Going all in on your next commercial property takes a lot of consideration, with many important decisions needing to be made. Site selection is one of the biggest decisions, as the location of your property can make or break its success. Narrowing down to a specific site may make you feel overwhelmed, so follow these steps to help you make the right choice.
Gather Location Data
If you have located a potentially promising site, conduct as much research as possible about it to make sure it would bring you success. With enough metrics gathered, you will be able to come to a conclusion about if the characteristics of the site would fare out well.
For example, take a look at if there are a lot of competitors within close proximity. Also look into if there are any land zones or regulations in the area, specific construction costs, high management fees, or seasonal factors that would greatly affect the usage of that specific location. Not all factors are directly visible or obvious, so make sure to do plenty of research on the property.
The neighborhood, businesses, and amenities that surround your property will very much affect its success rate. You should think about your business as one part of the whole environment, and how your business can have a strong role in that environment.
Do the types of businesses that surround your property have the potential to negatively impact yours? Would they aid in bringing you more business? Are you unsure of how they would affect yours?
For example, if you want to open a bike shop, picking a site right next to an existing potential bike shop might not be the best idea. Conversely, if there is a college nearby and you open a school supply store, you may find more success.
It’s vital that the type of employees or consumers that will be coming to your business will have easy access and transportation options. If you want to attract a multitude of different kinds of people, perhaps pick a site near a major highway or train station. If your business focuses more on community access such as a medical clinic or restaurant, consider how consumers will easily get to your location and if there is easy parking nearby.
Taking into account the safety and crime rate of your business’s location is vital to attract as many consumers as possible. Consider that you yourself are an individual coming to the property, and think about if you would feel safe coming to that specific location, especially at night.
Think about such as if there’s adequate lighting, if it’s close to a parking lot, if there is security around the property, or if the building and windows look break-resistant. Having a safe building and environment should encourage more activity.
Working With a Real Estate Agent
The best way to pick the right site for your business is to work with a talented commercial property management team. At Frontline Real Estate Partners, our full-service, experienced brokers have ample experience in tenant representation and can help you pick a site that will maximize your success long-term.
With so many different factors and rental properties to consider, we encourage you to contact us today for superior property management in Chicago.