Why Location Matters When Leasing Commercial Office Space

The phrase “location, location, location” is an oft-repeated cliché for a reason.

When selecting commercial office space, the importance of understanding the surrounding area cannot be overestimated. The local population, job market, transportation options and other factors can have a massive impact – both positive and negative – on how your office space will operate, and understanding why those factors are vital can put you on the path to success.

Here’s a deeper look at why location matters when selecting your commercial office space.

Attract and Retain Talent

A business’ success rests largely on the caliber of talent it attracts, and its ability to keep that talent employed. An ideally located office is a crucial element for retaining top-notch workers; the more easily employees can reach their place of employment, the more likely they’ll be to apply for a position.

Setting up camp in a major central business district will make it less of a hassle for your employees (and potential business partners) to find you. Consider the average commute time from nearby residential areas, and – if you’re in a position to expand – there’s also the possibility of opening satellite offices that operate closer to the homes of certain employees. When there’s less traveling involved, worker contentment rises, helping to keep your office space full.

Budget and Affordability

One of the biggest factors in any commercial real estate purchase is affordability. You’ll need to determine if the price you’ll be paying is worth the investment, or if it’s beyond what you can reasonably afford. This involves multiple moving parts, including the state of the building itself, the rent you’ll be paying, potential fixes and more.

It also pays to see what similar properties in the area have sold (or are currently selling) for. Do some investigating to learn what you can expect to pay, and research exactly what factors have influenced that price.

Renovations

Picking the right location is a balance between the benefits of the area and the advantages of the property itself. If your new office space requires some touch-ups to make it perfect, you’ll need to weigh the pros and cons of every factor involved.

Here are some questions to consider:

• Are renovations in your budget?
• If this is a space you intend to grow in, will the property accommodate your needs in the present and still give you room to expand in the future?
• Are there any local laws that might restrict or outright prohibit your renovation plans?

 

How Will Your Business Perform in a Desired Commercial Space?

A location’s history and immediate surroundings play a huge part in how beneficial it will be for your business. A good or bad neighborhood can make or break your shot at success, as will the proximity of similar businesses and, most crucially, the necessity for the services your business offers in the area.

Remember to answer the following:

• What is the status of the location’s neighborhood, and is it improving or worsening?
• Are there competitors near you and how successful are they?
• How many similar properties are available in the area?
• Is there a demand for commercial property in the location you’re considering?

 

Access to Your Business

As mentioned earlier, the ease with which your workers and visitors find you is a major element in your success. To retain talent and take full advantage of your location, you’ll need to have a firm understanding of your property’s accessibility.

Ask yourself these questions:

• How close will you be to major highway systems?
• Are you located near residential areas, or miles away from the nearest neighborhood or apartment complex?
• Is there a transportations system (such as a subway or a bus) that runs near you?
• Is your office miles out of town or situated in the heart of a busy downtown area?
• Is there room for your employees to park?

The more of these questions you can answer, the better prepared you’ll be to hunt for the ideal commercial office space.

Key Takeaways

In the end, the age-old adage of “location, location, “location” remains as significant as ever. Your commercial office space aquisition will largely hinge on the benefits you can glean from the area you’ll be working in, and as a reminder, remember to consider…

• How your location enables you to attract and retain top talent
• The budget you’ll be working with
• The viability of any renovations you’ll be making
• How the neighborhood and specific history of your property will affect your business’ ability to succeed and grow in your new space
• The ease with which your employees, partners and (potentially) patrons can find your business

By following these guidelines, you’ll be able to get the most out of your property’s location. And if you need some guidance, the experts at DRK can lend a hand. Our team will answer your questions, give you market insights and guide you through every step of the process to help you find the ideal location for your commercial office space.

Take a look at the commercial properties available in the Columbus, Ohio, area right here.

Until next time,

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