When the time comes to start looking for commercial real estate, there are a lot of factors to consider. Not only are you investing in your business, you are also investing in yourself. The decisions that you make now are going to become a great part of your livelihood, so you want to make the smartest and best choice possible.
Make a Checklist
Before you even begin your search, sit down with a cup of coffee and create a checklist. You need to go over your needs as far as what you want to accomplish and how you are going to get there. The commercial building that you choose can make or break your business. Identify essential features or requirements you need for your space. Meet with an engineer or architect if you intend on building your own property.
Location, Location, Location
There are numerous reasons as to why location is arguably the most important aspect of choosing a commercial space. You can have the best marketing strategies and advertisements at your disposal, but if the location is not attractive or easily accessible, then your customers will not come.
Also, does the location serve the needs of what you need to accomplish? For example, if you’re a retailer selling fashionable clothing, then you’ll need an open floor plan so people can comfortably explore all of your beautiful selections. If you are opening a spa, then you may need a layout that offers more privacy while maximizing room space for treatments.
Neighborhood Crime Statistics
When it comes to site considerations, you want to check the local neighborhood crime statistics. You especially want to be mindful of any break-ins or robberies in the area. Some locations may appear to be a good value, but you might end up paying even more money in repairs or insurance. This applies regardless of whether you’re opening a multi-family residence, a storefront, a warehouse, or anything else. Basically, you don’t want to be in an area where your business is likely to get robbed or your residents’ homes are being broken into. When it all boils down, it’s not just about replacing items or paying a higher insurance premium. You want to keep yourself, your employees, and your tenants safe from harm.
Surrounding Tenants
Are there a lot of empty commercial real estate sites? Are commercial tenants not renewing their leases? Or perhaps you see a lot of for-sale signs. There’s a reason why people have either moved out or haven’t renewed; make it your duty to find out why. All of these could be red flags as to why you may not want to move into a building. If you can find the opportunity to talk to some of the local business owners, usually they are honest about their experiences in the neighborhood.
Parking Accessibility
This may not initially seem like a major factor, but parking is a very important consideration. Many people have gone to a business and observed that there was either a lack of parking spaces or parking that was too far away from the building and they just decide to leave. Be sure to visit the structure at different times of the day to properly gauge whether there is adequate parking for your needs.
Foundation and Building Inspections
You will be getting your new building inspected by a professional anyway, but there are a few things that you can do before investing any money into paying for an inspector. The foundation is literally what keeps the building intact so check for cracks or dips in the surrounding cement. These can be a sign of a deteriorating foundation. If you’re able to go inside and check the ceilings and walls for water damage or cracks, then that can help you avoid an expensive issue later on.
Safety Considerations
Also, it’s not just about convenient parking. Consider your hours of operation, if you will be open during any time of the night, ensure that customers, tenants, and employees have a safe, well-lit place to walk to their vehicles or to public transportation. Also, check all points of entry and exit. Ensure that all doors, windows, and locks are secure. There should also be a good escape route in case of a fire.
Now It’s Time to Start Looking
During the process of searching for a property, there will be additional items that will arise to narrow the potential sites. While this isn’t a comprehensive list of all of the considerations for commercial site selection, these items will help provide some preliminary steps towards finding a home for your business.
