If it's your goal to open a business, one of the first things on your list will be to find a likely place to house your business. However in order to get the business loan that will allow you to rent that space, you first need to budget the costs of running your business. How do you know what your commercial property will cost when you haven't found it yet? You can use some of these general statistics.
Statistics for commercial space aren't listed like statistics for residential homes. While residential property can be easily divided up into categories for statistical purposes (i.e. house, condo, town house), commercial space varies widely in size. To help real estate agents figure out the cost of the space they'll need, statistical prices are generally given in dollars per square foot, so if you know how much room you'll need you'll know roughly how much it will cost.
There are many different types of business, so there are also many different types of commercial space. An agent would be looking for different types of property for clients who had accounting firms and clients who had computer parts factories. Generally speaking, commercial real estate falls under three categories: industrial, commercial, and office. Industrial includes factories, docks, and the like while commercial includes shops and warehouses and such.
Browse some commercial listings in Toronto right here.
There are two ways to go about finding space for your business. If you know for sure you're going to want to be located in Lawrence Park for example, for a long time and that your space needs won't change, you may want to look into buying your commercial space. If you're buying industrial space, you'll be paying about $325 per square foot, which is more than double the price of last year's average. Commercial space is retailing for about $435, which is a major increase from $227.
On the other hand if you're new and you're not sure if your business is going to take off or not, or you want to save money up front, you might be safer renting or leasing space. It costs about $15.14 per square foot per month to lease industrial space, which is a little cheaper than last year. At $38.19, commercial space is about 23% more expensive than previous years, which is the same increase that office space has seen, reaching $21.20.
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