Commercial Real Estate 101: All About Flex Space
In the world of commercial real estate, flex space is generally defined as a space where a business can do it all under one roof. Flex space encompasses manufacturing, warehousing, office space, and even retail spaces. While it may sound appealing, it isn’t right for every business. Here are some things to consider before opting for flex space for your business.
One of your first considerations should be the size of the space you are considering. Is it big enough to house all your business needs? Can it handle your current needs and what you’ll need in the future? If your business is successful, you’re going to need space for expanding down the road. Also, make sure the square footage actually represents the usable space you’ll need for your processes. Don’t enter into any agreements before verifying the actual useable square footage, as sometimes the numbers can be inaccurate.
Consider these things about accessibility. Can the space you’re considering service the delivery trucks you’ll need to support production? Is there a functional loading dock? Can they get in and out in an orderly fashion? Is there a place for trucks to park? Is there enough parking available to support your workforce? You should also allow for expansion and growth. Streamlined access for the delivery of materials is vital for a business to run efficiently. So is a place for your employees to conveniently park their cars.
Can the building you’re considering handle what you need from it? Is the power sufficient for your business needs? Can the building handle the stress of your operation? Certain heavy machine operations can have a severe impact on flooring. Make sure the building is rated to handle the impact of your business needs. Make sure you discuss these needs with the landlord prior to any agreements.
The location has to make sense. Is it located reasonably close to your customers, your employees, and your corporate headquarters? Don’t let the lure of flex space lead you to a location that’s just wrong for your business.
Keep these ideas in mind when it’s time to consider flex space. You’ll be glad you did. And if you need to identify a commercial space, a Coldwell Banker Commercial Wallace & Wallace professional can help!