When you're searching for commercial real estate, it's easy to start off by just focusing on what units are available in your region, but before you begin considering buildings, discussing square footage requirements and other specifics, it's important to take a step back. Site selection is the important first step in finding the right commercial space that you can't afford to skip. When you're selecting your site, follow these tips to help ensure that you choose the right location.
Think About the Neighborhood's Reputation
What's the area that you're considering moving to known for? In many cities, neighborhoods or areas often become hubs for a specific industry. Being located in an area that is associated with your line of business can help to lend your company flexibility. For example, a financial services company with a Wall Street address in downtown Manhattan is going to seem more reputable than one located in the Upper West Side.
Choose a Location That's Close to Necessities
During site selection, it's important not just to think as the owner or representative of your company but also as an employee. What type of businesses do you want to have nearby your workplace? Your employees will be more productive if they're able to run errands on their lunch hour or be able to complete tasks on their to-do lists before and after work. An area with restaurants and bars also provides convenient meeting places for employees and for entertaining clients.
Don't Forget About Accessibility
When you're considering sites, think about how your employees commute to work, as the last thing you want is for your location to be a barrier to your employees coming to the office. If most of them drive, you'll want to ensure that you're located in an area with adequate parking, preferably free or low cost lots. Also take into consideration what traffic conditions are like between the suburbs and your location. Will your employees suddenly have to leave an hour earlier to combat the rush hour gridlock once you move? In cities where most people use public transportation, being located near bus stops and subway stations will be more important than providing parking.
Double Check the Wireless Coverage
Many companies don't think about their technology needs before they move, and this can lead to big problems. When you're selecting a site, be sure to take wireless coverage into consideration. Will your team members be able to use company-issued tablets and smartphones? Is there adequate Wi-Fi coverage? The best way to find out is to test spaces that you're considering. If coverage isn't adequate, a wireless booster may be able to solve the problem, but you need to know upfront that you'll require one before you go into negotiations with a prospective landlord.
Look Into the Future
While you don't have a crystal ball that will show you what lies ahead in the future of a site, you can do a little investigating to find out if there are any reasons that you should be wary about a site. Are any major tenants in the area not renewing their leases? Is the city or local government planning major road construction that could make your building difficult to access? Do some online research and be sure to ask landlords how long key tenants have left on their leases.
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