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Guide to Real Estate and Construction for Small Business
Consider commercial property for sale or commercial property for lease for your new office location |
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Real Estate and Construction Realities
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When considering your real estate and construction needs for your office location, keep the following in mind:
1. Define and understand your small business real estate and construction needs, and then find the best commercial real estate listings to fit those needs.
2. Join forces with a commercial real estate agent, who can help you avoid potentially costly mistakes.
3. Determine whether commercial real estate for lease or commercial real estate for sale is most suitable to your business plans – both now and in the long term.
4. Choose your business location according to budget, deal terms, and projected growth numbers.
Action Steps
The best contacts and resources to help you get it done
Find a new business location
When looking for a new office location, hire a commercial real estate agent or a company that offers commercial real estate listings, demographics and case studies. Always hire an agent who is familiar with your area and understands local business trends.
I recommend:
To find a commercial real estate agent, visit the CCIM (Certified Commercial Investment Member) Institute, or the Society of Industrial and Office REALTORS® (SIOR). CoStar calls itself the #1 commercial real estate information company in the U.S. and U.K. for good reason: they offer a comprehensive suite of commercial real estate listings, products and tools. GeoMarketing Research is a market research firm dedicated exclusively to business location analysis.
Choose commercial real estate for sale
If you're interested in commercial property for sale, start by finding real estate and construction companies to provide you with commercial real estate listings, as well as photos, prices and capitalization rates for commercial property.
I recommend:
Sign up for the free basic service at LoopNet, the commercial real estate listing service (similar to the residential multiple listing service, or MLS, used to advertise residential homes) that 2.2 million members use to find the perfect real estate and construction listings for small businesses.
Consider commercial property for lease
Find a reputable real estate and construction company to help you with commercial property for lease information, local representatives and more.
I recommend:
Register for free at Black’s Guide to view their online commercial property listings – including 3 billion square feet of commercial property for lease in the top 10 markets. Visit OfficeFinder for information about commercial property for lease, and work with a local specialist in one of the company’s 400+ markets.
Consider subleasing for your office location
Subleasing your office location is a great idea if you anticipate a need to move in the not-to-distant future. For instance, if your business is experiencing rapid growth, and you anticipate needing larger quarters soon, a sublease may work for the interim period. Subleases are generally offered for shorter terms than regular leases, so keep this in mind before you sublease office space.
I recommend:
CityFeet is a premier online real estate network with over 100,000 listings, including commercial real estate for lease, commercial real estate for sale and many sublease opportunities. Officelist.com is a great resource to search for flexible, short-term office space at no cost to you.
Work with construction contractors
If you've found a great office location, but the building needs work, or if you want to build from the ground up, hire construction contractors. Seasoned construction contractors can help you build an office, retail store or warehouse that works for your needs.
I recommend:
Find construction contractors in your area using the search feature at Associated Builders and Contractors, a national association comprised mostly of firms specializing in the commercial sector. For more listings of construction contractors, check the Business.com directory.
Tips & Tactics
Helpful advice for making the most of this Guide- You should always tour a potential new business location before signing even a short-term sublease to make sure you see the property with your own eyes.
- Your business location should be convenient to highways and main roads, have ample parking and of course, be properly zoned to accommodate your specific business.
- Thinking about a commercial property for a second location? Consider sharing an office with other businesses through executive office suites if you simply need a prestigious physical address and a part-time answering service/secretary in a different city.
- Pre-construction commercial property for sale gives you a 'clean slate' on which to work and to build the commercial real estate you need.
- Choose commercial property for lease, commercial property for sale or other office location options according to budget, deal terms and projected growth numbers.
