Commercial Property News Blog
8 Things to Consider Before Leasing Commercial Premise
Leasing commercial premises is a big decision for any business. It requires careful thought and research to find a location that meets your needs. In Lancaster and Morecambe, there are important factors to consider before signing a lease agreement. This article will highlight some key considerations, including contacting local authorities, understanding business rates, and assessing affordability.
1. Location and Accessibility: Check with the local planning department to ensure zoning regulations align with your business needs. Consider accessibility for customers and employees, including transportation routes and parking availability. High foot traffic areas are ideal for retail businesses.
2. Space and Layout: Evaluate the size and layout of the premises to accommodate your business requirements. Ensure compliance with health and safety regulations by contacting the building control department.
3. Lease Terms and Conditions: Carefully review the lease terms and seek legal advice if needed. Discuss lease length, renewal options, rent escalation clauses, and additional costs. Contact the Valuation Office Agency (VOA) to understand business rates.
4. Budget and Affordability: Establish a budget considering rent, utilities, maintenance fees, insurance, and business rates. Contact the local council’s business rates department for information on applicable rates and potential relief or exemptions.
5. Local Market and Competition: Research the local market to understand demand and competition. Identify your target audience and develop a unique selling proposition to stand out.
6. Permits and Regulations: Contact the relevant local authorities to determine any permits or licenses required for your business. Comply with health and safety, waste management, and licensing regulations.
7. Building Condition and Maintenance: Inspect the premises thoroughly and discuss any necessary repairs or maintenance with the landlord. Clarify responsibilities for ongoing maintenance to ensure a safe working environment.
8. Flexibility and Scalability: Consider the flexibility and scalability of the space. Discuss with the landlord the possibility of modifications or flexible lease terms to accommodate future growth or changes in your business.
Leasing commercial premises in Lancaster or Morecambe requires careful consideration of location, affordability, regulations, and market dynamics. By thoroughly researching and evaluating these factors, you can find a suitable space that contributes to your business’s success in these vibrant areas.