Is it your first time renting commercial property? If the answer is yes, then these simple steps will make the process as simple as possible. Remember, the property you choose will have a direct impact on your business, it is always wise to choose carefully.
1. Location: How to Choose the Right Location for the Commercial Property
There is no point more important than the location of the commercial property. If you are looking for an industrial shed, co-working space, office, shop, showroom, industrial building or even warehouse, the location can either make or break your business. For anything that requires a lot of space like a Godown or shed, then looking for places on the outskirts of the city make more sense. Here you will get larger spaces for lower rents. If you are looking for a shop or co-working space, then it is better to find something in the city’s Central Business District (CBD). This way you will gain more visibility and you will be more accessible to customers. The right location can yield you returns of 12-13%, an average location will only yield between 9-10%.
2. Commercial Amenities: Choosing Between a Bare-Bones Commercial Space and a Plug-n-play Space
Depending on your budget and what you plan to do with the space, you need to figure out if you want a commercial space that is a bare shell or one that is plug and play. A bare shell gives you the opportunity to design the space as per your individual taste and requirement, this will also come at a lower cost. The downside is, you will have to put in time, effort and money to get things done.
A plug and play office or shop comes fully fitted, ready to move-in and you can start working almost immediately. The only downside is that you can’t customize the shop or office too much, and the rentals of such places are higher than those spaces that come without any amenities.
3. Meeting the Specific Requirements of your Business
Have a clear set of requirements down before you start looking for a space. Does your business require parking space, a loading dock, commercial licences, wheelchair accessibility, space for expansion, any specific structural requirements etc.
It’s important to not only keep the business’s current needs in mind but also what is needed for the growth of the business. For example, if you wish to expand in 2 years from 20 employees to 100 or 200, you need to choose a property that will let you take on more space if required i.e. the building needs to offer that option and have more floor space available.
Licences and Safety
When you find a place you like, do ensure you talk to the owners about if the space is in the right zone (commercial zone or residential zone) and if they have the required licenses so that you can carry out your business in peace. This is best done by a lawyer; they will also be able to advise you on what is further required and what you can’t do without.
Remember, if your business does not have the right licences there are chances that you could be heavily fined or even shut down by government authorities. For your safety, and that of the business, also do a check of the building’s structure and see if it meets the building codes required for your business. Things like fire safety, sanitation issues like waste process/management are critical. If your commercial property does not meet these codes, you will not be allowed to open.
If you keep these 4 key points in mind, you won’t have much difficulty finding the right commercial property for rent in India. If you feel that you need additional help, then visit Nobroker by clicking below. Our relationship managers can help you look for the right commercial property for your business, try it today.
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FAQ’s
Q1. How can I choose the right commercial property?
Ans. With NoBroker, choosing the right commercial property is as easy as contacting a relationship manager. You can use the NoBroker app or the website to arrange a relationship manager who can assist you with your search for a commercial property, ensuring that the process is quick and hassle-free
Q2. How do you calculate rent for a shop?
Ans. The rent of a shop will depend on multiple aspects of which location is a key factor. Additionally, in demand-supply economics, the age of the building will also affect the rent of the building. You can calculate the approximate rent of the shop by multiplying the monthly rent per square foot by the area that you’re renting.
Q3. How do I rent my shop to brands?
Ans. If you own a commercial real estate property and want to rent it out to big brands, You can start by posting an ad on social media. Alternatively, you can join a Commercial Real Estate Organisation to get in touch with prospective tenants. You can use NoBroker to do the same in a hassle-free manner. You can read more about it here.
Q4. Where can I find listings of commercial retail space?
Ans. You can easily find shops for rent advertisements and listings online. Save yourself from the hassle of getting in touch with NoBroker. A relationship manager will be assigned to you who will take care of the trouble of finding the right retail space that fits your needs.
Q5. Is it compulsory to have a rental agreement for a commercial property in India?
Ans. If you are planning to rent a commercial space for more than 11 months, it is compulsory to have a rental agreement. All terms and conditions should be specified and agreed upon by both parties.
Q6. What type of commercial property is most profitable?
Ans. The more the number of tenants who are renting your commercial real estate property, the more profitable the property will be. Generally, multi-family properties, student housings, and office buildings are profitable.
