From its high population growth to good consumer spending, you have plenty of reasons to set up shop in Queensland. You may be new to expanding a business, though, so you are not sure what to do. For example, should you look for a commercial space for lease or buy one?
Use this as your guide when deciding:
1. What Kind of Business Do You Have?
People tend to use the terms “commercial” and “industrial” interchangeably when they do not have the same meaning.
- Commercial business is usually involved in trading. A good example is a retail shop.
- An industrial company is one that manufactures goods. It may be part of a complex that includes warehouses, assembly plants, and fulfillment centers.
Both can demand large spaces, but commercial businesses may need something smaller than an industrial factory. The extra space will be necessary to accommodate machinery and equipment, trucks and other vehicles, and hundreds of workers. Check Rivermakers for more details.
Either way, you may benefit from finding a commercial lease in a mixed-use area. In Queensland, you have River Maker. A former historic district, it is now about to become a business center for both industrial and commercial companies.
It can help reduce transport or logistics costs and avoid common supply-chain issues such as timely delivery.
2. How Much Money Can You Spend?
Rent is not cheap in Australia, more so if it is an industrial or commercial space. On average, an office in the country is $1,000 per square meter.
Fortunately, you can search for a commercial space for lease that is more affordable away from New South Wales. In Brisbane, for example, it can be half the cost of the same building in Sydney.
At some point, though, you may have to consider looking for a commercial or industrial land for sale. This is especially necessary if you are thinking of staying in the area long-term or permanently.
When you own the land or space, you do not have to deal with the rising rental fees. You have more freedom on land use, as well as earn more money by perhaps leasing available land to start-ups.
3. What Size Do You Need?
You can’t pick a size according to your whim. The Building Code of Australia says that you need to allocate 10 square meters for every worker if you choose a commercial space for lease, such as an office.
You may also have to consider:
- Number of present and future employees
- Future business plans (e.g., Are you staying for good? Do you plan to expand further?)
- Best work environment, especially when your industry has standards
For instance, if you are setting up an industrial facility, you need sufficient space for a vehicle to maneuver without harming a worker.
Now is one of the excellent times to bring your business or start one in Queensland, but you also need to be strategic, especially in renting a commercial or industrial space.
The questions above will hopefully guide you on whether to choose an industrial space for sale or lease one.