Your 7 Point Checklist to Finding the Right Commercial Space
Looking for commercial space in 2023? Here's our 7-point checklist to help you prepare for your search
1. Identify the size space you need
Offices - allow 10msq per person, excluding areas for meeting rooms, reception, breakout space and storage.
Retail - calculate the amount of product you will have on display, space for furniture and client facing plus additional storage needs.
2. Picking a location
Who do you need to expose your business too? Consider exposure to foot & vehicle traffic, ground verses upper levels and if lift access is a non-negotiable, signage opportunities, customer demographic, nearby competitors & parking requirements.
3. Rental budget
Understand your cashflow. Be clear and transparent about your financial capabilities so you can be guided to the right properties. Budget for bonds, leasing deposits and lease costs in addition, payable upfront.
4. Is a ‘change of use’ needed?
A tenant is responsible for making sure the premises are approved for their intended use. Don’t get caught out last minute. Check with the Local Council’s planning authority, even if the previous business was the same as the one who previously leased the commercial space.
5. List your requirements
Make a list of your requirements and attach a copy of your business plan or business credentials to supply to agents. Request a call back or email with details of suitable properties. This may save time enquiring on premises that are not advertised with a rent. Let the agent do the work for you.
6. How do I apply?
Talk to the agent to understand what the landlord is looking for before commencing negotiations and request an application form or relevant documentation required.
In good faith, suppling ID, references and details on your financial standing can help landlords make a more informed and quicker decision.
7. Lease documentation - Who pays for what?
For non-retail spaces there are no set rules on who pays for commercial lease documentation and the expectations around this should be disclosed. For retail uses, the landlord is legally obligated to pay for the lease preparation costs, with costs for amendments generally recoverable from a tenant. We recommend you always seek independent legal advice before entering a commercial lease.
If MIX can help with your commercial property search, contact Heather on 0415 448 378 or email [email protected]