Commercial property is an integral part of many businesses. Where an organisation operates from can be key to its success, especially if it’s necessary for employees to all be based in one location or for them to have a base to come to on a hybrid working basis.
While many businesses rent commercial space, in some cases it can make more financial sense to own a commercial space outright instead.
If you’re considering building your own commercial property, you might be wondering where to start. Here is a guide to take you through the process.
What are commercial properties?
So, what exactly is a commercial property? These are the brick-and-mortar locations where a business operates from. They’re used by employers, managers and staff employees to work from and service the business.
Many commercial properties are rented out to multiple businesses, and you’ll find several organisations under the same roof or within the same complex. However, if your business is growing or you’ve bought out other brands and you’re now expanding, you might find it more financially sound to build our own commercial space.
Things to consider
If you’re thinking of building a commercial space from scratch, here are some points to consider:
Where you base your new property should be one of the first points you consider. Ensuring it is located within easy reach of employees, and can be reached by clients and customers is important for several reasons. First, talented employees might be put off by having to move offices if it’s far away from your current location. Also, if you choose somewhere that’s awkward to get to, it might be off putting for clients and you might lose business.
However, there are instances where it might be suitable to set up a commercial property in an international location. This will require an extra level of research, even if you already have a team based in your target location. In this case, you’ll need to contact an expert in international laws in order to ensure compliance with commercial real estate laws in the county. You’ll also need to get planning permission for this location and plot.
You will have a say in the design of your commercial property. Consider the needs of your business and the features that your building must have. For instance, how many meeting rooms will you need? Also, what kind of design will suit the personality of your business? Work with an architect and an interior designer to ensure you have a great design concept in place.
Building and construction
The building and construction phase will fall to the builders and contractors you hire. However, you’ll be consulted at every stage. This is because your builders will be working to your budget and so everything from paying the construction team to covering the cost of materials will fall to you. Therefore, you get a final say in the materials you use.
Furnishing and details
The finishing details of a commercial property bring the building to life. You’ll want it to reflect your business’ personality and brand. Consider everything from décor to furniture. You want your team and clients to feel comfortable and welcome, so consider these finer design points.