Site selection is very important when buying or leasing commercial real estate. Whether you are going to rent space for your retail business or build a shopping mall, there are some key factors to keep in mind when choosing the winning location.
Here are some key things to consider when you are looking for the perfect site to build or rent:
1) Hire a Realtor to weed through all of the available lots and buildings for sale.
2) When looking for an investment purchase, look into the cost of a contractor in case you decide to buy vacant property as opposed to an existing asset.
3) Study the cost of living in the area. Knowing what is appropriate for rent or what people can pay for your products is key. Demographics are compiled and usually available through your city hall for this very type of exercise.
4) No matter what you build or rent, you want to make sure that it is convenient for your target clients/tenants. For example: enough parking, easy access to highway networks, proximity to complimentary uses, public transportation, etc.
5) Definitely look at zoning. Your Realtor can advise on what your options are and can communicate with city hall if needed.
6) Talk to the local police about the crime in the area. Whether you rent out apartments or space in a shopping mall, you will want people to feel safe there. This will increase the draw to your property or business over another.
7) Hire someone to look into any legal aspects. There might be some hidden fees and licenses that you should know about before locking into a winning property.
Site selection can be difficult. So to recap, working with a Realtor to help weed through all of the available locations is a big step forward. You also need to make sure you will have plenty of business and that people will be safe in the area that you choose. It might be a good idea to hire someone to look into the legal aspects involved.
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