What to know before getting hold of a space

Renting spaceImage Credit: Supplied

When planning to start or extend a business, one of the major decisions one needs to make is to fix a business place. Location determines how well your business will grow, but deciding on whether you need to own or rent the place determines your profit.

Buying a commercial office or industrial space is a good investment that will protect you from the risk of rising rents. If you own the space, it will work out cheaper than paying the unending monthly rents. If you already have an established and recognized business, owning a space will make your business more secure.

Your vision about getting an office space should be very clear before making a decision. The location of your commercial space is a major factor to consider, keeping in mind the type of business you run, your customers or target market, your business goals and budget.

When you own a business place, you are responsible for the whole property. Consider the additional costs of retrofitting elevators, fixing leaky roofs, replacing HVAC units, cleaning the building and other maintenance concerns, or consider getting a property management company to handle everything.

However, if you need to relocate in the future, you always have the option of either selling the place or renting it out.

Business is, indeed, risky and owning a space is more of a burden than freedom to try new grounds. So, always conduct a property assessment before buying a place to operate your business.

When considering buying a property in the UAE, expatriates should keep in mind that they can only do so in freehold areas such as Dubai Marina, Jumeirah Lakes Towers, Dubai International Financial Centre, Dubai Silicon Oasis, Dubai MotorCity, Dubailand, Business Bay, among others.

Handy Hints
• Conduct a property assessment before signing the contract
• Consider costs and responsibilities before buying a property
• Evaluate the location to make sure it is perfect for your business

Source: Asha Das, Special to Properties
The writer is a freelancer


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