The most important aspect to a new location for your business is it’s location. However, there are many other aspects to consider. They are:
Location: You know what they say, real estate is all about location location location! You can overcome many factors, but you can never overcome a bad location.
Building Size: Before you begin your search for the ideal location, determine an appropriate size range for your business. Do not be tempted to over commit on size.
Property Size: Property size is important if you are a free standing building because it will determine how much parking you will have access which includes circulation around the property.
Condition of Property: The condition of the property depends upon whether you are looking for “as is”, or you intend to make modification. Most properties will require some work to fit your needs.
Price: Price is a function of several factors, including; budget, condition, location, size, work needed, and projected sales.
Maintenance Required: Consider the Roof, the façade, parking lot, mechanicals including HVAC, electricity capacity, and if appropriate landscaping.
Property Taxes: Taxes are what they are, but each county is assessed differently, make it a habit to contest taxes annually.
Access (Ingress/Egress) into the Property: Adequate ingress and egress is critical, do you have a preference with being located on the going to work side, or the going home side?
Zoning: Always double check the current zoning with the municipality your property is located in.
Near By Competition: Make a list of any competitors in close proximity to the identified location, and make sure it doesn’t negativity effect your business
Co-Tenancy (In the Area): Are there any tenants that you prefer to be located near, and if so, who are they? Make a list.
Parking: Do you know how many parking spaces your business requires at any given time? Does your location provide the appropriate parking? If the parking is inadequate don’t purchase the space since a lack of parking will hinder your business.
Time Line To Close: Spend a few minutes to identify a reasonable timeline to that nothing slips through the cracks. Typically the process is 45 days of due diligence with 60 days to close.
Environmental Issues: Are there any? Do you know?
The Right Team: This includes your attorney, lender, environmental companies (when needed), broker, & accountant if necessary.
As you know by now, I am a Chicago retail expert. If you need to buy or lease a property, I can help you find the perfect location for your needs. Call or email and we can talk.
Call me at (312) 593-2183 or email me at Brett@CRBChicago.com