Location is one of the most important aspects to consider in commercial real estate. Selecting a new location for your business is an exciting yet difficult process. Consider the following factors to ensure your business flourishes in your new space.
Is the space accessible?
When selecting a new location for your business, look for space that will be accessible to employees, customers and vendors. If the majority of your employees live in one part of town, relocating your business to the opposite side of the city may not be conducive to business. If your business relies on high foot traffic, choose a location with a storefront near public transportation routes. If your business receives frequent deliveries, you should stay near major roadways. Accessibility should also include factors like ample parking and wheelchair ramps.
What are the area’s consumer demographics?
The consumer traffic near a prospective location should match your target consumer base. Determine the ages, professions and household incomes of individuals who live and work in the area. You should also consider factors such as traffic patterns and buyer behavior to ensure the location suits your goals.
Where are my competitors located?
Your location analysis should also take a look at the location of your competitors. Fast food and similar industries often situate their businesses close to each other. If a similar business is doing well, you can assume an area will be conducive to your business too. For other industries, you’ll want to find a location in a less saturated market.