Today’s world economy is changing. More and more people are turning to the internet for their goods and services. As our ability to transport goods across international borders increases exponentially, the world is truly becoming as small as a tiny computer monitor screen. Faced with the prospect of competing with online vendors, what can today’s business do to offer a clear and attractive alternative? The key is, and always will be, the customer experience.
As the old adage goes-real estate is all about location, location, and location. That is no longer true than when you are shopping for commercial real estate. Firstly, the location must serve your basic business needs. Does the location offer you all of the space your business may need for today, and can it expand to meet tomorrow’s needs? Is the location safe for your workers, and is the area an attractive destination to potential customers?
Perhaps most importantly, your business must be accessible to these customers. The closer your business is to the customers that you seek, the more readily you can compete with online businesses. Nothing beats the experience of being able to take a short walk to a store and see, feel, and test the goods and services you might need.
A well thought out and researched piece of commercial property is more than a tract of land and a solid piece of construction. It can serve as a piece of advertising as well. The location of your commercial real estate can be in an area with a high level of traffic. With a sign on the building, you can essentially create a free, ongoing billboard advertising your business. Since your business model may depend on local business, this kind of free advertising can be invaluable as time goes by.
You may also look for commercial real estate in areas with little driving traffic but a high level of foot traffic. Areas with high foot traffic are great for retailers looking to attract new customers who may be out for a day of window shopping.
Likewise, buying property next to existing businesses with similar customers may be a great way to work with your neighbors to create a one stop shopping experience. Today’s customer who notices your sign can be the start of tomorrow’s word of mouth.
Aside from the location, the actual structure is the most important aspect of a commercial real estate purchase. Aside from space considerations, you must consider what elements are available to you within the property.
If your business is dependent on a high level of internet activity, you should seek out property with stable, high speed internet available to each of the spaces. If your business is retail oriented, you will need large floor plans, preferably with a certain level of window space available for passing shoppers. Restaurants, bars and certain service oriented businesses will need kitchens, bars, or special pluming needs.
While today’s economy is victim to many up and downs, particularly in the real estate market, those in the market for a commercial space may be able to find a bargain. This is especially true if you are able to find a ‘fixer-upper’ property that can be retrofitted for today’s business needs. As real estate prices once more rise, these commercial properties could become a source of new revenue for the future.
No matter what kind of space you may need for your business, trained and helpful real estate agents will be able to aid you in your search for a new commercial real estate property.