It’s a common perception that finding a commercial space, be it to buy or to lease, can be done on one’s own. What many people fail to realize, however, is that most of the sellers or landlords who you may be dealing with are using brokers themselves. If you’re looking to buy or lease, wouldn’t you want to stay on the same playing field as the people you are doing business with?

The commercial real estate broker you’re looking for is someone who has experience, not only in the industry of commercial real estate, but one who has in depth knowledge in the demographic region you are searching in. They also have a solid understanding about the type of business you are running, and what elements a space needs to help you be profitable – sometimes, elements you would never have thought about. Your commercial real estate broker has also worked hard to pass certified exams to ensure that he or she is completely up-to-date on all processes, laws, and all the ways in which he or she can help you get the best deal.

Start the New Year off right by finding a real estate broker to help you find that perfect space for your business. Here’s how a professional can help:

Once you’ve found a real estate broker you connect with, you can begin the property search. This includes discussing location, your business needs, and ensuring that once you’ve found a space you’re interested in, that you make note of all damage and building conditions that may highlight the need for a professional inspection and/or required renovations to suit your respective business.

As you decide to move forward on a property, a real estate broker can help you understand and handle all zoning and fee requirements. Zoning is a key element to running a business, as some properties may not be properly zoned for the type of establishment you’re looking to set up. A broker can check with the municipal affairs or municipal planning office in your area to confirm the regulation on that specific land’s use. A key point, that many business owners forget, is to ensure that expansion is possible, or, if you’re leasing, that subletting is an option in case you end up having an excess of space.

Finally, when you’re ready to sign a lease, it’s important that you, your broker, and a lawyer review the documents before signing, to ensure there are no clauses or loopholes that work against your favour. Your broker can also ensure that the necessary repairs are covered in the agreement. Terms are then reviewed, to ensure the length of the lease and potential penalties in the event of early termination. When all the documents are satisfactory, your chosen broker will help you negotiate and draft the best possible offer for your business.

It’s as simple as that!

Ready to start the year off right? Feel free to reach out to me at any time through email or by calling 416-433-6249, and let’s discuss how I can help you find that perfect space. 

sourced picture from www.creativesuccessalliance.com

Thinking about finding a location for your business?  There are a number of benefits to locating your business near a Subway or near an LRT line.

Ask any business owner what they want out of their office space and you’ll usually hear that they are looking for, “a space that helps generate more business.” What some business owners might not recognize is that the location of the office space is key to increasing their profits.

Toronto Councillors debated between extending the Scarborough LRT or converting it into to a subway – the issue? The costs for each project are significantly different. The LRT is expected to cost approx. $1.99 billion, while a subway system is expected to cost approx. $3.56 billion.  The subway solution was adopted.

There are a number of Torontonians who feel that a subway would be more economically beneficial than an LRT.  The 5.5 km Sheppard Subway, has spurred over $1 billion of construction of new housing in only eight years, including several high-rise condominium towers.  This has brought new potential customers into the area. However, some studies have shown that subways, especially stations that are spaced far apart (as on the Sheppard subway line), can actually hurt local business by discouraging passengers from getting off to shop and dine.

The approved 19 km Eglinton LRT is expected to deliver approx. 18,000 jobs by the end of this decade.  However, the pain of construction may be felt for a time before the benefits of the new construction are shown.  The city hopes to revitalize the Eglinton West sector with new developments in the neighborhood and a fresher look, with new sidewalks and better parking.

Some of the most popular (both residential and business) properties in Toronto are those near a subway or rapid transit station.  This is because they have a large population of customers flowing through the area.

Is the LRT or a Subway better for the City?  Is it better for your business? Regardless of whether or not the city goes with Subways or LRT transit (or some combination of both), there is ample opportunity to place your business near a transit station, and I can help.

Sources

The Toronto Star
The Torontoist
Toronto.ca
GetTorontoMoving.ca
Toronto Environment
The Toronto Star
The Toronto Star
Inside Toronto
PostCity.com

With the apparent end of the recession upon us, and the continuing increase in Internet usage, consumers are becoming more educated and more cautious as to how and where they spend their money.

Shouldn’t you and your retail business do the same thing?

Here, I outline some of the most important elements of a retail space to keep in mind when structuring your business, in order to maximize your profits:

1. Space Management
2. Data
3. Marketing
4. Location, Location, Location

1.    Space Management
Think about how your clients move around and use your retail space. Do they want to explore? Try things out? How about on? Can you meet how your clients want to behave, while influencing them to buy your merchandise and your profitable impulse goods?  It is also important to utilize lighting, signage, mobile applications, and digital signage to showcase what you want to sell, as well as educate your customers, as an alternative or to a complement to the Internet.  Bottom-line: store flow is important. That is how people move through your space, try your goods, and how they line up to pay.

2.    Data
Know thy customer.  More precisely, know what they buy, why, and how often.  Knowing this information will help to determine what inventory to purchase, when to purchase, and how much to purchase.  There are many ways to do this but having a good Point of Sale (PoS) platform, Retail Management System (RMS) or Business Intelligence (BI) software can assist in collecting and crunching the data related to your client. This way, you can use more of the space you have for customers and less for inventory.

3.    Marketing
Filling your retail space is dependent on your marketing strategy. It is important not to forget about your biggest marketing asset – your storefront window. Your store’s window may be large enough to display signs about promotions on products, or may be big enough to showcase the products themselves. Either way, you have already secured the space, and you need to use every inch of it to its full potential.

4.    Location Location Location
Even today, this old adage still holds true.  Your retail location needs to be where your customers are.  Why have a luxury retail store in a low-income neighborhood?  Why store large amounts of inventory in a retail showroom? As well, it is important to understand the public transit system and the parking situation to ensure that your customers can have easy access to your business. Make sure to strongly vet the area in which you are looking to place your retail business for the best possible location.

Having a retail business is an extremely challenging task that relies heavily on your bottom line. In order to reach your profit goals, it is important to utilize the retail space you have chosen to its full potential. This will enable you to make the most money you can for each square foot, or square metre you call your own.

You are a small business owner who has finally accumulated enough capital to invest in an office space for you and your employees. Congratulations, I am here to help you find the perfect space!

But, before we begin the process of finding the office that will fit your needs, it is important to answer the following questions, as they will identify what specific elements we must look for. Take a second, sit down, and think about the following:

How Many People Will I Need to Accommodate?

When you begin to scout office locations, it is important to take account of the number of people who will be working in your office, as well as the number of people you expect to visit with during the work week. Are you an accounting firm that sees one or two clients at a time? Or are you a business that hopes to see as many customers in your space at once? Determine the minimum amount of people you expect to have in your space.

What is the Best Location For My Needs?

When choosing the space for your business, it is important to investigate the location in terms of the commute and the surrounding businesses. When looking at the commute, it is important to take note of how you, your employees, and your customers could arrive at your business, either by car or public transit. If you know most of your employees and customers will be arriving to your office in their cars, it is important to find a location that is near at least one highway with ample parking. On the other hand, if most of your staff and clients will need to get to your office by public transit, it is important to find a location near accessible bus or subway stops. It is also imperative that you investigate the surrounding businesses to see if any of your competition is nearby and, if they are, whether you would prefer to be near them or not. It is also important to assess the surrounding spots for convenient food, coffee shops, shopping and services to ensure your employees have access and stay happy.

What Types of Rooms Will My Space Need?

An important element that business owners often forget to think about when looking for space are the additional office rooms beyond the space for desks. Will your office require a kitchen? Meeting rooms?  Lunch room? Do you prefer a location with a bathroom inside the unit, or outside in a common hallway? It is important to identify these needs before you begin the search for your office space.

Internet Speed 

An issue that many new business owners are facing today is the speed of the internet connection in their space. There are a number of buildings that have old wiring or are in an area that the telecommunications companies have not been able to update. You do not want to find yourself in a location where the internet connection is spotty without any way to fix it. If you have found a space that works exceptionally well for your business, despite problems with the internet, it may be worth the while to investigate if, and how, the connection can be upgraded.

While there are a number of other questions you must ask yourself when identifying what you need in an office space, these four can help you get started in the right direction. When you’re done answering them, send me an email to jeff@jeffwolfe.ca, and we can start searching for your perfect space!