When you do a search for commercial properties, your priorities are going to be different from what they would be for a residential property. Commercial properties, whether rented or bought, need to accomplish one purpose i.e., driving up sales. Of course, if your business is a non-profit, then the priorities are somewhat different. But no matter what kind of business you conduct, you want your property to help you to conduct it well. Given that rent or mortgage payments usually take a huge chunk out of your profits, you want to make sure that the place that you rent or buy is going to be worth it.
One of the things you need to look out for in a commercial property is whether it’s convenient to public transportation. If you have a number of employees, being closer to public transport will make it easier for them to come to work. If you have a retail business, then being close to a major station will ensure that people using that station will see your store in passing and be tempted to drop in. Of course, it will be more expensive to rent or buy near a major juncture of this sort but it does tend to drive up business. So it will be worth it in the long run, if you can keep yourself afloat until you break even.
Another thing to consider before acquiring a commercial property is the direction in which the neighborhood seems to be moving. You can learn a lot about a place by just walking around in it. If you get the sense that things are beginning to look run-down, you might want to think twice before acquiring that property. However, it’s also possible that the neighborhood is on its way up, in which case it would be a good idea to invest there.
However, you don’t only want to consider whether the neighborhood is good or bad. You might also want to think about whether it’s suited to your particular business. If you’re selling clothes for young women and there’s a major college nearby, this would be a good thing for you. If, on the other hand, you’re selling upscale furniture, you don’t want to be surrounded by college students who would rather get what they need from IKEA. So make sure you look into this before you rent or buy the property. Contact us for commercial property listings as well as luxury home listings.