Tips When Leasing a Warehouse Space

leasing warehouse space

To some, leasing a warehouse space may seem like an easy decision – all you have to do is find a space and rent it. Unfortunately, there are a lot of things that you have to consider when you rent a warehouse space for your storage needs. These include but are not limited to:

  • Location
  • Security
  • Floor Area
  • Electrical/Fire Hazards
  • Cost vs. Benefit
  • Pests
  • And a lot more

With this in mind, here are some tips when leasing a warehouse space.

Do an Ocular Visit

Physically visit your desired rental space and imagine your items being stored in this location. Visualize your inventory being kept in the warehouse and simulate all the possible things that may happen. Do you imagine your stocks eaten or ruined by rats? If so, look for animal droppings or look or holes in the walls and ceilings. Do you imagine your inventory engulfed in flames? If so, then you’d probably inspect if their wirings are safely insulated and if the location has sprinkler systems installed or if there are at least fire extinguishers around.

Seeing the site would also allow you to check out where you would be loading and unloading your goods, and you would also be able to see if the facilities are adequate for the type of stocks that you intend to store. For example, frozen goods must be stored in a facility with a chiller, while you would need to have solid floors for heavy inventory, which means that getting assigned space in a higher floor would not be acceptable.

In addition, don’t hesitate to ask around about other tenants in the warehouse, should there be some. Your items may be safe on its own, but there might be other goods stored in the same location that can affect you as well.

Inspect Outside Surroundings

Is the warehouse that you would like to rent located in a safe neighborhood? Does the warehouse provide security and/or insurance for any stolen or damaged goods? Are there CCTV cameras installed in the facility? Chances are you would not have anyone guarding your stocks 24/7, so ensuring that they are safe should be the top priority.

It’s also a good idea to check if your warehouse is near a river or is prone to flooding. Damage due to floods can be very probable especially if the location is prone to these types of events. Lastly, check if the warehouse is located in a logistically practical area. Make sure that your trucks and delivery vehicles can get to the area with ease, and that there is adequate space for loading and unloading without moving things around and causing further delay.

Review Your Contract

contract

Once you’ve found the warehouse adequate, then it’s time to sign a lease agreement. There are different kinds of storage arrangements, from monthly to yearly. Check also for other hidden charges and how your storage fees are computed. If possible, have a lawyer check on the agreement before you sign off on it especially for longer-term leases.

Always make sure that you know what you are signing up for before signing on the dotted line as renting warehouse space is a serious commitment which can help make or break your business. If you’re looking to rent a warehouse in Miami, FL, the guys from Newmark Knight Frank can help you find the perfect one for your business. They also provide other real estate services like strategic consulting and valuation, investment sales and many more. Follow the link to visit their site.

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