There is an old saying about location in the real estate business. Exactly who came up with it is a topic of debate, but the quote essentially goes like this:
“There are three things that matter in property: location, location, location.”
This is used as general advice for anyone who is buying real estate for a business purpose. If they want to think about the most important factors, the top three are all the same thing. Nothing is more important than the location of that business. But is this still true in 2022?
What type of business are you planning to run?
This very well may be true for a lot of businesses, even in the modern era. Think about things like coffee shops or bars that require a lot of foot traffic. They need to have the right location to get that traffic. Even businesses that don’t count on foot traffic need to be in the right place to serve their intended demographic, to attract the right types of workers and things of this nature. Location is still incredibly important.
That said, there are modern businesses for which location matters a lot less. If you are doing a business that is digital or that essentially operates on the internet, location may not matter as much. For instance, some sellers just have a warehouse at a location that the customers never see, they make all their sales online, and then they ship the orders to those customers. Their online location is important so that people can find them, but their physical location is not.
What should you look for?
It’s important to know exactly what to look for if you’re seeking out commercial real estate. You also need to know about the steps that you should take to get that piece of property and to get your company off the ground.