What makes a good commercial property location
It’s one of the biggest clichés in the business – location, location, location. But what makes a good location? This depends entirely on the tenant and their customers.
Here’s a list of the sorts of things you should consider when buying or leasing a commercial property:
Amenities – Is the property handy to public transport, major arterial routes, etc. Also, how far would you have to go for a good coffee or a few groceries? Also, do you need good access to other infrastructure, such as internet, ports, airports, etc.
Demographics – What are the characteristics of the surrounding population? Is the population of the area growing or declining? How old are they? Are they young families, or is it an older demographic, maybe with an aged care facility nearby? What is the employment rate? What do people do in their spare time?
Zoning – What zoning applies to the land? This will determine what sort of businesses can use the property. Also, check with the local council about any future developments in the area, such as roading or zone changes, or large developments.
Business profile – What sort of businesses make up the surrounding area? Retail? Industrial? Manufacturing? The type and quality of the neighbours will influence potential tenants.
Visual – What does the area look like? Is there a lot of greenery or is it industrial? In general, is it run down or well-maintained?
Environmental – Is the area subject to flooding? What is the history of seismic activity in the area?
Taking all of these onto consideration will help you to find a property in a location that will support either your business or your tenant’s business to thrive. Just remember, when thinking about location, you’ll to wear two hats – you’ll need to think like both a tenant and a customer.