What to Look for in Commercial Real Estate Listings: A Guide from Kirby & Kirby

When looking at a listing, consider whether the commercial real estate in Newport ri question meets your needs. It is important to think about the size of the property and zoning regulations.

Do you need a large space or is something more intimate better? Before your search, you’ll want to consider what features are most important for your business such as parking, elevator access, storage, location and more.

Location: Evaluating the Importance of Location in Commercial Real Estate Listings

Location

The location of the commercial property should be evaluated carefully. Consider nearby businesses, transportation options, and demographics to decide if the listing is in a desirable area for your purposes.

Traffic Flow

Analyze the traffic flow of any street or highway near the property; this will help you gauge how easy it will be for employees and customers to access your business.

Local Competition

Consider the local competition and if there are any zoning laws that could limit what you can do with the property.

Environmental Restrictions

Investigate any potential environmental hazards and restrictions in the area to be sure your business is safe, and able to operate effectively.

Property Type and Size: Understanding the Specific Property Types and Sizes That Meet Your Business Needs

Type of Property

Consider the type of property and what it entails. A retail space may require more maintenance than an office building, for example.

Measurement

Measurement is important when determining if a commercial property is suitable for your business needs; make sure to compare square footage and other dimensions to ensure they fit your requirements.

Commercial Property Types

Be aware that there are numerous commercial property types such as offices, warehouses, medical centers, restaurants, retail stores, and more. Each comes with different considerations when evaluating their suitability for your business.

Zoning

Make sure to check the zoning of the area to find out what type of usage is permitted. This will help you narrow down the list of available properties and determine which ones are best suited for your business.

Amenities and Features: Assessing the Amenities and Features Offered by Commercial Properties

Amenities

Amenities are important factors to consider when looking for commercial property and can include features such as parking, storage space, outdoor seating areas, HVAC systems, energy-efficient lighting, etc.

Condition

Evaluate the condition of any amenities or features in the listing and ask questions if needed. For example: Is there enough parking available for the size of your business? Are there any security features such as cameras or alarm systems in place?

Additional Permits

Determine if any additional permits or approvals will be needed to use a certain amenity. For instance, some restaurants require special licenses for outdoor seating areas.

Cost

Make sure to factor in the cost of maintaining any amenities or features in your budget.

Condition of the Property: Examining the Condition of the Property and Any Potential Maintenance or Renovation Needs

Property Condition

Carefully inspect the condition of the property before making any commitment. Look for signs of disrepair such as damage to walls, floors, or fixtures; water stains; mold growth; and more.

Repairs and Renovations

Determine if any repairs or renovations will be needed to make a space suitable for your business operations. Consider any changes that may be necessary to comply with local health, safety, and zoning regulations.

Cost of Repairs

Make sure to factor in the cost of any repairs or renovations into your budget before committing to a property.

Construction Contractors

Research construction contractors in the area and get estimates for the work that needs to be done before officially signing a lease agreement.

Accessibility and Parking: Considering the Accessibility and Parking Options for Employees, Clients, and Customers

Accessibility

Assess how accessible the property is for employees, customers, and clients. Determine if public transportation or bike lanes are available nearby and if parking is included with the lease agreement.

Parking Lots

If parking isn’t included with the property, research any city-run parking lots or garages in the area that may be used by your business guests.

Property Changes

Consider whether any changes need to be made to the property to make it ADA-compliant or accessible for individuals with disabilities.

Parking

Make sure to factor any parking or accessibility costs into your budget before making a final decision.

Zoning and Legal Considerations: Understanding the Zoning Regulations and Legal Requirements for the Property

Zoning Regulations

Ensure the zoning regulations allow for your proposed use of the property.

Legal Requirements

Research any additional legal requirements such as environmental regulations or building codes that may apply to the particular property.

Laws

Make sure you are aware of any laws governing tenant-landlord relationships in your state or city.

Zoning Costs

Factor in all applicable legal and zoning costs into your budget before signing a lease agreement.

Price and Lease Terms: Analyzing the Pricing Structure and Lease Terms Associated with the Commercial Property

Pricing Structure

Carefully review the pricing structure for the commercial property. Be aware that pricing can change over time, and that may be built into your agreement. 

Rent Calculation

Understand how rent is calculated and any additional fees or costs associated with the lease agreement. Ask questions, both to your agent, and the potential landlord. 

Lease Agreement

Analyze the details of each lease agreement, including length of tenancy, renewal options, and other terms. If possible have your agent or attorney review the lease as well. Work with your agent to negotiate the terms and conditions, to ensure you are getting the best deal, that serves not just the interests of the landlord, but your interests as well. 

Applicable Costs

Factor all applicable costs into your budget before signing a lease agreement. Some costs may not occur to you, such as environmental impact cost, parking costs, city ordinance costs, or other expenses. Ask questions on location and city specific costs that may be otherwise not noted. 

Potential for Future Growth: Assessing the Potential for Future Growth and Expansion in the Area

Potential Growth

Research the potential for growth in the area. Consider factors such as population size, job opportunities, and competition from other businesses.

Availability of Resources

Look at the availability of resources needed to support your business’s long-term goals, such as access to public transportation, or nearby suppliers, access to shipping routes, and ease of access to your business.

Development Plans

Analyze any recent development plans in the area and identify any potential opportunities for growth, or potential future hindrances to your business.

Nearby Competition and Businesses: Researching the Nearby Competition and Businesses to Evaluate Market Saturation and Potential Synergies

Competition

Research the businesses and competition located nearby. Determine if there is any potential for working together or leveraging each other’s strengths.

Market Saturation

Analyze market saturation in the area and identify any opportunities for growth or areas of untapped potential.

Application Costs

Consider how your business may be impacted by others in the area and factor any applicable costs or opportunities into your budget.

Potential Synergies

Identify potential synergies between businesses and create a plan for how to capitalize on them before signing a lease agreement.

Professional Guidance: Highlighting the Value of Working with Kirby & Kirby to Navigate the Commercial Real Estate Effectively Listing in Newport

Knowledge and Expertise

Leverage the knowledge and expertise of a professional commercial real estate Rhode Island firm, such as Kirby & Kirby, to navigate the listing process effectively.

Potential More Properties

Utilize their experience and resources in analyzing potential properties and evaluating market saturation levels.

Zoning Regulations

Benefit from their familiarity with zoning regulations and legal requirements to make informed decisions about your commercial space search.

Cost-Effective Decision

Work with Kirby & Kirby to ensure you make the most cost-effective decision and factor all applicable costs into your budget before signing a lease agreement. 

With this comprehensive guide from Kirby & Kirby, you can confidently navigate the commercial real estate listing process and find the perfect space for your business. With their help, you can evaluate all available properties and ensure that you make the most cost-effective decision. Leverage their experience and resources to find the right property for your business.

For more information on evaluating commercial real estate listings, condos, real estate for sale, new listings, sales in Newport, search criteria, metric and imperial units, and data relating, contact Kirby & Kirby today!  With our help, you can confidently navigate the listing process and find the perfect space for your business. 

Whatever your needs may be, Kirby & Kirby can help you make the most informed and cost-effective decision when it comes to finding a commercial property.  Contact us today!