When looking online for commercial property, the first thing that must come to mind is location.
If you ignore this crucial aspect, you may find yourself losing out in the long-term and ending up with a property that simply won't work towards your goals. In order to allow your business to grow organically, or to ensure that your property remains occupied with tenants at all times, it is vital that the site is located in the right spot.
Sector specificity: a postcode lottery?
If you are buying or selling commercial property, you need to be aware of wider economic activity in the local area.
Of course, London and the south-east of England boast the widest availability of sites and is a healthy enterprise region for up-and-coming firms. However, a recent survey by KDB has revealed that entrepreneurial activity is actually at its highest in Birmingham, with the city having the highest number of shareholder directors within one postcode area. The survey noted Nottingham, Brighton and Bristol as other leading cities, so London isn't your only choice.
Specific areas will specialise in specific sectors. For example, Leeds, Edinburgh and, naturally, the City of London have focused financial districts, whilst technological clusters are forming in both Oxford and Cambridge. This sector specificity is important, as you can guarantee that there is a healthy customer base in such an area.
As any of these example cities show, highly-populated areas are generally your best bet for customers, clients, employees and tenants. Even if competition is rife and this may cause property values to soar, you want to be in the epicentre of the buzz.
Link me up
Transport links are important to make sure that your property remains occupied and is accessible for workers, tenants and customers. Main roads and rail links will ensure that even if you are not in the middle of everything, people can get to your property.
This is exemplified in the latest Journey Times survey from Trafficmaster which found that the number of congestion alerts were at their highest in the western sector of the M25 (Junction 10 to 21) at 161,000, followed by the East and West Midlands, and West Yorkshire (M62, M63 and M1).
Being in large cities or towns that have specialised in your field will also be a great opportunity for you to network with other industry leaders. By having this access to untapped advice and potential merger opportunities, you can allow your business to thrive and grow.
Beyond all of this, you will also want the general location to fit in with core values of your property. If the site will be the home of your business, you need to ask yourself: 'What do I want my business to be known for?'. By adopting such a concept, the location will also determine if this fits in with the overall business mantra.