Finding the right office space in the Niagara commercial real estate environment is a struggle for many businesses. Most tenants and investors want similar things; high quality office space at the best price possible. Your commercial real estate broker will aid you in finding the right space, but there are three factors you can consider yourself to help find the right space for a the right value.
Location is a number one condition for both owners and tenants of an office space. You will want to undertake a thorough market search, to identify locations that are appropriate for your business and factors that can will help to improve your bottom line and labour retention. Consider amenities, quality of neighbourhood, trendiness of neighbourhood, parking availability and accessible transportation routes. Some commercial offices never hit the market, your commercial real estate broker will have access to information on upcoming vacancies, that could add desirable office space to your search.
Your layout can provide you with a competitive advantage, as an office layout is tied into productivity, operating costs and efficiency. Tenants want an optimized layout that best streamlines their business and processes. And owners, want to avoid any extra construction spending, after a building has been purchased. The cost of building out an office space for the landlord or tenant (dependent on the lease terms) is one of the top five contributors to overall occupancy cost. Finding an office space that reduces this need, will lead to significant savings.
The best price possible is both the tenants and landlords goal. Each lease is different, but what remain the same is that leasing deals are determined through effective negotiations based on a number of factors including current market conditions and factors like location and layout. Each side of the coin will need to consider leverage factors when entering into lease negotiations.
Leasing is also dependent on the quality of the building, expect to pay more or charge more with a class A office space.
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