As your business grows, the time may come when you need to relocate to a bigger space.
Whether you hope to nestle into an older area or hope to get into one of the many new developments recently finished or underway, three key elements will help you decide if you have found the perfect commercial real estate property to buy.
Depending on your business, location means everything. That especially holds true for retail and restaurants, which need heavy foot traffic to increase sales. Even businesses that have frequent visitors need to consider the ease of finding and accessing the location. An ideal commercial property will have plenty of parking and nearby access to public transportation.
2. Proper zoning
As you look at different properties, you may quickly fall in love with a specific location. In some cases, it may not have the correct zoning for your business. Due diligence upfront helps you avoid getting your hopes up on a property your business legally cannot do business out of.
3. Vacancy rates
While most people focus on their property needs, consider the neighboring properties. If the surrounding buildings have low vacancy rates, it indicates your potential purchase sits in a location that many people and businesses find desirable. When planning for the future, that popularity may mean higher profitability in the future.
The right real estate property means different things to different people. While you may have the size, specs and vision of how it should look, balancing those with the above factors may provide the sign you need to make a deal.