Every manufacturing or warehousing facility is always in need of a facility from where it can grow. This means that they are looking to expand business operations, improve manufacturing output, create bigger storage units, and so on.
When it comes to industrial spaces, different businesses have diverse needs and requirements. For some, they might be looking to set up a proper factory that is into production. For others, it can be about getting a large enough warehouse for storage and logistics.
In this resource guide, we are going to look at some important aspects of renting industrial spaces. If you or someone you know is looking for such commercial spaces, please go through the article till the very end.
Understanding the Exact Nature of your Industrial Space
The first thing that you should consider and understand is that it is the nature of your business, which will dictate the kind of space you need. According to leading experts, the following are three major types of industrial spaces that businesses look for-
- Warehousing Space– There are many businesses that are into supply, logistics, and distribution. They are tied to bigger manufacturing brands and are responsible for working with wholesalers as well as retailers. Their requirements for spaces are different and specific. They need loading bays, refrigeration rooms, and more.
- Manufacturing Space– Businesses that are into the production of goods tend to have different needs. They need spaces for raw material storage, packing bays, loading areas for heavy commercial vehicles, and other elements. They might also be using furnaces and other heavy machinery to help them carry on with the production work.
- Hybrid Model Space– Some businesses do both or need both- manufacturing space, as well as warehousing area. For these businesses, the industrial space requirements need to be able to cater to both important functions. If you are looking to rent an industrial space for rent in Singapore that offers hybrid functionalities, you can do so easily.
4 Important Things to keep in mind when Renting Industrial Spaces
One of the most preferred ways businesses look to search and discover industrial spaces for rent is through online property sites. In some places, good old-fashioned agents too are responsible for negotiating deals.
According to leading real estate experts, you need to focus on the following four important things when renting industrial spaces-
- Monthly Rent-
Deciding on what your monthly rent should need to be the first important criteria. You do not want to commit to something that will be an additional strain on your financial resources. The ren needs to be affordable according to your present-day monthly income and not your future growth projections. This is an area most businesses need to take seriously.
- Square Footage-
You want to rent an industrial space that you would be able to grow in. For example, if your current requirements are for 10000 square feet, the new space should ideally be at least 20000 square feet. This will give you the opportunity to plan expansion strategies without having to worry about running out of space in the near future. Make sure that you think this through.
- Location and Region-
Different manufacturing or warehousing businesses might have different needs. Some are mandated to set up facilities only in designated zones allotted by the government. However, if you use the ship or railways, you should be looking for a space that is close to them. You also need to think about roadways that are big enough for heavy vehicle transportation.
- Features and Amenities-
In addition to the warehousing or manufacturing space, you also need to look at office spaces for your staff, lunch areas for the workers, as well as flooring of a certain type in the industrial space. If the same is already present, you will not have the need to construct it all over again. This is why checking out the features and amenities that are onsite is very important.
The Bottom Line
Make sure to visit several industrial spaces for rent before you make a final decision. You need to compare and contrast the features and measure them against the price which has been quoted. You need to go for a deal that appears to be the best value-for-money proposition for your business organization. if you would like us to assist you in finding industrial spaces for rent, please let us know in the comments below.