Start by setting up an appointment early on with your accountant and financial partners to establish a budget and get pre-approved for financing.

Setting up a sound budget in the beginning can be effective in negotiating your offer because you know what you can afford. You can find a great property but if it’s way over your budget then you shouldn’t put yourself and your company at risk.

Remember to explore all your options for commercial real estate financing. Keep in mind that your budget has to cover more than just purchase price. It will also need to cover items such as environmental and structural assessments, renovations, moving, down time during the transition, land transfer tax, legal fees, any realty commission and an amount for contingencies.

Lastly, your bank may need additional documentation for financing such as additional up-to-date financial statements for your business or an environmental report from an approved accessor. Knowing what your bank will need before agreeing to financing and what conditions you will need to meet can save time and frustration when it comes to closing a deal.

You’ve been selected the daunting task of finding the perfect commercial property for your business. You may be unsure of exactly how to get started. In this series of blog posts, we’ll provide you with some tips to guide your process so that when the time comes to sign a lease, you can feel confident in your selection.

Before you can negotiate effectively you need to have a good understanding of what your business needs from a building are and how the building you are interested in may or may not meet those needs.

We suggest first considering your location. Does it have adequate traffic if you are a retail business? Does it provide accessibility for clients and employees? Does it offer parking and public transit, ease of access for shipping and receiving needs? Are their zoning issues?

Next, get specific on the amount of space you need. This may be an easy answer, but we encourage you to consider how the space will be utilized as you grow. Could you rearrange your current layout to be more efficient? Could you hire an operational efficiency expert to find major space savings? This could also be key in not only making your space more efficient but more profitable as well. Many businesses find themselves moving into larger spaces 3-5 years down the road because they didn’t properly assess their business and its potential for growth, so this is a key issue to take into consideration.

We encourage you to make a list of your needs before we move onto the next step—Setting Your Budget.

• July: Setting Your Budget
• August: Finding Good Advisors
• September: Cast a Wide Net to Save on Price
• October: Make an Offer
• November: Before You Close the Deal

Home to Brookview Town Centre, Bearden is one of Knoxville’s most affluent neighborhoods and has a lot to offer for both our commercial and residential clients. Named for the former Knoxville mayor and Tennessee state legislator, Marcus De Lafayette Bearden, the community was annexed by Knoxville in 1962. Located along Kingston Pike in West Knoxville, the neighborhood lies at the heart of one of Knoxville’s major commercial corridors. This makes it highly convenient for business meetings, shopping and commuting.

The Bearden area is home to over 30 shopping centers including West Town Mall, Homberg Place, Bearden Center, Knox Plaza, Papermill Plaza and the Centre at Deane Hill. It is also home to several dozen office buildings. In recent years, Knoxville and the Bearden community have taken steps to create a more pedestrian friendly atmosphere by constructing greenways, sidewalks and parks.

Brookview Town Centre is an exciting new multi-use development at Weisgarber Road and Northshore Drive. It offers an inviting upscale retail and office environment, with an accompanying luxury hotel.

Whether you’re looking to move your business to this thriving area, or make it your home, the Bearden community has a lot to offer.

Of course you want a great space for your business. You want a space that reflects your company brand, that works for the day to day operations of your business and one that fits your budget. Let’s take a look at five important factors you should address before you find the perfect address to print on your business card and stationery!

1. 1. You’ve heard it before when it comes to real estate ¬– location, location, location! But there’s a reason why this phrase is so important. You want to choose a location that’s easy for your clients to access but one that’s also easy for your employees to get to. Also, consider what’s nearby. Is there easy access to the interstate or main thoroughfares? What about restaurants, shopping and banks, so employees can quickly and easily run errands at lunch.
   2. When considering what to spend, make sure the space is priced in line with comparable commercial office spaces in the area. Don’t get too little space that you outgrow it in a year but don’t get so much that you struggle to pay rent. Ask about the hidden costs such as maintenance and yearly increases.
   3. We touched on size in the previous topic, but a general rule of thumb is to plan for 70 square feet per person for individual work spaces, or around 150 sq. ft. per person for total space which would include common areas and open, collaborative workspaces.
   4. Most commercial real estate spaces have internet access available to the building but depending on what type of service you provide, you may need more than the basics. Discuss with your real estate agent what type of services you provide and the type of infrastructure you’ll require. Suppose you’re a title company and you deal with signed documents daily. Postal services may be crucial for your business while not even a blip on a radar for someone else.
   5. What’s your “vision” for your business? Do you see yourself as a modern business that’s housed in an open loft with high ceilings and open spaces? Or are you more traditional, preferring a quieter setting with fewer common areas? Knowing the vision you have for your business and how you wish to portray yourself speaks to many of these factors. It can impact where you look, how much you’ll pay for space and how much customization may be required to get exactly what you want.

No matter what you’re looking for, Blue Ridge Realty’s highly experienced agents will work hard to find you the perfect location at a price that fits your budget. Let’s get started! 865.470.4868