Choosing commercial real estate, especially for a small business, is a combination of exciting and nerve wracking. Your dream is finally coming true because you have the funds to purchase a physical location for your business and it's no longer just an idea, but it's incredibly expensive to purchase or even lease real estate. As a result of this large commitment of resources, you want to make absolutely sure that you are making the right decision. Price, size, and amenities are three factors that you must consider before purchasing or leasing property, but there are three other commonly overlooked factors to consider when purchasing commercial real estate.
1. Rural, Urban, or Suburban?
There's a good chance that you took location into consideration when you started narrowing down the properties that you were choosing from. You probably looked for a location that was close to amenities and was near areas where people were living so that they could easily access your store. However, these considerations of location are not enough. You need to make sure that your business is in a location where the people who are the most likely to purchase your product actually live. If your business is leasing tractors, you don't want to have your main office in a storefront on a city block.
If you choose a rural or suburban location, make sure that you are near enough to the highway for it to be conveniently accessed by people all over either of those two areas.
2. Are You Highly Visible?
Another factor that you want to take into consideration is the number of people that are going to see your store by walking down the street. If you are in a store that's on top of another store, this is not the best situation. You can improve the situation by having signs all over the sidewalk and the windows of your building brightly painted to attract attention, but nothing beats an obvious storefront on the main street in town.
3. How Energy Efficient is the Building?
The last factor that you will want to take into consideration is the level of energy efficiency in the building. You will want a building that is highly energy efficient in order to make sure that you are easily able to pay the utility bills each month and still keep your store well-heated. Ask about the insulation levels in the walls and check on windy days for any drafts.
For more information, talk to an agency like NAI Norris Beggs & Simpson.