Commercial Rentals in Barbados
The commercial rental sector in Barbados has evolved to include every type of industry and touch every parish, although much of it is concentrated in the southern half of the island and along the western coastline.
The recent focus on urban renewal has encouraged considerable investment in renovating commercial properties (as well as residential) in Bridgetown, Speightstown and in the Six Roads area of St Philip, serving the increasing demand for commercial space for businesses of all types.
While Barbados is a small island, the well-developed economy encourages local commercial development, particularly for industry or tourism, and the commercial property market has grown along with it.
There may be land & property usage restrictions depending on the type of business that the property will be used for, and there are also incentives in place supported by the Barbados Government to develop manufacturing businesses and other similar concerns.
Many of the local real estate agents will list commercial properties for rent, while many property owners may well market direct with posters on buildings and advertisements in the local newspapers. A good place to start is to identify the size and space that you will need and an idea of what utilities will be required.
Some commercial rentals may not have all the amenities needed, and application for utility lines and services can take time to process, although the services themselves are comparable with many major international cities.
There is a wide variety of office space from modern multi-storey buildings to renovated homes, while an increase in industrial-style estates in the rapidly developing business areas has only benefited the market. Many commercial rentals will offer communal services within a shared building perfect for small businesses, or retail entities.
Landlords will require a deposit to be paid and contracts to be exchanged; some will engage the services of lawyer or already have a property manager to act as an intermediary. Utilities are usually the responsibility of the tenant and the various companies require deposits to be paid as a surety.
Author: Brett Callaghan