Top 3 Factors Considered When Choosing Commercial Space
Despite what some people say, location, location, location isn’t the only factor that fuels successful outcomes for a business’s physical space, although it is one of the most important.
There are three main factors that all businesses consider when selecting a commercial property to house their operations: location, cost, and the size and layout of the structure. Depending on the circumstances, each of these factors on their own can heavily influence the success or failure of the property.
Whether it’s a property owner with hopes of securing a stable tenant, or a retail business on a lease that hopes to become a mainstay in the neighborhood, the commercial property must be conducive to all aspects of business.
Most firms are aiming to triangulate the perfect harmony of these factors when comparing potential spaces. See why these factors weigh so heavily when choosing a location.
Location.
The location of a commercial property is one of the most critical factors in selecting a property for a business.
Companies must consider accessibility for customers, employees, and suppliers, as well as proximity to markets, transportation hubs like airports, highways, and public transit. These factors can significantly impact the success of a business, especially in retail.
For warehousing and manufacturing firms, the proximity to distribution centers can weigh heavily on the decision to choose a space.
Businesses need to be where people are. If the property’s location is inconvenient for customers or distribution channels, it could spell bad news for the business. On the other hand, a property placed right in the heart of a city or along a major highway outside of a regional hub could mean a boon for businesses.
Understanding the unique needs of the industry is essential when making choices regarding commercial properties.
Cost.
The cost of a commercial property is incredibly important whether it’s leased or purchased. The mortgage or rent price isn’t the only sum that property owners and tenants need to worry about.
Businesses must also consider maintenance, property taxes, utilities, and insurance when tallying the total cost of a building. A favorable mortgage payment can lose its appeal when the property sits in a county with high taxes, making a thorough vetting of the property in question even more important.
Ideally, a business is able to balance affordability with the potential to drive revenue.
When considering current real estate markets, this can be one of the more difficult aspects to control, and often firms will make structural adjustments to a less-than-ideal property that is available at a favorable price.
Size and Layout.
In 2024, the importance of the size and layout of commercial space continues to grow. With an unpredictable commercial real estate market, businesses need to think strategically when purchasing and optimizing their assets.
Ultimately, the most important factor is that there is enough space for current operations as well as expected growth. There must also be room for manufacturing, warehousing, or retail, with an effective layout that supports efficient workflow.
Square footage has typically been the key metric, but properties with higher vertical reach and more cubic footage are becoming increasingly sought after.
Where land prices have skyrocketed across the United States, there hasn’t been much limiting how high a building can reach.
For over 50 years, firms like LIFTEX Roof Lifters have helped commercial property owners structurally lift the roof of existing buildings to create more usable cubic space without the expensive and time-consuming process of purchasing and developing new land.
A roof lift allows a building to fit more inventory, warehousing, and manufacturing operations, and optimize space for both businesses and customers — making the process lucrative and appealing to property owners everywhere.
In warehousing, the added storage space allows businesses to keep more stock in one place and avoid unnecessary transportation costs, while landlords can charge more on the lease.
For retail businesses, the aesthetic appeal and functionality of a taller ceiling are highly desirable — especially with research showing that higher ceilings create a more conducive shopping experience that leads to increased sales.
Lift the Roof to Increase Usable Cubic Footage.
There are many other factors to consider when choosing commercial spaces, such as the property’s condition, available parking, and any applicable zoning laws that could influence business success.
Ultimately, a more complete snapshot of the property will help business owners select the perfect spot for their growing enterprise.
If a property ticks two of the three boxes not titled “Size and Layout,” then a professional roof lift by LIFTEX could be the cost-effective missing piece.
Need Help Making a Choice?.
LIFTEX pioneered the commercial roof lift, helping businesses across the country earn more from their existing spaces!
If your team is exploring options or simply has questions about roof lifting, contact our experts today.
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