in assisting businesses of all sizes, so they will be able to look into your requirements and give advice accordingly.
Article provided by Mike James, an independent content writer in the property industry – working together on this occasion with Stuart Neils, a London-based commercial estate agent, who were consulted over the information in this post.