When it comes to real estate, the golden rule is: “Location, location, location!” You already know that—and if you’re already in the business of buying commercial property, you know that finding the right location is the most important factor to buying the right property. But, if you’re brand new to the process, and venturing out as either a buyer or lessee without knowing as to how you should find the right location, this article is for you. Read on to learn all about it!
Think About the Future
When buying or leasing a building, there’s no telling how quickly or how much your building will grow. You want to be limited by the confinement of the size of your building and the status of your business as it is, right now. Before signing your agreement, negotiate extra space. That way, if it’s needed (thanks to your successful entrepreneur spirit and determination) you won’t have to worry. Your space can grow as your business does!
Check Out Other Businesses in the Area
So, you’ve just found the perfect commercial office space. Before you get too involved, it’s time to take a look around. Are their competing, well established businesses close by? If you’re opening up a coffee shop, will you have three other coffee shops to deal with? Ask yourself the following question with each property you consider: If I brought my business here, would it merely survive, or thrive? Save yourself a headache, and make sure that your business is in a non-competing area of the city, giving you the jumpstart you need to truly skyrocket to success!
Know the Reputation of the Neighborhood
Choosing the right building for your business needs should be similar to choosing a home for your family to live in. It should be safe, it should be convenient, and it should be a place you look forward to going, every single day. What’s the neighborhood that surrounds your potential commercial space like? Is it safe? Would you feel comfortable walking to and from your car at night? Put yourself in your employee’s shoes: how would they feel about it? Would it be a place they would want to come to work, or not?
When visiting potential commercial properties, take a good, hard look at your building (outside and inside). What does it say about your businesses’ message, brand and image? Does it represent what your company stands for, or does it disrupt your brand?
Finding the right commercial property is all about location—and when you know what to look for within each possible location, you won’t steer off course for each goal you have. Happy hunting!