If you’re planning to start a new business or relocate an existing one, one of the most critical decisions you’ll need to make is choosing the right industrial property.
Whether you need a warehouse, manufacturing facility, or distribution center, there are various factors that you should consider before signing on the dotted line. In this article, we’ll outline six things to look for in an industrial property to ensure that you make an informed decision.
Consider the Size and Location of the Property
The size and location of the property are two of the most crucial factors to consider when shopping for an industrial property.
You need to make sure that the property is large enough for your business’s current and future needs and that it is in a convenient location that can be easily reached by your customers, suppliers, and employees.
So, consider how much space you require, and also whether your business needs to be near certain transportation hubs, major roads, or other critical infrastructure.
Think about the Local Infrastructure
When looking for Available Industrial Properties near you, it’s essential to consider the local infrastructure surrounding property you’re interested in. Are there nearby amenities that could help with the daily operation of your business, like restaurants, cafes, or convenience stores?
Is there access to public transportation and good road networks to make commuting easier for your staff? These are some of the vital questions you need to ask before choosing an industrial property.
Assess the Condition of the Building
Assessing the condition of the building is crucial. When you visit the property, take the time to inspect the building from top to bottom. Check for any signs of structural damage, water damage or leaks, or damage to the roof.
You should also look for any signs of mold, asbestos, or any other hazardous materials that could pose a health risk to your employees. Checking for these potential problems before purchasing the property can save you a lot of headache and money down the road.
Investigate Zoning Regulations
The zoning regulations in an area can significantly impact what you can do with an industrial property. You must understand what types of businesses are allowed in the area and whether there are any restrictions on the hours of operation, sound levels, or environmental regulations.
Contact local zoning boards or the local council to find out what is allowed or not in the area.
Decide if There’s Scope for Expansion
As your business grows, so will its needs. When looking for an industrial property, decide whether there’s room for expansion or any space to add additional land or buildings.
If the property is too small to accommodate future growth and expansion, it may not be the right location for your business’s long-term goals.
Calculate How Much You’ll Need to Pay Upfront
Purchasing an industrial property is a significant investment. Before making an offer, you must calculate how much you’ll need to pay upfront, including purchasing costs, as well as any renovations or repairs that may need to be carried out before you move in.
You’ll need to factor in property tax, maintenance costs, and utility rates too. Make sure you have all the relevant costs factored in so you don’t end up in a tough situation.