The residential housing market isn’t the only sector of real estate that has transformed over the past year.
Commercial real estate has undergone a lot of changes, in part because businesses are rethinking how much commercial space they need after many employees have adapted to working from home.
If you are considering opening a commercial space in the next year, consider the following:
Look for High-Demand Locations
If your business is dependent on consumers, make sure you are keeping your search in locations that are in high-demand. Consumers are already in these places, making your business easy to get to.
High-demand areas attract other businesses as well, naturally creating more traffic (and business) than areas that are becoming vacant.
Repurposing a Building vs. New Construction
If you are deciding between repurposing an old building and new construction, you’ll need to weigh the pros and cons of each.
Adaptive reuse projects can often be completed faster and cheaper than building new. Like we stated above, however, you will want to take location into consideration, as well as the needs specific to your business.
Low Interest Rates
Low interest rates extend into the commercial sector for those who own their commercial building. Low rates equal less interest paid over the course of a loan, saving a significant amount of money.
New Features
Consider what features are important to your business, your employees, and your clients. Many businesses are finding value in an increase in outdoor air ventilation, more space for distancing, and other measures specific to people’s health.
Are you looking for a new commercial space?