When manufacturing in Mexico, the first and essential step is evaluating various industrial real estate options. Even though producers have two options- to lease or buy- but the most chosen is leasing. Several options are available with flexibility regarding space availability, location, and rates. You can either customize the space according to your company’s specific requirements or just take the property already ready to move in.
Below are a few factors you should consider while searching for industrial real estate to ensure you have chosen a facility that best suits you.
Choosing a location
This is the golden key factor at the top of the list, i.e., you should choose a region wisely. This is very important as having a facility in the right area significantly impacts the business’s ability to compete in the market and helps you cut down the property search. You get the highest leasing price in areas close to the border as the competitiveness is relatively high. You may explore further into Mexico as it will provide a variety of options available from which you can choose easily.
Create a Budget
The next crucial step is to prepare a budget. It is essential when you compare industrial building rates in different areas. Every region has its costs and leases terms. Generally, for Class A buildings, prices may vary from $0.45-$0.65 per square foot per month. Having a precise figure in mind to which you would like to stick makes your view clearer and helps you make better decisions.
Review Tenant Responsibilities
It is essential to understand the things that you have to do and that you don’t have to do. Some leases automatically cover maintenance, while others pass this responsibility to the tenant. Have clarity about the monthly payment and other one-time expenses you will have to pay. After thoroughly inquiring about the tenant’s responsibilities and duties, you should think of selecting anyone.
Scheduling site tours
Once you have selected a location, prepared a budget, and have an idea of how you will be using the space for the period of the lease, it’s now time to plan site tours. This will give you an overview of the space and area, the labor available, transportation, etc. With in-person travel, you can take a live tour and request videos and photos to view different spaces before selecting any one.
Simplifying the process of site selection
For new producers selecting the right industrial real estate Mexico may become very hard and tedious. To simplify the process, your real estate agent visits the potential site location and creates an analysis of the site. This helps greatly in making the right decision.
This will involve the pros and cons of the area, building square footage, etc. A part of the analysis will also have a report including labor and operational expenses. You will also be given a comparative study to help you understand the advantages and disadvantages of various available options. This will save you time and energy, allowing you to focus entirely on selecting the most appropriate space for your business.
