With more and more companies going virtual, it might seem like the idea of “location, location, location” is pretty old-fashioned in commercial real estate.
But the truth is that location is one of the steadfast principles of real estate that will never change, no matter how virtual your company becomes. Even if you don’t handle any walk-in traffic, that office for rent or land for sale still has to be situated in the right place or there’s no point in investing in it.
Location is more than just foot traffic. It can also mean your commercial real estate in the right place for any or all of these factors to fall into place:
- The constant annoyance and one real estate characteristic you have to absolutely pay attention to no matter what, zoning is as much a part of the location of a place as the street address.If your zoning doesn’t match your intended use, you’ve just dumped a bunch of money into a property that can’t be used for your business and you’re losing a ton of profit every day. That location matters even more than the building that’s sitting there.
- Access for your uses. Whether access means being able to easily get large trucks that are handling your fulfillment in and out or that your nightclub has enough parking for everyone who will visit, you’ll want to consider the location’s accessibility when exploring commercial real estate.For some types of businesses, this won’t matter as much, especially when you’re running most of your company with the help of outsourcing, like fulfillment partners. However, just because you have the right zoning doesn’t mean the location will provide what you need to do your business—only that your business is allowed to work there.
- Convenience for employees. Although it might be a minor issue for your company, especially if your employees are virtual or your business is located in a small metro area, convenience for your current workers should be figured into the equation.Location can mean the right place for the commute times you can handle, as well as a location that everyone can access. For example, if you’re running a retail location where most of your employees use public transportation to get to work, you’ll want to make sure to stay near a bus line. Otherwise, you may risk having to replace your entire staff, possibly at much higher wages so each person can afford their own transportation.
As long as real estate is real, location will be king. There’s nothing that makes a piece of real estate more unique than its individual placement on this Earth, including the zoning and access issues that come with that physical spot.