There are a number of important issues to consider when identifying suitable commercial real estate to buy. The saying “Location, Location, Location!” is just as true for a commercial property as it is for a residential home. But there are other factors that come into play.
- Location: As already mentioned, this is still the #1 priority. You need to be close to your clients, your employees, and your suppliers or vendors. You need to be convenient to your clients to the extent that they are able to come to you. However, depending on your type of business, access to highway and rail, as well as shipping lanes may also be important.
- Physical Condition: When you’ve identified the right location, consider the property’s physical condition. How was it used? Are there any environmental issues such as lead paint or asbestos, or potential liability issues?
- Permissible Uses: If you are a manufacturer, you’ll need industrial space. If you run an accounting company, you’ll probably need commercial office space. Either way, make sure the zoning laws permit you to operate your business on the property.
- Restrictions on Interior and Exterior: Whether due to covenants, building codes or zoning laws, there may be restrictions on alterations or additions you can make to commercial real estate. A good example would be a building in a historic area with restrictions on alterations made to its facade.
- Opportunity to Expand or Lease: Businesses often have good prospects for growth, so the potential for expansion would be a consideration. The same applies to the flipside – when growth predictions don’t come to fruition, the extra space can be leased out.
If you are interested in commercial real estate in Collingwood ON, feel free to contact us, Ian Hawkins & Cindy Ryerse. We have 50 years of combined experience in the real estate industry, and our expertise and friendly customer service put us head and shoulders above our competition!