We all know that retail has changed dramatically in the last decade. Where once we relied on department stores and indoor malls for shopping, we now count on convenience, a shift towards restaurants, travel, and niched shops, all with a greater focus on the experience of the consumer. If you own or are considering opening a retail space, you’re likely wondering whether these insights can help you survive and thrive in today’s retail market.
Finding the right location for your company can be a challenge.
Whether this is your first time moving or you’ve relocated several times and are experienced and well prepared with organized documents, there are critical decisions that you will likely face in your site search.
One thing is certain in business – where you operate dictates your success.
Whether you’re a start-up working from home or a real estate director for an established corporation, your location decision is a critical part of your business strategy and it directly impacts revenue.
Location requirements should be reviewed annually as part of your business plan. When you start to think about how your business will grow in the New Year, consider how your current or new space will support your goals, especially if they include adding employees, increasing market share, or expanding a franchise into a new market. What steps should you take to make the best possible location decision for your business?
Your commercial real estate broker is your best asset when searching for a new location for your business. They’ll help you navigate the process and will work on your behalf to negotiate lease terms that are in your best interests. Between their knowledge of the market, network, negotiating skills, experience and more, your broker has a lot to offer; don’t miss out…
As a business owner or key management level decision maker, at some point you will inevitably be charged with one of the most important issues facing your company’s ongoing prosperity and long-term success… where to call “home” for your trusted employees and valued clients. You will be faced with the decision - do I stay in this location and renew my lease or do I need to relocate?
There comes a point for every business when they are on the hunt for a new space. You may be looking for your first office to lease or you could be moving locations due to growth. Whatever your needs may be, you may be wondering - how long will the process of finding my new commercial real estate location take? However, this process is different for every person. In fact, finding your new space could take anywhere from a few months to over a year - here’s why.
One of the major decisions you’ll make as a business owner is your the location of your company. Whether you’re just starting out or have been in business for years, you’ll always periodically review where you’re at - and we mean this literally. This evaluation can be tough. You might wonder how much is it going to cost? What do I need to have? What is the optimal size for my space? Will my employees need to relocate? How much longer is my commute?
Are you considering purchasing commercial real estate instead of leasing? You might be tempted to find an online ‘buy-or-lease calculator’ and start plugging in numbers, but that would be putting the cart before the horse.