Choosing a location for your business is arguably the most important decision you can make for the success of your venture. You want to make sure that you are fully informed about the real estate that you choose, the area surrounding your business, and where the ideal location is for your specific niche.
This FAQ covers some critical questions to ask before you sign a lease in a shopping center or purchase your own building.
Should I start by looking on my own or with a broker?
You should always consult with a broker as to what you should be looking at. The long and short of it is that a broker knows the industry inside and out. In many cases, individuals searching for the ideal business location are unaware of what or where the right potential locations are.
The broker can save you a lot of time by making suggestions as to the viability of various potential locations. Additionally, brokers are often aware of off-market real estate that other brokers are searching for the perfect client to lease out.
It always pays to work with an expert at the beginning of your search to avoid expending time and energy looking at locations that are out of your budget or inappropriate for your specific business.
How do locations vary by property type?
The type of location that you’re looking for will vary depending on the exact type of retail location that you’re offering. For example, a restaurant and clothing retailer have very different needs.
On the other side of that coin, there are a few factors that every retailer needs to consider in order to be successful:
- Ease of access
- Tenant mix that complements your niche
- Viability to satisfy the demographic needs of the individual market
- Location of competition
Your local commercial real estate broker will have a working knowledge of all of these factors in the area where you’re shopping for a space.
What are the most important factors when choosing a RETAIL location?
The standard answer to this question is a bit of a cliché: location, location, location. However, as with most clichés, there’s a reason that it exists. Your location matters and can be the defining factor behind your business’ success or failure.
When searching for the ideal location for your business, though, the answer is one that bears repeating: visibility, ease of access, major thoroughfare locations, and co-tenancy.
How does zoning impact location choice?
Zoning acts as a definition as to what kind of retail can go into a real estate location. Zoning historically changes, and those changes determine what can and cannot be put into a shopping center or a location. In general, zoning changes do not occur more often than every three to five years or so – and that’s only in cases where major construction changes are happening in the surrounding area.
Work with a local commercial real estate broker to choose the ideal location for your business
When you’re ready to start shopping for your ideal business location, your broker at Trout Daniel & Associates can help. If you don’t already have a commercial real estate broker, contact Rene Daniel today at 410-435-4004 or fill out our contact form.