Things To Consider When Selecting Your Commercial Property Site
The commercial building, or site, that you choose is going to have a powerful impact on your business. Size, layout, location, and appearance should all enhance your operations, and in addition, should respect environmental regulations and zoning requirements.
Our Innovations Group team has compiled some points we think are important to consider when you are in the process of selecting your commercial property:
- ACCESSIBILITY. Situate your commercial property in an area that will be convenient for your clients and those of your tenants. Keep in mind the kind of traffic issues that travelers may face during different times of the day. Take pedestrian routes into consideration, and look at the speed classification for the road that will run in front of the building. Are there going to be traffic lights nearby? Check for area bus routes, as well, both to determine what the traffic load will be and for the convenience of your clientele.
- AREA ECONOMICS. The economic viability of your commercial property project is very important to evaluate early so that a determination of the economic success of your venture can be made. Have a demographics analysis done to ensure that the area is the right fit for the industry you are building for. The Innovations Group can help you to determine the best location for your business model; your commercial property should be located in an area whose residents enjoy a higher, and therefore more disposable, income. The Innovations Group will line up all your projects’ aspects to determine the economic performance model from a real estate perspective, which is vital to your economic success.
- AMENITIES. Easy access to area amenities is going to ensure that your commercial endeavor maintains its value over time as well as continuing to be attractive to visitors and clientele.
- MARKET ANALYSIS. A market analysis of the property and surrounding area to determine the market value of the prospective property. This type of analysis will take into consideration the market values of properties similar to the one you are considering and will help you make a final decision as to its value over time.
- LOCAL TAXES AND INFRASTRUCTURE. Taxes will vary between municipalities, and some towns may offer preferential rates to attract your business. Your commercial real estate professional will know what tax rates an area will have, as well as the infrastructure and available utilities at your projected commercial site.
- FUTURE GROWTH. Examine the growth potential for the area you are considering. If future expansion is something you are interested in, an area with a booming growth trajectory might be the best place for you, higher prices notwithstanding.
- PHYSICAL CONSIDERATIONS. Have a good understanding of the physical shape of the job site, its topographic complexity, and its density. Research the subterranean area: learn whether the sewer is running through the site, for example. Is it a rocky area, requiring removal of those rocks, or even blasting? The price of fill dirt will also be a consideration when it comes to the selection of your commercial property.
The Innovations Group offers partnership and ownership opportunities for investors, such as physicians, who want the returns of a real estate investment as they continue to practice. We provide all of the experience and expertise in building and managing our medical developments. Our medical office developments allow the participating physician to enjoy the benefits of owning real estate without the headache of managing it.
Our medical developments feature mindful planning throughout the entire process, from the acquisition of land to the end product. We are intentional in our approach to designing and building specifically for medical spaces. Our sensitivity to balancing quality design with strategic budgeting allows our team to deliver high-performing medical office space.
If you are interested in investing or ownership, contact us today to discuss opportunities.