While most people will say that location is paramount for the success of a business, there are a host of other factors that play an important role as well. From in-house facilities in industrial clusters, tech parks and organized commercial real estate properties to ease of access, office design and other infrastructural positives, you must consider the perks that each location offers before choosing a commercial property.
Selecting a commercial property requires having in-depth knowledge about the location. Factors such as price, purchase or leasing terms and applicable zoning laws are easy to discover. These basic factors can help narrow down to a few prospective locations without too much effort. Once a handful of locations have been identified, you must pay attention to the nitty-gritties that at first look may seem unimportant and minuscule but can make or break the business.
Here are a few things to reflect upon when making the final commercial real estate selection decision:
Ease of access
Accessibility is one of the primary aspects to consider when choosing between locations. However, type of access needed will depend on your business. For instance, if you are choosing a location for a manufacturing or warehousing facility, the location should be well connected to highways with wide roads that allow easy truck access. For such reasons, you may decide to site your business in industrial clusters with availability of relevant infrastructure and amenities.
Proximity to social infrastructure
Consider proximity to residential catchments, schools and retail outlets when seeking a location for commercial establishments. In the past manufacturing, mining and heavy industries would create townships to attract manpower to work with them. Today companies use this concept with integrated campuses that promote Live, Work and Play. These integrated business parks cater to corporate occupiers, and enable them to locate offices along with the various residential formats.
If you are choosing a location for a corporate office, you’ll need to ensure that the office is well connected by bus routes, close to a local railway or metro station and equipped with public transport facilities so that that employees can enjoy a hassle-free commute to work. Facilities such as dedicated parking zones and traffic free entry and exits are a plus.
An important factor to consider is the proximity of your business to its target audience. Knowing your customers and the proportion of their population in the selected location will help you choose the best area to locate your business. For your business to succeed, it is essential that you make it easy for customers to find you.
Very often, commercial properties might be built to promote open communication across the workflow. Similarly, Build-to-Suit office spaces have ergonomic designs that improve employee productivity and also prevent wastage of time. Finding a commercial property that is well planned helps you achieve operational excellence and provides employees with a conducive work environment through a smart office design.
With these things in mind, you should have a much easier time to finalize the perfect location for your commercial real estate investment. Partnering with a commercial real estate partner can help you find an ideal location that fits your budget and meets all the unique requirements of your business.