The internet is one of the best tools to find commercial space. A simple Google search will show you lots of properties in your area. This is a great way to see what's available in your area and get a feel for rent prices. Websites like Craigslist, Loopnet, and Crexi are all good resources to check for commercial spaces.
Get to know the area you want to rent. This means driving or walking through the area you want to set up your business and look for available spaces. Look for “for lease” signs and buildings with empty parking lots during work hours.
Another useful tactic is to get to know the business owners in the area. These people will know what is available and give you some guidance for your property search. Business owners will also give you a good idea of how the landlords are in the area, so you know what to expect. Small business owners can be a tight-knit group in some areas, so getting to know them can help your search.
Working with a real estate agent can take the stress out of finding commercial space. Real estate brokers are a great resource for when properties are coming to market and advise you through the leasing process. Brokers can also negotiate your lease to help you get the most cost-effective deal.
When meeting with a real estate broker, you do want to make sure they specialize in exactly what you are looking for. Make sure they specialize in the area you are interested in and see what kind of businesses they represent. Every business has different needs so having a broker that has experience in your field will make the process much easier.
You will rarely find a commercial space with everything set up perfectly for your business. Most spaces will require renovations to retrofit the space to your needs. Some landlords offer a tenant improvement allowance which is a pre-negotiated sum of money given by the landlord to the tenant to cover any construction costs. If a tenant improvement allowance is agreed upon, then the landlord will recommend a contractor to do the work. It is still wise to get more than one bid to ensure you are getting high-quality work done at a fair price.
There are also landlords that turn-key the property meaning the landlord is responsible for overseeing the construction. Depending on the size of the build-out job, a rent abatement can be negotiated which defers rent payments until construction is done.
If you are looking for commercial space in the Greater Philadelphia area, then check out GM Holdings commercial properties for your next rental space. We have an extensive inventory and are always willing to work with tenants to custom fit any commercial space. If you do not see what you are looking for, don’t hesitate to
contact us because we are always working on new projects.
