For investments that stay in one place, commercial real estate involves a ton of moving parts and considerations. To help you succeed in this area, this article highlights several methods to improve your chances.
Aim for Visibility
Properties that are highly visible tend to be fare much better than properties that are not. For example, a store that sees lots of foot traffic pass by from a nearby public transportation station will have a built-in customer base. Conversely, a store deep in a remote strip mall will have a harder time attracting customers.
When it comes to commercial real estate, spaces that are easily adaptable are more attractive than inflexible spaces. If a wide variety of businesses can make use of the space, it will be easier to attract tenants. Additionally, businesses with a space that fits their needs—or can be modified to do so—will have an easier time serving their customers.
Pay Attention to Zoning and Codes
Another important consideration for commercial real estate is the area’s zoning and codes. For example, if a zoning law changes, a property may suddenly become unviable for certain types of business. To improve your chances in this area, invest in areas that have up-to-date zoning and codes: They are less likely to be changed on the fly.
Invest in Thriving Neighborhoods
Thriving neighborhoods can be a great investment opportunity. An investment located in a strong community will benefit from high visibility and referrals from neighbors.
Work with the Competition
Ironically, competition is a good thing for commercial real estate. Look for investment opportunities near businesses that are already doing well. That is a sign the area is viable for businesses, and if people are already coming to it, then they will be more likely to see the property you invest in.
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