Deciding where to purchase commercial land for a new business site is a complex task. Are you an investor or business owner in Tulsa, Oklahoma City or the surrounding areas facing the site selection process? When looking at Tulsa Real Estate or throughout Oklahoma to find the right location for your business, a CRE transaction specialist can help save you time and money. Here are some questions to ask your qualified commercial REALTOR®:
What part of town is my particular industry typically located in?
Areas of each city often house various groupings of specific industries; for example, there are industrial warehouses in a clustered area in most major cities. Location, location, location is still a main ingredient in finding the right spot for your business. The area of town best associated with your business should be the top place you inquire about. Sites to consider should match your industry and ensure future business.
What elements in a new site location will help my business reach its full potential?
The commercial building in which your business is located has a direct impact on the success of your business for years to come. The size, layout, and overall appearance of your building directly impacts your business profit and day-to-day operations. Retail shops, for example, often benefit from proximity to other businesses that bring them foot traffic.
How much building can my business afford?
When you choose to buy land for your next commercial building, a cash-flow analysis will help your discovery of the amount of building you can afford. Weigh your commercial site selection carefully regarding how the financial commitment will impact your daily operations and future growth potential.
Are you familiar with zoning regulations and possible issues with the site I’m considering?
Make sure you hire a seasoned commercial Real Estate professional who knows the potential issues that may be present or arise with the land you are considering purchasing.
Where can the unique needs of my business be met?
Retail businesses often locate a magnet/anchor store nearby that will bring foot traffic to their establishment. A fine jewelry store enjoys plenty of walk-in customers when it is located adjacent to a fine clothing shop or spa-like nail salon. When searching for the optimal location for office space, a high-speed internet connection is vital to your business’s success. Industrial warehouses need ample dock space to ship and receive items efficiently.
Employee availability and their commutes to work, accessibility to good lunch spots, and proximity to public transportation are additional considerations to factor in during site selection.
How can I best plan for the future of my company without over-buying in the present?
Business growth can often be steady, yet sometimes not so steady. When making a commercial site selection, how do you plan for future expansion without overspending in the present? Business owners want to make the best use of capital, so verify your business will need extra space relatively soon before adding it into the current site purchase.
A creative option could be to purchase a commercial property site and lease out a portion of it to another business until your company needs the space. This provides an added income stream, and room to expand in the future—onsite.
Are you weighing the benefits and risks of building, buying, or leasing?
Leasing Tulsa Real Estate offers quick-start solutions, buying offers multiple long-term benefits, and building yields exactly what you desire for your business. Weigh the pros and cons of each option, such as:
Streamline your obligations and focus on your primary goals since you’ll have no maintenance responsibilities.
Appreciate the broad variety of location options from which to choose.
Free your time to focus on business growth.
Free your business capital to give you more options.
Gain the necessary time to find the best site to purchase for the long term.
Buying a commercial property is an attractive option:
Enjoy the location for years to come.
Get tax benefits for owning a CRE investment property.
Count on the predictability of your monthly cash flow with fixed costs for a mortgage payment.
Create additional income streams by renting out a portion of your building.
Enjoy the fact that there is no need for a landlord.
Build equity and position your business to expand.
Buying land offers premium, long-term solutions:
Choosing your own site and building on it gives you exactly the features you desire for your business long-term.
Nothing beats selecting the architectural style, square footage, and building details for your specific business.
If you aren’t ready to purchase land, and choose to lease a commercial property or buy an existing property, consider what types of modifications need to be made to the building. When leasing, any necessary modifications need to be approved by the owner and spelled out in the lease.
A thorough inspection will be part of the purchase process and will uncover any maintenance issues or property defects. Factor in the needed repairs to your overall financial plan, and get the proper permits before making any renovations, including minor ones.
Expand Your Commercial Real Estate to Make a Profit
McGraw Commercial Properties is your one-stop source for buying, selling, leasing, and managing your commercial real estate properties in Tulsa, Oklahoma City, and throughout Oklahoma.
Get a commercial real estate advocate to maximize your investment opportunities and decrease the stress of the buying and selling process.
Properties and Facilities Management
From leasing negotiations to collecting payments and promptly responding to maintenance requests, when you manage your commercial properties through a trusted company, you free up valuable time.
Ready to relocate your business?
McGraw Commercial Properties is here to help. We’ll aid you in surveying the commercial sites available for your business, find the right commercial land or property, and negotiate the deal. See our services, then call and tell us about your CRE needs.