When an investor is considering purchasing a commercial property, there are many important considerations. The amenities, utility capacity, and the way the building fits into its local area are all critical parts of the decision. Purchasers should also make sure that they are getting a competitive price for their new building, making sure that they spend their money wisely. A building which is not attractive to potential tenants will not succeed as an investment property. Joseph Rizzuto, a commercial real estate expert and developer from New York, lists the factors that commercial property investors should consider when choosing a new building.
A property should be easily accessible, whether by car or public transport. If commercial trucks are accessing the property, make sure that there is a functional loading dock for their use. For a smaller business, it is essential that other companies of the same type are in the area. All of this will increase customer traffic and make it more likely that patrons will visit the location.
Parking can be a complicated problem when planning a commercial business. It is vital that the company has enough parking places for all of its employees and customers. Without adequate parking, employees and clients will be turned off and will look for work or services elsewhere. When planning a commercial purchase, always make sure that you have growth statistics in mind for the industry you are catering to.
It is vitally important to check all zoning regulations in the local area before purchasing a building. If the area is not zoned correctly, you will not be able to attract the kind of lease tenants you need. The difference between industrial and commercial zoning is particularly important.