Owning commercial property for the first time can be stressful. There are so many factors to consider, you can feel overwhelmed quickly, and the problems have a way of piling up. That’s why the most important thing before any property deal — and any major decision for that matter — is to plan out everything.
Here are a few important things to remember as a commercial property owner:
Parking
A lot of first time commercial property buyers tend to forget major aspects of property ownership during the beginning stages. Forgetting something as important as parking could ruin your entire business, whatever it may be. If you have a certain amount of space and you end up allocating too small an amount for parking, people will take their business elsewhere.
Fire Exits
Another major aspect of property ownership, and one that could get you in trouble with the law, is having the proper amount of fire exits.
Remember: all commercial buildings must have at least two fire exits in the event of an emergency so that employees can exit quickly and safely. If your business is much larger than the average business, you may be required to have additional exit routes on your property. When in doubt, contact your local fire department, because it’s only a matter of time before they stop by for an inspection anyway.
Of course, it’s not enough to have fire exits. They must remain accessible and unblocked at all times. And while it may seem like overkill, your employees are never too old for a good old fashioned fire drill.
Commercial Fans
Utilizing high quality exhaust systems and commercial fans is an essential part of property ownership. Without the right exhaust fans and ventilation, moisture, dust, and even dangerous chemicals can quickly build up in the air. Not only could you run afoul of regulations, but that also puts you and your employees at risk.
On top of that, if you aren’t careful poor ventilation will also result in extremely bad working conditions when it gets too hot inside. Running expensive air conditioning units all the time isn’t feasible for most property owners either; however, bringing in commercial fans and easing back on central cooling by even three degrees can end up lowering energy costs by up to 15%.
The type of commercial fans, exhaust fans, and ventilation system you need will vary according to the size of your building and specific industry. Fortunately, new innovations make these systems more efficient than ever before. For instance, demand ventilation controls can reduce the costs of operating an exhaust system by 30 to 50% and can even be retrofitted to existing hoods.
Storage Space
Another common mistake: planning for the present, but not the future.
Businesses, like people, can often acquire a lot of stuff over the years. If you plan to use nearly all of your space immediately, there will be no space leftover for other important items. You don’t have to leave entire rooms empty, but just be aware of the possibility of having more things than you do space to put them.