Buying a warehouse, whether it’s new or used, can be an expensive purchase. You’ll want to be sure you do all of your research before spending the money to be sure that you’re making the right decision and that your business will be able to use the space productively. Here are four items to inspect before purchasing a warehouse for your business so you can make sure it’s worth your time and money.
The Parking Lot Size
Most warehouse-rental contracts require at least one dedicated parking space for every 1,000 square feet of leased space. If you need more than that, make sure your lease allows it and that there’s enough room for them all. Additionally, make sure you have someplace to put all those vehicles during off-hours. Every business is different and there may be other important considerations when it comes to your warehouse real estate—for example, maybe natural gas is cheaper in that area or it might be an easier commute from your home office if you have warehouse-based employees.
The Condition of the Building
It might seem like an obvious point, but buildings need to be in good shape before you buy them. Make sure there are no holes in walls or ceilings and that wiring is up-to-date. Likewise, a broken pipe or cracked wall can end up costing thousands of dollars, so have a professional inspect every nook and cranny of your warehouse ahead of time. You may also want to see if anything structural (like heating or cooling units) needs replacing.
The State of the Property
If you’re purchasing an existing building, you must hire a geotechnical engineer to assess whether or not there are any potential issues with your new property. Since the land may have been used for different purposes in the past, like farming or quarrying, your new property may be prone to erosion or slope instability. For you and your business to succeed, your warehouse must be not only safe but also viable and functional. A simple evaluation by a professional could save you thousands of dollars down the road.
The Property’s Specs
The easiest way to tell if your potential warehouse will work for you is to use an industrial real estate calculator. Fill in each of your ideal warehouse’s specs, like location and square footage, with information from its listing or address. The calculator will then show you comparable spaces for sale, as well as how much they’re going for. If your budget doesn’t match what similar warehouses are going for in your area, it may be time to look elsewhere.
As you inspect new properties, make sure to select the proper warehouse for your business. Use this as a guide to make sure your next warehouse is the right fit for your company.