Are you interested in investing in commercial property?

Here are some essential questions to ask and things to consider before buying!

Searching for commercial office space can be an exciting endeavor; there are so many potential options, no matter the reason for your search. However, while your adrenaline is rushing as you imagine how your company might fit inside those four walls, it is critical to stay grounded and ask important questions that can ultimately determine your long-term satisfaction in the space. If there is a time to ask all of those questions about your potential space, the property tour is it! Between the listing agent and your broker, you will have a wealth of readily available knowledge about the property's history, condition, amenities, and location. This is what you should be asking to help you determine if the space you are touring is the best fit for your company:

1. How visible is my space to customers? Exposure and visibility can be critical to a company's success. You are most likely aware of the property's general location since you've agreed to the tour, but this is the chance to see the physical building and its proximity to the street and other major thoroughfares. Will customers be able to locate the building easily? What about the location of your space inside the building: is it easily identifiable? Is there effective signage to direct customers, such as a tenant directory? Is any of this applicable to your type of business? Might that change in the future!

2. How do customers access my space? Tying into the first question, accessing a building is not always as easy as it may seem. Some buildings automatically lock their doors past a particular hour, or the hours of open access might not align with your business hours. Some buildings will have a receptionist or security guard to give visitors access to your floor. If not, you may have to leave your office to greet your visitors and escort them to your suite. This may factor into your customers' overall experience.

3. Where is employee/visitor parking? Parking is an essential amenity for commercial space. Is there on-site parking, or will your employees and visitors have to find a nearby availability? If so, what are the rates at those parking areas, and will that cost need to be factored into your total cost of moving? If there is on-site parking, it's essential to know who the other building tenants are and how many parking spots they currently use. It is essential to be aware of all the potential options before choosing your new office. Are you sharing parking? Realtors tend to use the word "AMPLE" when describing parking. It's imperative to know what available parking your employees and your customers will have available once you've moved in. I strongly suggest that (like when you're buying a house) you drive back and forth to the prospective space at different times of the day over a several-day period. This way, you'll be more familiar with traffic, commute times, and parking availability! The last thing you want is an employee or visitor to be frustrated by a parking situation!

4. Who are the other tenants in the building? If you are touring a commercial space that is located within a multi-tenant building, it is important to know your neighbors. Are there competitors in the building? This has the potential to affect where you can run wires and cables in your new space. They could pose a potential threat to your business, possibly taking your customers. Conversely, are you in the same building as a company that can complement your services? It may be convenient and possibly save money for your business.

5. What is the condition of the HVAC system? HVAC repairs can be extremely costly, so it is important to have the most up-to-date information on them. Not only should you be asking about its condition, but you should also be asking if your rent includes HVAC for the entire building as well as your space. Does the system run after hours? If so, does it cost more to operate after hours? It is also important to know how often maintenance is performed on the HVAC system and if failure does occur, whose responsibility is it to replace it? If you decide to reconfigure your office, can the system be rebalanced? These are all questions that factor into the comfort of your employees and visitors.

6. What is the condition of the roof? Does the building have a flat roof? Have it inspected for leaks! While you're doing your walk-through, pay special attention to the tiles in the drop ceilings throughout the building! Replacing an entire roof can get incredibly costly! So, make sure the building you're looking at is not leaking! Are there existing tenants in the space? Don't hesitate to ASK QUESTIONS! If you're thinking of leasing instead of buying, ask about the landlord. Is there a management company? Are they quick to react? Are they willing to take care of problems that arise quickly and efficiently? Remember, downtime can be extremely EXPENSIVE!