Are you looking to rent out a commercial or industrial space? This particular rental type is much different to leasing residential property, and it is essential that you know the best ways to go about renting these properties to tenants. Only by taking the time to understand the differences can you find success and provide a suitable space for your clients. Whether this is an office building, a warehouse or a factory, you will discover that it can be much more complicated than leasing a residential space due to the fact that the lease will need to be tailored. It will need to be tailored specifically to the client so that the business is permitted to work in the building. With that in mind, below are five must-know tips for leasing a commercial or industrial space.
If you are searching for commercial or industrial real estate to lease out, then one of the significant factors that businesses look at is location; keep this in mind. It can be helpful to have good transport links, which means it should be somewhere that is easy to reach by road or by train. Additionally, some businesses prefer to be outside of a major city (industrial use), while commercial companies tend to prefer metropolitan areas. You need to carefully think about the type of business that you want to attract.
2. Prepare The Building For Business Use
Before putting the space on the market, you will want to make sure that it is a suitable space for business. You will want it to appeal to as many different types of business as possible, which means that you need to make sure it has the basics and to leave the interior wide open. It means that it should have industrial flooring installed by a specialist, plenty of natural and artificial lighting and the other basics. Most industrial spaces are rented by the square foot, which means it can be helpful to have an open space and then allow a business to determine how much space they need.
3. Structural Engineer
It can be helpful to use the services of a structural engineer before putting the space on the market. They will be able to make sure that the building and structures are safe and will last over the years. It will be vital in leasing the property to any type of business.
4. Additional Services
A good way to increase the amount of money that you make from an industrial space is to offer additional services and make these a part of the agreement. It could include leasing car parking spaces outside, providing a refuge collection service and a maintenance service. Most businesses will be willing to pay this because it reduces stress and allows them to focus entirely on their operation.
5. Advertising Space
In the areas of the building not leased by a company, you can offer advertising spaces to the business(es) in the building. It can be an effective way to boost the amount coming in each month.
Commercial and industrial real estate is much different from residential. As a property owner, you need to know the best ways to make money from the property; the above information should help you to find suitable tenants for your building.