Commercial Property in Overland Park, KS 101: A Guide to Finding Guide to Finding and Leasing Space
Finding and leasing the office space best suited to your business is a multi-step process that involves doing a little homework before actually starting the search for your perfect office park in Kansas. Here are a few key things to consider if you are looking for commercial property in Overland Park, as suggested in the article “How to Find the Best Commercial Space for Your Business”:
#1 Decide What Type of Property You Want
There are so many variations of commercial leases, so before you start seriously looking, try to narrow down what exactly your business needs. The first thing to focus on is what kind of property you are looking for. You know you want commercial real estate, but even within this category there are sub-categories:
- Business Park – A property with a group of buildings designed primarily for business use with very light industrial use. A business park tends to be the cheapest option and is a common choice for doctors, law offices, and other professionals.
- Commercial Retail Property – This type of property includes strip centers, malls, and other complexes that feature store-front businesses. This might not be ideal if you are looking for more of an office space, but a lot of commercial retail property owners also have some units in business or industrial parks.
- Industrial Parks – This kind of property usually consists of warehouses and is best suited to manufacturing or other heavily industrial businesses. However, some property owners have started recently building out and renovating these spaces to accommodate more traditional office space tenants.
#2 Decide What Type of Lease You Want
Once you have narrowed down what type of property you need, the next step is to figure out lease options. The first difference to consider is between leasing and subleasing:
- Lease – A lease is between you and the landlord and states that you are the main business occupying the property.
- Sublease – A lease in which the business that already has the primary lease with the landlord arranges to rent out some or all of the space to another business. Not all leases allow for subleasing, and in this situation the original tenant cannot transfer the rights in their lease to the new business if they were not named in the lease originally.
There are pros and cons to both of these options depending what your business is looking for in terms of the amount of space and the level of commitment in a lease. Another thing to consider is the different ways that leases are structured. Here are some examples of common types of leases:
- Gross Lease (Full Service Lease) – In this type of lease, common to office or industrial spaces, the landlord pays for most or all of the expenses associated with the property—taxes, insurance, maintenance, etc. These costs are passed on to the tenant through their rental payments in what is called the load factor.
- Net Lease – In this lease, a tenant pays for a portion of other expenses (i.e. taxes, insurance, etc.) on top of a base rental rate.
- Double Net Lease – Tenant pays base rent, plus insurance and taxes.
- Triple Net Lease – Tenant pays base rent plus insurance, taxes and maintenance.
Again, there are pros and cons to the different types of leases, so it really comes down to whether your business would like to simply pay a consistent lump sum or possibly save a little by paying more or less each month
#3 Make a Checklist
In order to evaluate and compare spaces as logically and systematically as possible, make yourself a checklist before you even start looking. Here are a few things to include on your checklist:
- Customer Accessibility – One of the most important factors is how visible and accessible you are to your customers. Make sure that you will have some sort of sign that is visible from the road if your space is not. You might also ask whether the property owner helps advertise for the businesses in the park in order to draw in more traffic for everyone.
- Maintenance – Another thing to check for is whether not the property is maintained. A well-maintained space suggests that the landlord will be responsive to your need and also will create a positive impression of your business for clients.
- Parking – Check on the parking situation both by asking the landlord about how many spaces you will be assigned and observing the parking lot at various times a day on different days to see how full of the lot gets. Also check to make sure that there are handicapped spaces available as well as wheelchair accessible entrances to the property.
- Restrictions – Make sure to ask the landlord upfront about any restrictions relating to how your business can operate in the space, including hours or limits on customer traffic, and in regards to advertising, for example specific rules about the size or color of signs.
- Safety – Check out the basic safety measures of the property, including whether they have an alarm service, security, nighttime lighting and fire alarms, as well as the proximity of fire hydrants and police and fire departments.
- Insurance – Safety concerns are also related to insurance, as most places will require that you have some sort of general commercial liability insurance before moving into the space. Be sure to make sure you take care of getting insurance before you sign the lease so that you are not surprised by this problem later.
Deciding what kind of property you want, what type of lease best suits your business, and making a general checklist with which to evaluate spaces is a huge first step in preparing yourself for a smooth search for an ideal office park in Overland Park, KS.