Securing a commercial property lease anywhere in Canada could be a hectic process, much more so in a bustling city like Vancouver. However, your task could be much smoother if you do your research and partner with a trusted real estate broker. At Vancouver Commercial Brokers, we specialize in securing the perfect commercial property in Vancouver for all kinds of businesses.
What are the types of commercial lease available?
There are three broad types of commercial real estate leases:
- Gross lease: The tenant pays an all-inclusive rent, and the landlord handles maintenance and other expenses.
- Net lease: The base rent is typically smaller than the rent for a gross lease, but the tenant is responsible for the expenses.
- Modified gross lease: A blend of gross and net leases. The landlord and tenant negotiate the expenses to include in the lease, and the tenant handles the rest.
What do you need to consider when searching for a commercial property?
There is a mammoth number of commercial properties available in Vancouver for a wide range of businesses. You’d need to consider the following parameters to have an idea of the kind of property that’ll suit your business:
You can only lease a space that’s perfectly suited for your business if you understand your customer pool. Are you relying on online or physical customers? Is your business catering for the working class, middle class or the more affluent upper class? If you are operating a restaurant for casual dining, for example, the perfect location would be a bustling area of the city that’s populated with people who are interested in fast, casual dining.
Commercial property zoning
The location of your commercial property in Vancouver would heavily depend on commercial property zoning. Some areas cater for warehouses, while others are zoned for offices, retail outlets, leisure facilities, etc. If you’re operating a restaurant, for example, leasing property zoned for office space won’t be possible.
Having a budget ensures your search would be limited to only the properties you can afford. Your maximum budget would depend on your business preferences as well as performance. However, you should also factor in the cost of utilities and maintenance fees when determining your budget.
To estimate the size of property that would be ideal for your business, you’ll need to have an idea of your staff strength or estimated customer volume. Retail premises and restaurants typically require about 15 square feet per customer while offices may require as much as 150 square feet of workspace per employee. You may tweak the calculations to factor in the peculiarity of your business.
How do I find a commercial real estate broker?
A simple Google search would produce thousands of results. However, it’s hard to know if the business would match your needs. Alternatively, you can scout opinion forums online to know what people think about the business. If you have a network of friends or business owners around, you could also ask them for recommendations. Word of mouth recommendations typically provides great results.
At Vancouver Commercial Brokers, we have a track record of providing excellent commercial properties in Vancouver for our esteemed clients. Our agents are adept at scouting for the properties that perfectly suit your business. We also provide other services such as selling, buying, and listing commercial properties in Vancouver. Get in touch today, and we’ll attend to all your commercial property needs.