Location is key in any real estate deal, but there is a lot more to selecting the right commercial site for your business. The space you choose to lease can be a deciding factor in its success. Here are a few factors you should be evaluating when viewing available commercial space for lease, that should be considered before signing on the dotted line.
Location is everything, but how easy is it to get to that location? How easy, or hard, would it be to get to your business? Also, what sort of traffic does the location get? When doing site selection for commercial space, make sure to note traffic patterns.
Can your business be seen from the street? Or are there trees or other buildings blocking the view? Visibility by both drive-by and walk-by traffic is ideal.
Signage is one of the most negotiated points in commercial leases and it is one of the most important. Make sure to pay very close attention to the signage availability of your potential commercial space. Is signage offered just on the façade above the storefront? Is it available on pole or pylon signs for the entire retail center? Would you be charged for any additional signage requested? Negotiate now for “grand opening” signage such as banners and/or pull-away signs. Do your due diligence on this point or you will be wishing you had.
Where is your commercial space located in conjunction with other businesses? Is it close to a big box anchor (i.e. Target, Costco)? What about your competitors? It is a must to research where your competitors are located, you never want someone to be forced to choose between you and someone else.
Another factor to consider is if there are sites located nearby that house large groups of people (i.e. ballparks, fairgrounds). These locations often provide a great flow of traffic, either before or after an event, and should be considered.
It is important to understand who is in the area of your potential commercial space. Yes, you know your customer, but are they where you want to plant your flag? Pay attention to the population density and the economic and business diversity of the area. It is also a good idea to think about the future growth and development of the site.
When doing commercial space site selection, the more research you do, the better. In order for your business to be successful, it needs to be in the right location. The right location is one that meets all of the factors list above – and more. In order to ensure that you have covered all your bases, it is a good idea to reach out to a commercial real estate expert who can help guide you through the entire commercial space selection process.