Over the past few years, with the growing demand for online shopping, many companies are looking to expand their warehouse operations to accommodate the ever increasing online market demand. According to estimates, global online sales are set to grow up to $7 trillion by the end of 2024. In such a situation, if you want to expand your business through warehousing, there is no better time than now.
In this blog, we are going to cover 5 essential tips for buying industrial property for warehousing. Read till the end to choose your warehouse property wisely. (source)
Tips for Buying a Warehouse Property
Choosing a warehouse property is very crucial for optimizing your business operations. You should consider several factors, including setting up your budget, determining your requirements, evaluating the location, proximity to transportation, and employment potential for making a suitable decision. There are several industrial properties available for sale in Kolkata, and by considering these factors, you can find an appropriate place for you.
Here, we mention our top 5 tips to buy a warehouse for expanding your business; let’s have a closer look at them.
Set up your budget first
The first tip to buy a warehouse property is to set up your budget first. It will help alleviate some of the financial problems that come with buying a warehouse. What are your financial limits for the initial outlay? Are you going to buy any equipment or just warehouse space? If you have clear answers to all these questions in your mind, you can set a rough budget accordingly. Firstly you can research current market prices and then set a budget; this way, choosing a suitable warehousing property will become easier for you.
Determine your requirements before choosing a property
The second tip for choosing an appropriate warehouse for your business is to determine your requirements before selecting any property. Determine what size warehouse you need to store your items. Does the warehouse have all the necessary facilities like an uninterrupted power system, internet connectivity, and other technological advancements? Determine your inventory needs, including other things you need to store and sell your inventory, such as climate control, humidity control, refrigeration, etc. This way, you can easily understand which industrial real estate property is going to be best for you.
Evaluate the location of the warehouse
The location of any warehouse plays a significant role in optimizing operations. So before choosing any property, evaluate the location of the warehouse first. Consider some factors, including geographic accessibility, suburban area, population and zoning numbers, level of competition, etc. It is crucial to confirm the Kolkata warehouse for sale conforms with all the regional zoning laws and ordinances. Ask about any restrictions or constraints that can have an impact on your activities, and always confirm whether the area is zoned for industrial use.
The proximity of the warehouse to transportation
Another essential tip for buying a suitable industrial property for warehousing is to consider proximity to major transport networks. As a warehouse where items are stored and distributed to different locations, the transportation facility is a must-have. It will ensure that your facilities flow smoothly and reach their desired destination on time. So always choose a location close to important roads, railways, and ports. As a result, your transportation costs become reduced, increasing supply chain efficiency.
Presence of a skilled workforce
Before choosing a warehouse property, consider the presence of a skilled workforce in the nearby area. There are several industrial properties for sale in Kolkata, which also possess a skilled workforce nearby. The workforce is a boon for any organization as it contributes significantly to strengthening your business reputation and achieving long-term success. As a warehouse, where the primary purpose of the property is to store and distribute products, you need local manpower to facilitate your work. The presence of a skilled workforce at a nearby location of your warehouse will increase the productivity, profitability, and growth of your business.
Wrapping it up…
Buying an industrial building may seem steep, but trust us—you shouldn’t skip the due diligence process. Otherwise, you could end up with big unplanned expenses down the road. We hope our top 5 tips will help you find a suitable warehouse solution for your business. If you are still struggling to find a perfect warehouse place for you, consider Ganesh Complex, one of the leading industrial space solution providers in Kolkata.