When most people think of buying real estate in Toronto, they think of private residential homes, not warehouse spaces where they can open up a company. But the fact remains that the real estate market in Toronto deals with both on a regular basis. You might even find yourself in the market for both at once. If you're thinking about opening up a business in Toronto, here's some information about buying or renting commercial property in the city that can help you make the right choice for your business.
Rent or Buy
Toronto is an extremely expensive city, whether you're renting or buying, whether you're looking for residential or commercial real estate. You need to budget your start up costs carefully to see if a private commercial mortgage is within your ability to pay or if it's safer to rent office space until you know your business will be able to sustain five or more years or mortgage payments. Ample commercial space is available no matter which you choose, so the decision is up to you.
Choosing a Neighborhood
The closer to downtown you set up your business, the higher your operating costs will be but the more exposure your business will get to the millions of people who throng the area on a daily basis. If you're opening up a business like that specializes in a back-end kind of service that doesn't need its offices to be visible to customers, you'd be better off choosing a suburb like Mississauga or Pickering to save on your overhead. However, if you're a shop or high traffic business, you'll need to find a neighborhood that balances cost and exposure.
Zoning and Property Types
Not every Toronto neighborhood is available to people who want to run a business out of its real estate. You'll have to check with the city if the area you like is zoned for your type of business. For instance, residential neighborhoods will not take kindly to corporations buying homes and leveling them to make space for rent in Toronto offices and downtown shopping districts will kick up a fuss if you try to open a slaughterhouse or petroleum refinery within their boundaries. The best way is to see where your competitors are located.
Finding a Property
There are real estate agents in Toronto that specialize in finding businesses the right properties to house their business. They're called commercial real estate agents. You want one of these rather than a residential or dual real estate agent, as dedicated commercial agents will know their stuff better. You can, of course, opt to look on your own, but have you seen the size of the city? You're better off with an agent.