Using an office to start an office park is among the best things you can do when you want to gain revenue in a couple of ways. After all, you can use the money acquired from the business park space for lease to pay for real estate holdings. Moreover, the buildings and property can appreciate in value over the years to increase your net worth.
For things to work in your favor, it is essential that you work with experts in real estate, building, banking, and property management to start an office park. It doesn’t end at that since you need to ensure the financial rewards are in place once you choose a good location and there is a real need for more office space in your town.
Now that everything is in place, be sure to acquire property with adequate space for parking and easy access to main roadways. It is in your best interest to look for property near a downtown busy intersection or an interstate. If possible, try finding an existing building to renovate rather than building from scratch.
The good thing about opting for existing buildings is that they will be priced more reasonably, in most cases, compared to starting a new construction. There is nothing wrong with enlisting helps from builders and a property manager to help you decide which location to acquire. Remember to choose carefully, considering your commitment will be long term.
It is also worthwhile to note that you need to design a multi office building or plan to divide up an existing building. You can engage an interior designer to help you determine what businesses need in today’s market. Bear in mind office electrical systems and computer connectivity can become quickly outdated. No wonder you should consider giving lots of attention to heat and air, wireless accessories, lighting, work space and conference rooms.
Last but not least, it pays off to interview business friends who will share their likes and dislikes regarding their current office space. Furthermore, install parking at the front of each business space, if possible.
The Bottom Line
Setting up a business park space for lease is among the best decisions you can ever make. Either way, you need to employ the correct measures from the word go for things to work in your favor. Hopefully, this simple guide can serve as a good starting point.