Location, Location, Location
Mar 2, 2016
Finding the perfect property for your business can be difficult, especially at the beginning when you’re trying to find the right location. Both the city and the suburbs have a lot to offer, but depending on your needs one area may be a better fit for you. Multiple reasons will determine what commercial space you end up leasing, but there are three factors to always keep in mind.
Tax Incentives – There may be tax breaks available depending on the location you choose. Taxes are generally higher in urban areas or posh suburbs, but tax deductions may be available to new or relocating businesses in different areas as an incentive to attract long-term leases and boost the local economy.
Cost of the Lease – Office space is generally less expensive in the suburbs than in the city. Suburban commercial properties can be less competitive than urban ones making lease terms and negotiations more flexible. On the other hand, an urban commercial property may provide more amenities, resources and visibility to the public, which can help you gain brand recognition.
Transportation – If you’re targeting millennials to join your company, their perception on transportation is different from previous generations in that they aren’t excited about car ownership. They prefer public transportation and ridesharing for work, so having a commercial property that is close to public transportation is something to consider. Urban properties have more public transportation and living/recreation options, but suburban properties are starting to provide opportunities as well such as shuttle services to public transportation and living, restaurant and retail options in office complexes.
Finding the right commercial property for your business will depend on a variety of things including the type of business, amount of space and the company’s operational plans to name a few of the obvious factors, but narrowing down your choices will also depend on taxes, the cost of a lease and transportation options in the area. Prioritizing what factors are most important to your business will help determine which area is right for you.
Contact us if you are looking to lease a commercial property. We specialize in the buying, selling and leasing of all kinds of commercial real estate transactions in the Chicagoland area.