Choosing a location for your commercial property can be a daunting task, but very doable when you prepare and have all of the information you need. There are a lot of moving parts and things to consider when looking for a commercial property, and it can be time consuming. It is important to do your research and consider the factors discussed below.
Selection Process
The process of choosing a location for your commercial property should start with you determining all of your requirements for your business. This includes location and business needs, as well as price and budget. After you finalize your criteria, the next step would be to begin evaluating sites. Soliciting commercial real estate consulting from an official broker can save you a lot of time and money in the selection process. After evaluating your sites, you then narrow it down to one and start finalizing details.
Consider location
Location can be a make it or break it factor for the success of your business. Where your space is located depends on the type of business you are running. If you are heavily customer-based, you will want a property that is easily accessible to customers and visible to the general public to drive traffic. If you are more of a production-type business that doesn’t get a lot of foot traffic, accessibility and visibility will not matter as much. You will need to consider size, customer accessibility, property visibility, local traffic counts, nearby businesses, competitors and zoning. You might also want to look at the success and sales trends of businesses in the area you are looking at to get a better idea of how your business might perform.
Consider business needs
Choosing the type of property you need depends on the type of business you are running as well. For example, if you are a type of food service, you will need a property with a kitchen. Alternatively, if you are a production-based business you will need a property that can provide adequate energy to support machinery. It’s important to view the layout of the space as well, to make sure that it will work with the flow of your business. Zoning, utilities, permits, lighting, signage, landscaping, and engineering also play a role in the decision making process. It is important to consider each of these as well to make sure they all comply with the needs of your business.
The site selection process might be a lengthy one, but when done right, you will be rewarded with a great property for your business. All of your hard work will be worth it in the end. Commercial real estate consultation is one of the many services we provide at Maus, Warwick, Matthews & Company, and we would be happy to help you in the search and selection process.