Five Things Missed on Commercial Real Estate Tours
Touring commercial properties can and should be an exciting time for prospecting tenants. You get to grasp the feel of proposed spaces and can really begin to see your organization flourishing there. But, beyond the shiny chrome aesthetics and premonitions of your team occupying the space – what is important to look out for? What prospecting tenants focus on during a tour isn’t necessarily what they will care about while being an actual tenant. Here are five essentials that you’ll want to look out for.
Natural Light
What if one of the largest drivers of productivity for your org was completely free? Well, it is! Sunlight can drastically change the atmosphere in your office. It is essential to get a feel for the natural light at multiple times during any given day.
Location
One of the most common virtues in all of real estate is that location is everything. Pay attention to the surrounding area and try to look at it through the eyes of one of your employees. Is traffic a pain coming in and out of the office? Is public transportation an option?
Parking
When you tour a space you are technically a guest. Because of this, most tours will begin with you right up front in guest parking. Once you have entered the building parking is usually out of sight therefore out of mind. But, since you won’t be parking in guest parking as a tenant there are some big things to address before we head inside. Are there covered walkways into the building from tenant parking? Is the parking lot a nightmare to get in and out of? How does the occupancy of building compare to the occupancy of the lot? If the lot is almost full and the building is only at 60% occupancy that should be a red flag to know there will be problems as the building fills out.
Lobby Area perception and overall cleanliness
First impressions are everything. While your space is where you really get to show off the culture and feel of your organization, it is likely your customers have likely already formed their initial opinions before they have even entered. It is essential to realize that your common area / lobby has a big role in setting the tone for your prospects and clients. Be sure to take in to account the aesthetics and overall feel as these factors will have subconscious affects on your visitors. Beyond permanent fixtures and design look at the upkeep of common areas. Cleanliness and proper maintenance are unfortunately often overlooked as well.
Neighbors
When the stars align and the space is perfect you just go for it right? Well, there is one last thing to take into account – neighbors. Often overlooked while scouting spaces are the Co-tenants that will impact your business each and every day. It is best to avoid certain industries as neighbors if the alignment is not there. For example, a call center next to a pediatric doctors office office wouldn’t make a whole lot of sense.
Coughlin is committed to our Tenants. We hoped you gained a bit of insight into how important Due Diligence is throughout the commercial selection and moving process. As always, if there are ever any questions, comments or concerns regarding your next lease please do not hesitate to contact us – it would be our pleasure to be your tenant-only advisor.
