From science parks in Cambridge to digital businesses on the M4 corridor.
These little pockets of different industries can make it challenging to decide on where to invest in commercial property for your business. With there being many different deciding factors, from how much a certain area costs, to whether you want to settle there permanently or temporarily, there are many different things to consider when choosing where to invest in commercial property. Here’s how to choose the best area for your business:
Pros and cons
Weighing up the pros and cons of an area is the first step. In some respects heading to the area which is best known for your industry seems naturally like the best thing to do to for your business. However, moving to a business park where your competition are based can make forging new business connections more difficult for yourself, especially when other companies may be more established industry leaders.
Often, using a specialist commercial property company can be really helpful to sourcing a great location suited to your individual business needs.
One of the biggest consideration for businesses are the financial implications of investing in property. Different areas have varying costs with the most popular areas tending to be more expensive. If you do choose to go for an area which is further away from the city or situated in a less desirable location, there may be both advantages and disadvantages to both. City centre commercial properties tend to be very expensive in rent with a lack of parking, whereas outer city locations are less popular but easier to get to in rush hour traffic and have plenty of space for staff parking.
Whilst thinking about how you’re going to get to work is important, thinking about how easy it will be for your employees to get there too is also a concern. If moving to a new area is going to cost you valuable members of staff who are unwilling to commute, will the move really be worth it? It’s important to consult your employees on any plans to relocate and get a general consensus before putting any definite plans in place.
Investing in property is a huge decision and not one to be taken lightly, by thinking about the above factors before deciding on a new area, you’ll be able to make the best decision and move to the right area for your company.
See also: Commercial property and you