If you are reading this space, you are probably looking for tips to help you choose an industrial space. This industrial space can be anything- a warehouse, factory, or a back office. While this looks like a pretty straightforward exercise, there is more to it than meets the eye.
The right industrial space can prove to be invaluable. It can power your growth story, create a fulfilling environment for your workforce and optimize all business processes. This means that a lot of thought and effort needs to go into selecting or renting an industrial space.
In this article, we take help from leading experts that help businesses rent, lease, or buy industrial spaces. We ask them about some important factors that should be considered when renting an industrial space.
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List of 5 Important Factors to Consider when Renting an Industrial Space
The exact square footage, layout, and usable space on offer-
Even though an industrial space might have incredibly high square footage on the paper, you need to look at the usable area on offer. Different types of businesses have various needs and requirements. If the space on offer is not usable for the type of business or unit you are looking to set up, then you need to move to the next industrial space on the list.
Ventilation of the industrial space- heating, and cooling-
Industrial spaces are notorious for being the most uncomfortable places for workers. They are either too hot or cold in weather conditions. One of the first things you should look at is ventilation. High ceilings, proper radiator fans, and extra areas of ventilation depending on the nature of the business should be an important factors to consider for businesses.
Location areas, including entry and exit points-
If you are an E-commerce business that requires a 24×7 movement of goods vehicles, you cannot be stationed in an area that has a regulation of only night movement of goods vehicles! If you are looking to set up a factory, you need accessible and wide enough entry and exit points for heavy vehicles. This is something that should be taken into consideration.
Power supply, backup, and energy costs-
Running any industrial unit translated into high energy costs most of the time. However, there are designated areas that governments set up with lower costs to attract businesses. You need to work with your expert broker firm to locate such properties that can help you with spaces that have some subsidies on the power costs and energy requirements.
Future growth and business expansion-
Whenever a business looks to rent an industrial space, it cannot do so without taking into account its future and long-term plans. This relates to business expansion and scaling up operations at multiple verticals. You need a space that will complement your business growth plans and allow you to stay in it for the foreseeable future without compromising the growth.
Other Areas that you need to focus on
Many leading experts are of the opinion that when it comes to industrial spaces, doing the right paperwork is very important. This means that understanding and having an agreement with the party that that is the owner of the property is important.
You need to also work with your legal entity to understand what would be a better option for you- renting or leasing. Both of them come with their own sets of advantages and disadvantages. It is always a better idea to use the legal business entity in the paperwork.
Understanding the terms of the lease or rent agreements and the periodic appraisals in valuation post the completion of a specified period needs to be written down in clear and certain terms in the agreement papers. This will ensure that there are no doubts or areas of confusion.
The Bottom Line
Choosing the right industrial space for your business is more important than you might think. The best businesses have been able to create an ecosystem around the spaces where they operate. This helps the workforce, strategic planning, improves efficiency in structures, and lowers the costs of operations. If you have any more questions, you would like us to address about industrial spaces, or how to rent them, let us know in the comments section below.