If you are seeking to purchase or rent commercial property, you may want to look at appropriate spaces in both new construction and existing buildings. There are definite advantages to both options. Here are some things to consider as you work with your commercial real estate agent.
Existing properties may have:
- Greater opportunities to negotiate on rent/lease terms
- Options to “value add” to the space through refurbishing or renovating – as negotiated in the lease
- Greater opportunity to secure a bargain
- Established historical data on sales
Existing properties also have the benefit of being situated in established locations that are well-trafficked by potential customers and clients. This can help with your business’s visibility and ability to have immediate recognition for your business.
New construction may have:
- More advanced energy efficiency
- Lower vacancy rates
- Lower maintenance costs up-front
- Structural warranties and guarantees
In addition, if you have an opportunity to lease property while under construction, you may be able to secure features that are custom to your business. If your business is a restaurant, for example, you may be able to work with the owners to design the kitchen to your specifications. Or if your business is a retail clothing store, you can negotiate for custom walls that support your unique infrastructure.
Regardless of your choice, both new construction and existing buildings offer viable solutions when you want to purchase or rent commercial property. You just need to decide what will work best for you and your business.
When working with our experienced and knowledgeable commercial real estate agents at Menlo Commercial Real Estate, we can help you make the best choice possible for your business location. With years of experience, our team has helped many business owners purchase or rent commercial property that is ideal for their business needs. Contact us today to get started. At Menlo, we believe that knowing who to trust makes all the difference.