When considering locations for your property, ask yourself: What good is a low price in the wrong building? The first step you should take when considering property is to determine the key elements that the property must hold for a successful business venture. You’ll want to create a list, made in conjunction with the project stakeholders, to define what the key site drivers are. Be specific. What exactly is essential to your location’s success? Then match the market to your needs, not your needs to the market.
As with most things in life, you will often find it difficult to find exactly what you are looking for, and particularly difficult if working in a more modest price range. This is why you will want to keep in mind how important each of these drivers are. Think of your commercial real estate as a new car. While some features may be great, others are absolute must haves.
Perhaps you will want to stay local to keep as much of your staff on board as possible. Location may be more important to you than say, covered parking. Or if you are looking to make a bigger splash in the neighborhood, major highway signage may be another factor in your decisions. Whatever, your drivers are, remember the weight each one of them holds. The most important features of your potential new building may reside only in your current location, or just down the street. Make sure you and your broker are fully aware of all of these key site drivers when looking at your commercial real estate comps.
Here are a few other articles we think you will like:
Subscribe to our blog for more CRE tips!!
