A longtime presence within the Boston metropolitan area, Michael Snedeker engages with commercial real estate-focused Elite Building Corp. Bottom line-focused, Michael Snedeker has extensive knowledge of what to look for in commercial properties, both as an investor and as a business owner.
Location is one consideration for any company looking to move into a new space, with proximity to suppliers, distributors, and customers all key factors. When estimating the property size needed, start with a current baseline of employees and equipment, then forecast potential growth.
Typically, the space should be at least 10 to 20 percent larger than what is actually needed, to accommodate workforce and order volume fluctuations. A business park environment or office high-rise may offer additional space in close proximity, should a major growth spurt occur.
In addition to cost, make convenience and security key elements in the decision-making process. The loss of product or equipment can outweigh savings generated, so choose a property that securely protects business assets. Key questions to ask include whether an on-site guard or alarm system are in place, as well as state-of-the-art smoke detection and a sprinkler system in case of a fire. These factors not only help ensure worker and customer safety, but also serve a major role in the ability to obtain insurance at a reasonable rate.