7 tips to buy or rent commercial property

The growth of Dubai’s commercial property sector is underpinned by an increasing demand for the ‘right space’ in the ‘right location’ at the ‘right price’.

To support customers in making any commercial property decision — be it purchasing or renting — we recommend 7 ‘tips’ that every investor/tenant must consider.

Keep all documents updated

It is important to ensure that you have all your documents, especially your business licence, updated and ready for submission once you decide to buy or rent a commercial space. Understanding the parameters of your licence will help you make the right decision about whether you can buy or rent onshore or only in a free zone.

Study the market

Before you make any propertyrelated decision, understanding the local real estate market is important. This will help in not only ascertaining your budgetary allocation but also the right location where you want to buy or rent.

Decide on the optimal space

It is important to ask yourself how much office space is needed for your business. Having a clear understanding of the space needed will help in deciding if the price offered is reasonable or not.

Finalise your budget

It is imperative that the commercial property you prefer is economically feasible for you and fits your budgetary allocation. Look for units that offer flexible and optimal payment plans, which will help you in managing your budget judiciously.

Go for the right developer

Whether it is off-plan or ready commercial space, you must narrow down your search to a list of reputable builders who have proven industry credentials and who can address all your queries. The delivery track-record of developers must be evaluated.

Choose your fit out wisely

Reputation is everything. Study the reputation of your fit-out contractor before saying yes to them. Additionally, find out what their level of service is. Some fit-out contractors will only show up towards the end and execute the plan that you propose while some will accompany you right from ideation to execution. Ideally, they must have the competencies to plan and design the space that meets your expectation and your budget.

Consult

While elaborate preparation and homework will help you gain an understanding of the market, it is advisable to seek the consultancy of an established property services company as they will hand-hold you through the journey, offer you credible advice and put your interests first. Aspects that tend to be overlooked will be covered, and you will be assured of peace of mind in transitioning seamlessly to your own office, and focus on your work priorities. The writer is the general manager of Hamptons International. Views expressed are his own and do not reflect the newspaper’s policy.