As a leading commercial estate agency, we specialise in assisting landlords and developers looking to purchase valuable commercial property and land to build their own empires. We also support tenants wishing to rent commercial property, including first time renters wanting to navigate the sector in order to find a base for their corporate venture.
Whether you’re new to renting or have experience within the industry, taking on a commercial property can be a huge undertaking without the right support. That’s why the experts at our commercial estate agency have put together the following guide to renting commercial property so you can proceed with confidence and clarity.
Remember it’s all about location
When it comes to the rental or purchase of any property - whether it’s commercial, industrial or residential - location is everything! If you intend to use your rented commercial property as a base for your business ensuring that the local market satisfies your corporate needs is vital.
Depending on the size of your business and sector that you serve, you’ll have 101 questions regarding its location. Location requirements vary from business to business, for example if you want to open a restaurant, café or shop, choosing a location that experiences a high level of footfall will be high on your list of priorities. Those looking to open a warehouse or office space on the other hand will favour nearby transport links for easy distribution or staff commuting.
Choosing an area that has access to incentives and initiatives, such as Business Improvement Districts (BIDs), Enterprise Zones and Local Enterprise Partnerships (LEPs), is another important consideration for your business.
Choose the right property
The property itself needs to be a great fit for your business. Our commercial estate agency provides access to a range of commercial properties of varying sizes and prices.
Before you begin your search, define your business needs. How many employees will work on site? Will you need additional space for machinery and other equipment? Will you need space to grow in the future? Is the landlord of the commercial premises open to alterations to ensure current and future business success?
You should also make sure that the commercial properties that you shortlist have the planning permission for your business to operate during occupation.
Review the finer details
There are many more things to consider when renting a commercial property as our commercial estate agency will detail during your search. Transport links, congestion charges, parking facilities, delivery restrictions, local amenities, building kerb appeal, staff facilities, equipment, broadband coverage, and the building’s proximity to staff, customers/clients and suppliers should all be deliberated.
The condition of the building should be carefully analysed too. Put health, safety and your finances first by requesting a professional commercial property survey from our commercial estate agency to ensure defects are identified and recorded before you sign a lease.
Consider the costs of renting
Your finances are another vital consideration when renting a commercial property. You must define how much rent you can afford, particularly if rent reviews are included, which is common if you are signing a long term lease. Rent reviews could see your rental payment increase or decrease. Our commercial estate agency will advise you on rental trends and forecasts within the area to ensure you have the guidance you need to balance the cost of renting commercially.
It’s not just rent payments that you’ll have to foot the bill for. You may be expected to pay business rates, service charges, energy costs, local authority charges, VAT, Stamp Duty Land Tax, ongoing maintenance and repair costs, and insurance - even if your landlord is responsible for insurance. Make sure you forecast and budget for these costs at an early stage.
Negotiate your tenancy with ease
Even when a tenancy agreement seems set in stone, there may be some room for negotiation. Leases are more flexible than ever these days, with rent-free periods commonplace. Seek advice from our commercial estate agency regarding the negotiation of your commercial tenancy agreement and agree an offer on your terms.
Ready to get started with renting commercially? Contact our commercial estate agency today to discuss your requirements or browse our range of commercial rentals online.