Owning commercial real estate is like a dream come true for many small business owners who have been renting at high rates for many years. Now as an owner, you can put your office space to work and earn equity on the property that you’ve purchased.
Figuring out how to deal with so much space can be a daunting challenge for a lot of small business owners who are used to paying rent though. In fact, it can be a process that takes valuable months if you’re not careful.
Use this guide to learn more about how to utilize your first commercial building the right way. If you don’t, you might find that you’ve got a lot of extra space and cost that isn’t really helping you in the short-term.
Enlist Help During the Planning Stages
Commercial buildings can be a lot of space for a small business, and even if you need every inch, figuring out how to use your new space can be tough. Getting help from a company that offers a full service commercial architect and design services New York City residents and business owners can trust is an important part of the process.
You may not need a ton of help with your new building, but even little stuff can take a lot of effort. With the right help, you can maximize efficiency and get back to work right away.
Consider Renting Unused Portions
Unless you’re in the real estate business, the idea of renting part of your space out is probably pretty scary to you. After all, who wants to be a landlord when they don’t have any experience in the business. Renting your unused space out can help you pay the mortgage on your building and turn a tidy profit if you do it right though.
Once your offices are settled, evaluate how much space you have and how it can be sectioned off to make it convenient for other business owners in your area. Whether you have whole floors of unused space or you have 1,500 square-feet, there are people who will likely want to rent from you.
If you do go this route with a large amount of space, consider working with a property management company to handle maintenance, rent collection and all of the other stuff you have little experience doing.