09 May 2019
Many small businesses start as simple side projects, slowly developing into a means of making a living. These hobbies-turned-businesses are usually operated from people’s homes, which is perfect to start with but eventually poses a problem – how do you expand when you don’t have any space left?
Operating and managing a successful, growing business leads to increased demand and with increased demand comes a need for more space. The transition from working at home to renting an office or workshop is a huge step for any small enterprise, which is why we’ve decided to compile a guide that will guide you to the best deal.
To start, let’s try to understand exactly what price you should be expecting to pay.
It’s extremely challenging to calculate an accurate figure for the average price of a cheap industrial unit, simply because of the various factors affecting rent costs. Just like residential property, the value of a business unit is decided based on numerous factors like size, location, facilities, amenities and more, so defining a single figure for a ‘cheap’ unit simply isn’t possible.
However, what we can do is work through each of these factors so that you can stay aware of the factors that are influencing your workspace's rent cost. Using this information, you should be able to find a cheap industrial unit much more easily.
There are many different factors that decide the price of an industrial unit, though we will only focus on the main ones to keep in mind when searching for a good value space.
As with all property, the location plays a huge role in market value and in turn, rent prices. Here at BizSpace, we work across the UK, finding and supplying industrial units and offices to small businesses and all of our properties are valued with location in mind.
Location plays a pivotal role in rent prices because of supply and demand. Similarly, location also affects the price of industrial units through the property’s proximity to local infrastructure and services. Ease of access is a big advantage for a small business as it offers increased visibility and simplicity for customers. With this in mind, units that are close to major roads, railways or airports tend to be more expensive than those further away.
It goes without saying that the size of a property influences its price. Most industrial units are measured in square feet and the more space you have, the more expensive your rent will be.
When searching for your own corporate property, it's good practice to try to select a unit with more space than you currently need. There’s no need to go overboard and obtain tens of thousands of square feet, but you do want some space to expand into as your business grows.
Every industrial unit comes with different facilities, and these will impact on the rent you are paying. Simple additions like water coolers, coffee machines and kitchen equipment might only make a small addition to your rent, whilst extra car parking, a dedicated reception or 24-hour access could result in a much greater cost. Make sure to investigate exactly what you’re getting for your money and visit the unit before investing.
Some commercial leases include utilities like water, electricity and waste disposal - but others don’t. The inclusion of these utilities in your lease will obviously increase your rent, though it could also save you money in the greater scheme of things. Ensure that you check your lease in detail to understand exactly what you are paying for.
Whilst this doesn’t impact your rent directly, taxes and other council or government fees do need to be considered when you’re hoping to rent a commercial workspace. This is particularly important if you’re moving into an industrial unit for the first time and your budget is very tight, as external fees can catch you by surprise if you’re not careful. Make sure that you research the government (both local and national) legislation related to renting commercial property before making a decision.
Here at BizSpace, we focus on offering affordable commercial property solutions for small to medium-sized businesses, emphasising adaptability and versatility above all else. It’s our goal to simplify every aspect of the business renting process and empower small businesses to grow and develop.
Take a look at the cheap industrial units we have on offer here and if you have any other questions, please don’t hesitate to get in touch!