Warehouse conversion is currently one of the hottest trends in real estate. Warehouses that have sat abandoned since the decline of the Industrial Revolution are increasingly being converted into spaces that are suitable for modern use. While many are converted into expansive mansions and luxury apartments, numerous warehouse conversions focus on turning these massive commercial spaces into several smaller units that can be rented, leased or sold to businesses.
If you are thinking about relocating your business, moving into a converted warehouse could be a great idea. There are actually several benefits of moving your business into a converted warehouse that you may not have thought of. Let’s take a closer look.
Benefits of Relocating Your Business
Do you really need to relocate your business? It may be a good idea to do so even if you don’t feel like it is an absolute necessity. Relocating your business provides the perfect opportunity for a fresh start. Whether your business is an office, a retail space or even a restaurant, relocating allows you to start over using everything you learned at your previous location.
Moving your business to a new location is also a good idea if you are feeling a bit cramped in your current space. A larger space could be exactly the change you need to help your business grow and thrive. Your new space may allow you to hire additional employees, take on additional projects or stock more projects.
Lastly, relocating your business could help you implement new ways of working. It can be extremely difficult to create an all-new working environment when you are stuck working in the same space. Whether you want to boost morale by adding an amazing break room or you want to replace your current office furniture with innovative things like standing desks, you will have a blank canvas to do so when you move to a new location. You can easily move your existing furniture with various packaging and shipping materials available.
Relocating a business is a big undertaking, and it is a decision that should not be taken lightly. In many instances, though, doing so is exactly what is necessary to take a company to the next level.
Converted Warehouses Are Perfect for Businesses of All Types and Sizes
When you are thinking about relocating your business, finding the perfect location isn’t always easy. This is especially true in densely populated urban areas where space is not widely available. The rise of warehouse conversions, though, has created countless new spaces for businesses of all types and sizes. Whether you have a café, restaurant, office, retail space or most any other type of business, you can find exactly what you need in a converted warehouse.
Warehouses are massive, and they are typically divided into several smaller units. These units vary greatly in size, but most are spacious and have features like open floor plans, high ceilings and large windows to make them feel even bigger. Depending on the space you choose, you may also be able to further renovate larger units to include conference rooms, kitchens, etc. to suit your needs.
Location, Location, Location
Warehouses were usually built in urban areas, and this could be great for your business. If you are currently located in the suburbs, moving into the city could drastically increase foot traffic. The United Nations currently estimates that 54 percent of the world’s population resides in cities and that percentage is expected to continue to climb. With the majority of the population living in the city, moving your business to an urban area means relocating to where there are more people–and potential customers.
Because many warehouses are located in urban areas, they are also usually located within close proximity to public transportation. While employees and potential customers may find it difficult to reach you if you are located in a rural or suburban area, they can reach you with ease if you are located near public transportation.
Profitability
In some instances, moving into a converted warehouse could help you bring in additional profits. If you opt to purchase your own warehouse, you could rent out the space you are not using to bring in additional revenue. You could rent out space to other businesses, or if you run an office, you could set up a coworking space multiple businesses can work together. Office sharing has become incredibly popular and charging other businesses or individuals to use the space could bring in a good chunk of change.
Potential for Expansion
Industrial warehouses are huge. While you may only need a small space for your business now, moving into a warehouse means that you will have plenty of room to grow as your business expands. Even if the building is divided into multiple units, there is a good chance that you would be able to expand your business in the future if necessary.
If you own the entire building, the potential for expansion is even greater. You can start out just using a small part of the building and convert additional space for offices, storage, etc. as needed.
Decreased Risk
If you purchase your own warehouse for the purpose of converting it into commercial space, you may face less risk than when investing in other commercial real estate. Warehouse space is classified as commercial real estate, and this type of investment may provide local and federal tax benefits. In addition, being able to rent out converted space within the facility minimizes the risk of losing money if your primary business does not thrive. Buying a warehouse to convert for your own business and potentially other businesses is a long-term investment that pays off for several years.
Converted warehouses are in high demand and moving your business into one is a great idea in many instances. From transferring your business to a more central, urban location to providing additional income opportunities, converted warehouses provide numerous benefits for business owners in virtually all industries.
