6 things to look for when renting an industrial property

There are so many factors to consider and you want to find the property that’s best for your business. While you might be scared to make that final decision, if you have an experienced advisor and property manager helping you, it will be a much easier process. Here are a few tips to help you make the right decision for your business.

1. What does your business need?

Take a moment and think about what it is your business really needs? Do you have large or small trucks that need parking space? Do you need to load these trucks? How many staff members do you have? What kind of office space do you need? These factors and more will help you narrow down what kind of space you’re looking for. If your business only uses small trucks to load, do you really need the property with thousands of square metres for parking? Make a very specific list of your wants and needs, this way you can eliminate properties which don’t fit into your plan immediately. 

2. What do your staff need?

Your staff and their needs are very important to the success of your business. Take a moment and think about where your staff are travelling from. Is there enough public transportation to the property and are there enough food vendors in the immediate area? Make sure that there is also a downtime area for staff to use on their breaks, as well as some comfortable seating and basic kitchen facilities available. Also, consider that some staff will need parking. Ensure they’re taken care of, and they will take care of your business. 

3. Be realistic about cost

Define your budget clearly. Know what you have available to spend, and take all the extras like electricity into account. Determine what your monthly cost including extras and maintenance will look like and ensure you can afford the property. Also ensure that you are aware of any other costs that could come up during your lease period, as well as any other hidden costs you might not be aware of. Also, make sure that you have a clear understanding of what the least specifies you need to pay for. Are security systems included? Who is responsible for certain damages? These are the types of questions you need to have answered to ensure that you have no surprises when it comes to cost. 

4. Make yourself available for viewings

Don’t depend on internet listings and pictures. Make sure you set up an appointment with the agent and visit each property that meets your needs in person. Look at the property properly and don’t be scared to ask questions or to test things like taps and air-conditioning units. It’s important that you are aware of the property and know it. This will also allow you to get a feel for the property and you will be able to plan your layout and whether everything meets your needs.

5. Clarify what you’re allowed to change

Some properties may need some work. Speak to the agent or landlord and confirm what changes you’re allowed to make, and what you can’t do. You might want to create a visitor waiting room for clients and business partners. This would mean some painting and décor changes. Speak to the agent and ensure that your lease would allow you to make these changes without facing penalties. Also, clarify what you need to leave behind when making these changes. If you put in certain additions, like an air conditioning unit or a satellite dish, you might be forced to leave it behind when you do leave the premises – so be prepared for that. 

6. Measure, measure, measure

Once you’ve found a space that seems to tick all your boxes, before you sign the lease, make sure you’ve measured everything that needs to be measured. If you have heavy machinery, you need to ensure that the floor space is large enough and level. Also, make sure you test electricity connections needed, you don’t want to have any unnecessary power failures. Measure all your office space as well, you don’t want to have to spend more money on new furniture if you don’t need to. Making sure that everything is ready and that you have room to grow as well will save you some money in the long term. 

Ithala Development Finance Corporation has a portfolio of properties in various KZN locations to suit your needs and meet all your requirements. Developments such as Paramount Park and Isithebe will leave you spoilt for choice. Visit www.ithala.co.za for more information and to speak to an experienced property manager and advisor.