Investing in a piece of commercial real estate for your business can allow you to ensure that you are in complete control of the building that houses the enterprise. However, this will likely represent a sizable amount of your business's working capital, and you will need to be thoughtful when making this type of investment.
Ensure There Is Suitable Parking Spaces
Choosing a building that has insufficient parking spaces can be a major mistake to make. In addition to impacting the quality of life for your workers, this will also influence the attractiveness of the business to potential customers. For example, individuals may be far less likely to visit a business that has cramped or limited parking available. While balancing the need between the size of the parking lot and the size of the building that will house the business can be difficult, it is among the most basic features that you will have to consider. In addition to considering the parking that is located directly on the property, you may also want to review the amount of off-street parking or other areas that could be used.
Review Whether The Building Will Need To Undergo Changes To Accommodate Your Business
Depending on the nature of your business as well as the design of the building you are considering buying, there may be changes that you need to make to it. For example, a building that has a large open interior space may need to be converted into smaller cubicles or work areas. Conversely, a retail business may need interior walls removed to accommodate shelving or other product displays. As you are evaluating a building for your business, you will need to consider the extent and cost of the changes that will be needed to make the building suitable for your enterprise.
Conduct A Local Traffic Assessment
For most enterprises, it is important to be located in an area that has a large amount of traffic that passes by it. This can provide a steady stream of customers to buy your products or use your services. Luckily, most communities will have traffic pattern records that can be reviewed so that you will know approximately how much traffic will be passing by the building on a daily basis. While being located near major sources of traffic can be useful for your business, you may want to avoid areas that are located along paths that experience significant traffic jams as this could discourage customers from visiting the business while making it harder for workers to enter or leave.
Reach out to a commercial real estate broker for more information.
Share6 May 2020
When you decide you want to sell your home or buy a new one, you will need to hire a real estate agent to represent you. A good agent will do most of the legwork as far pricing the home, creating a listing, and advertising the home goes. However, you will need to work beside them and make decisions along the way. We've created this website to give the average home seller or buyer a little more insight into the world of real estate. Learn how to find a good agent, help them do a better job for you, and navigate the sale process in the articles presented on our pages.