COVID-19 has undoubtedly changed the way many businesses operate in several different ways. However, the pandemic has not changed the fact that your business needs a place to operate. Whether your plans involve moving to an updated, more modern space or you simply need to find a location that is better accommodating of your space needs, here are some tips you can keep in mind while you browse your commercial real estate options.
In a pandemic-ridden environment, the days of the open-to-all open house is somewhat of a thing of the past. Commercial real estate developers and sellers still have open houses, but they typically require a reservation. To avoid wasting time, ensure that each property you visit has what you need.
Having a broker on your side comes in handy for this part of the process, as it is the broker's job to find properties that meet your needs. From finding the properties to scheduling an appointment for you to tour the location, a broker can do it all.
You must keep space in mind as you shop during the pandemic. First, you want to ensure that the space is large enough to accommodate social distancing guidelines. Selecting an office space that is intended to house 40 employees and forcing 60 employees into the space is not helpful or safe.
It is also worth noting that although you may have a reduced number of employees working in the building currently in the post-pandemic period, the rest of your staff may eventually return. You do not want to choose a location that will only meet your current sizing needs; you should also think long term.
As a business owner, there is one factor about COVID-19 that you may know all too well: it breeds financial insecurity. From moment to moment as things change, so can the way your business can operate. The last thing you should do during such uncertainty is to choose a new office space that is at the very top of your budget, as any change in your company's earnings, can have a significant effect on your ability to pay the mortgage or rent. It is wiser to choose a location that fits within your budget so that you have flexibility should circumstances change.
A commercial real estate broker can provide help and insight during uncertain times. A broker can take your list of wants and needs and help you locate and secure the deal on your new property.