In real estate we have been taught from the very beginning: Location, location, location. Large and small businesses flock to popular commercial arteries and busy street corners. These locations offer increased visibility and potentially higher traffic counts. They also come with higher rental rates, increased municipal taxes and sometimes higher maintenance fees. Not all businesses can afford those high costs.
It is often worth looking beyond the main streets, to adjacent areas. These locations often offer amenities that will appeal to retailers and services. These amenities can include increased parking, ease of access due to reduced street traffic and oftentimes these locations tend to be more price competitive.
Another important factor to consider is the age of the property. New buildings come with increased costs and higher rents. However, older, more mature properties have already recouped their construction costs, which can translate into lower rents and lower maintenance fees for the tenants.
The next time you are in the market for a professional office, a sports medicine clinic, veterinary hospital, hair dresser, delivery oriented restaurant and many other businesses, ask yourself if you really need to be in the best possible location. Maybe the rental break from the busy street corner may help you transform your business from just another good location to a Destination.