What’s the best commercial business to lease your space?

Do you have a commercial space you're looking to lease to a business? To make the most of your property, and make it work for your lifestyle, you need to take some time to consider who would best suit the place. If you're in a mixed use commercial space and are living above it, for example, you shouldn't settle for a busy restaurant chain. Your family will thank you for finding a quieter tenant!

Marketing your business specifically to a business that would suit what you want can help to find a suitable option. In the end though, your tenant doesn't matter too much as long as you have the right property management team working with you. They can keep your tenants happy and your property humming along nicely without your constant input.

But what sort of commercial business should you target?

Large corporations are a more secure bet

If you want security in your lease over a long period of time, larger corporations are a better option. A start-up might have big dreams and a youthful vigour that inspires you, but they could fall flat in the competitive business landscape of Australia, leaving you (or your property manager) with work to do to fill the void.

A larger, established business is far less likely to go under without warning, meaning your income stream won't be interrupted.

Major retailers can work wonders

Major retail chains are an equally secure option as large businesses. They keep reasonable hours, not opening too early and not staying open too late, plus the products for sale aren't likely to leave permanent damage/smells.

One thing you must keep in mind – and something your property manager will take control of – is the lease agreement. The intended use for business should be included in the agreement, and it should be as specific as possible. If your tenant decides to change what they do on a whim and it affects your other commercial lessors, your property manager can deal with the matter, but only if the bounds of their business use are specifically stated on the agreement.

Medical practitioners keep it clean

A medical practitioner, be they a GP or a specialist or even a physiotherapist, must have a tidy practice. For a low maintenance commercial lease, a medical practice might be your first choice. Light usage of the space combined with relatively low foot traffic means your commercial property will be kept in a sound state for the length of the (hopefully) long-term lease.

One thing you must keep in mind when leasing to a business such as a medical practitioner is they may want to change the layout of the space to better suit their needs. This could be beneficial to you, as long as your lease agreement states you don't have to cover the costs, and your property manager has the final approval of the plans before works commence. Your commercial property could be modernised by this process, which would be beneficial even after the tenant leaves.

It's important that the changes your tenant makes aren't going to negatively affect your future ability to find other tenants or business types. Make sure your property manager understands the restrictions you'd like imposed on this process.

A property manager can help to find the most suitable tenant for your commercial space on the Gold Coast. They'll do far more for your commercial property portfolio overall, but the first step is finding a tenant who will work for you. For more information, get in touch with Ray White Commercial Gold Coast today.