OK, we’re crusing around with a real estate agent, checking our potential store locations, the time is tight..so, what factors come into play when we assess the “go , no-go”?
Hopefully you’ve already done the demographics, traffic counts, that’s how you’ve narrowed it down to a target area. The final answer is based on many factors which include:
- Location
- Tenant/neighborhood mix
- Accessibility to transportation modes
- Is parking sufficient? Loading Requirements?
- Visibility
- Proximity to customers, vendors, employees
- Usability of the space in its new vs present configuration
- Long vs short space usage
- Cost, not just rental or construction cost , but moving, additional utilities, taxes, location-transportation, parking, insurance, rent, etc
- Appearance
- Maintenance requirements
- Regulations (i.e. do zoning regulations allow you do what you are intending to do)
- Gut instinct and advice from neutral sources who you respect
Many customers rely too heavily on the cost paradigm and fail to look ahead as to the use and future planning of the neighborhood. Will they possibly be expanding? What is the length of the lease? Are there possible Landlord improvements? There is no substitute for legwork and due diligence. https://seconarchitect.com/rent-or-buy-move-or-improve/
So do the analysis, take a deep breath and try to imagine where you want to be in 5 years. Good luck. If you’re a little unsure and want to run it by us, please feel free to call and discuss your specific situation 914 674 2950.
