Location, location, location. Everyone knows that these are the three prime ingredients for successful real estate ventures. Why is location and site selection so important? Because the economic factors affecting a location are virtually uncontrollable by a developer. Real estate professionals evaluate alternative locations during the development decision-making process in order to select the best available alternative because, once a decision has been made, the factors beyond the property boundaries will have dramatic influence on the property for its entire economic life. In order to minimize risk in a project, a real estate purchaser/user should seek to minimize locational risk and maximize locational rewards. This locational analysis and site finding can best be completed by savvy real estate professionals, such as the members of the Commercial In-Sites team – a group of professional advisors who know the market well and who have successfully completed site finding assignments for many clients. Since one of our brokers has earned both the CCIM and SIOR designations and two other brokers are working on their designations, we are exceptionally well trained to handle these types of assignments.
The first step in a site selection analysis is to clearly define the objectives of our client – which generally includes specifications of the general market region(s) to be served and nearly always, in the case of large multi-site retail/commercial chains, includes specific rules of thumb regarding location and market areas.
Given a solid understanding of a particular market region, and assuming a specific commercial use, we identify a specific trade area for a particular location, or in the alternative, we can define the most effective location in light of existing or proposed competition for the specified use. This evaluation considers locational evaluations on a micro-level and combines analyses of demographics, transportation and access, and existing and projected competition. In the end result, our objective is provide specific recommendations. This includes summaries of information which are designed to help our clients reach a fully informed, prudent business decision.
If you have a site finding assignment, call us. We perform above your expectations – which is why we get asked back on repeat assignment by multiple clients.