Industrial real estate demand has been soaring since the start of the current economic cycle. Consumers prefer online shopping, so logistics must adjust to meet the growing demands. Demand for industrial real estate continues to grow as more companies seek out better options. With the increase in demand for industrial spaces, its become more difficult to find the right property for your business. In this article, I will show you ways to find the perfect industrial space for your business while saving time in your search.
The key to finding the perfect industrial space is understanding the market conditions and what to look for in a property. It’s important to be aware of the current demand for industrial properties and how that is affecting the market. Additionally, look at the property size, location, and amenities.
Determine Your Needs before starting the search
It’s important to have a good understanding of your needs before starting to look for industrial space. You need to be clear on the size, type, and location of the property that you require. The search process will be much easier and quicker if you have a good idea of your needs from the start. There are many types of industrial spaces to be aware of. We have written a helpful article that goes over the different types of industrial spaces.
Have a Check List Ready
When you are considering different properties, it’s helpful to have a checklist of priorities. This will help you to compare different properties and make the best decision for your particular business. It’s helpful to have a perfect scenario in mind but be willing to compromise on some factors. For example, if you are looking for a commercial property in Los Angeles, you may have to compromise on size or amenities if you want to be centrally located.
Having a checklist will save you time because you can quickly eliminate properties that don’t meet your needs.
Factors to Consider
Below I list some important factors to consider when looking for industrial space or commercial property. You can add them to your checklist as you begin your search.
Flexibility for Future Growth
You need to make sure that the industrial space can accommodate your future growth. It should have the potential to be easily expanded or converted to meet your future needs. For example, if you are looking for an industrial warehouse, you will want to make sure that it has a high ceiling and is expandable.
Location is key
Location is key when finding an industrial property. You need to be close to your customers, suppliers, highways, and transportation hubs. Proximity to these important factors will save you time and money in the long run.
You will also want to consider the commute for your employees. If the industrial property is too far away, you may have trouble attracting qualified employees.
Be aware of the current market conditions
The industrial real estate market is constantly changing. It’s important to be aware of the current market conditions so that you can negotiate the best possible deal on your new space.
Your rental budget Goal
Does the property fit your budget? It’s important to have a clear understanding of your budget before starting the search process. This will help you to quickly eliminate properties that are not within your budget when it comes to leasing commercial space.
Does Clear Height Match Your Requirements?
Sometimes overlooked, the clear height of a property can have a huge impact on your business. If you are looking for an industrial warehouse, you will want to make sure that it has a high ceiling high enough for your needs.
Consider the Age of the Property
The age of the property can be an important factor to consider. Older properties may need more repairs and maintenance than newer ones. However, they may also be cheaper to rent. It’s important to weigh the pros and cons of each property before making a decision.
What kind of Power is Supplied?
Does the building provide you with enough power to run your business? Industrial buildings either have a single-phase or three-phase power. Be sure that the property has enough power to meet your needs.
Be Aware of the Zoning Regulations
Before signing a lease, you need to make sure that the property is zoned for your business. Each city has different zoning regulations and you need to make sure that the property complies with them.
Consider the Maintenance and Repair Costs
Older properties may need more repairs and maintenance than newer ones. Be sure to factor this into your budget when considering different properties.
Look at Multiple Properties
Some small businesses might rush to sign a lease on the first commercial space they see. However, it’s important to look at multiple properties before making a decision. This will help you to compare different properties and make the best decision for your particular business.
Have you Considered Flex Space?
Flex spaces are commercial properties that can be used for a variety of businesses. They are becoming more and more popular because they offer the flexibility that many businesses need.
When considering flex space, you need to make sure that it meets your specific business needs. For example, if you are looking for an industrial warehouse with office space. Make sure that the amount of square feet is enough to accommodate your needs.
Shipping and Receiving Features
Does the property have loading docks and other shipping and receiving features that you need? Is the property located near major transportation hubs? If not, you may need to invest in additional shipping and receiving facilities. This can be a costly investment so it’s important to consider.
Does the property have a Heating and Cooling System?
You will need to make sure that the property has a heating and cooling system that meets your needs. Are these systems efficient and well-maintained? You don’t want to be stuck with a high energy bill each month.
Does the location meet your parking requirements?
You will need to make sure that the property has enough parking for your employees and customers. If not, you may have to invest in additional parking facilities. Also, make sure you don’t have to share parking with another business. This can cause problems down the road. Shared industrial space is a common thing, but make sure you’re aware of it before signing the dotted line.
Type of Commercial Leases
What type of commercial lease agreement will the property owners require? There are three types of commercial leases: gross, net, and triple net. Be sure to understand the difference between these leases before signing anything.
Searching Online For Industrial Property
One of the fastest ways to find industrial real estate is to search online. There are many websites that list commercial properties for sale or lease. Some of the more popular sites include LoopNet.com, CoStar.com, and Crexi.com. The great thing about searching online is that you can provide specific search criteria and easily find properties that match your needs.
Working With A Commercial Real Estate Broker
With all the factors to consider when searching for industrial or warehouse space, it’s a good idea to work with a commercial real estate broker. A qualified broker will be familiar with the market and can help you find the right property for your business. They can also negotiate the best possible deal with the property owner on your commercial lease.
Online search is convenient, but working with an experienced broker can save you time and money in the long run.
The Bottom Line
When searching for industrial property, there are a number of factors to consider. Be sure to do your research and work with an experienced broker to find the right property for your business. Having a checklist of requirements can help you narrow down your search and find the perfect property for your needs. As shown in this article, there are numerous factors to consider when choosing an industrial property. Keep all of these items in mind during your search to make sure you find the best possible space for your business.
When searching for an industrial property for your business, there are a number of factors to consider. The current market conditions, the location of the property, and the type of