Top 5 Things to Consider for Commercial Real Estate Site Selection

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1. Clearly define your strategic plan
Understand your geographic and demographic needs and restrictions. How will your business be changing in the future and how can these changes affect site or building location? Work force, taxes, utilities and economic incentives may impact your final location.

2. Create a program
Determining the size of your company and headcount for the future can be challenging. Creating a flexible design that can allow for ease of expansion and contraction will allow for the most return on your investment.

3. Building and site due diligence
In a recent land site investigation we uncovered a retention pond located in the premier corner of the site. This immediately affected the price offer and density constructability. Existing office buildings must also be evaluated carefully. Larger tenant improvement allowances do not necessarily mean a better deal. The base building infrastructure must be evaluated closely. Lease rates, comparable costs, Site costs, ADA improvements, Mechanical and Electrical systems can vary greatly.

4. Create test fits
Take the time and lay out the site based on your program and define what your needs are from a space perspective. Depending on bay depth and window spacing of existing buildings a smaller space might be able to accommodate more employees vs. a larger space in a less efficient building. A well planned more efficient space may allow for significant cost reductions over the term of a lease or operating expenses in a new building.

5. Municipal approvals
Planning departments, building inspectors and fire departments will have the ultimate approval on final designs for new construction and improvements. Understanding variances between different counties, different cities and other governing bodies may impact your final destination and or budget.

For most corporation’s real estate is either the number one or two item on their balance sheet. Following the 5 steps for site selection will minimize risk and maximize the potential for a business or investment to be successful. For more information on successful site selection process info@fitzmartin.us