Expanding your business is an exciting time for any company leader, but there are plenty of factors to take into account. One significant change is finding new business premises, particularly if renting a new warehousing space is necessary.
The global warehousing market is predicted to increase by an impressive 14% over the next 6 years, meaning more and more logistics providers will be seeking new premises.
If you’re looking to expand your warehousing space and rent a new property soon, here are the important checks you need to carry out.
General Property Condition
On first visiting the property, take the time to check it thoroughly and get a feel of its condition. When it comes to renting a new warehouse space, you want to assess the age and condition of the facility. Look for modern systems, adequate lighting, ventilation, fire sprinklers, and insulation. These basics might seem minor, but they can be important to the safety and security of your new warehouse, so they’re important. If you’re concerned about any aspect of the property, consider getting a professional survey undertaken before you rent the warehouse.
Drain Surveys
The drains at your warehouse space need to be flowing freely to ensure they can handle the level of wastewater you need to remove. If you operate in an industry with high health and safety standards, such as food storage or healthcare products, then you need to be particularly careful about drainage issues. Get commercial CCTV drain surveys from Integrum Services to ensure the warehouse space has fully functioning drains before you sign the lease. If there are any blockages or drain issues, they can assess the problem and provide treatment if possible.
Connectivity
Technology is a crucial part of modern warehouse management, and most modern solutions, such as warehouse management systems, require constant internet connectivity. As such, in renting a new warehouse space, you need to evaluate connectivity requirements for phones, internet, WiFi, etc. If these facilities aren’t available currently, then you may need to factor in installation costs. If the connection is poor and you have a limited signal, then you may find it hard to manage your warehouse, especially as technology becomes more prevalent in your industry.
Insurance Costs
Commercial property insurance costs depend on a variety of factors, including the age, condition, and size of your warehouse. Before you sign a lease, contact your insurance company and get a quote for potential insurance costs. Review your insurance needs and costs associated with the new space, including property, liability, and inventory coverage, so you can predict what future costs you may face and how they will affect your business going forward.
A Brief Summary
To conclude, renting a new warehouse space is an important part of expanding your logistics company and requires a lot of effort and consideration. With the average lease of a commercial building running from 3 to 5 years, you need to make sure you find the right property before you sign on the dotted line. These checks should help you limit future issues and allow you to feel confident in your warehouse property choice.
