What do I need to keep in mind when it comes to site selection for my business or development?

Site selection is about more than just choosing land, a building or place, and is an essential step for all businesses and developments. Your location may depend on your target market, strategic partners and your personal preferences. However, site selection can differ widely from one sector to another. While access to airports and railways may be essential for industrial site selection, visibility and foot traffic may take precedence for restaurants/retail. Analysis should be done on both site and location data, helping investors determine the critical issues that will affect their success.

Forecasting the potential performance of a business and development begins with looking at some or all of the following criteria in a market analysis:

Property size
Market conditions
Traffic flow & transportation
Zoning restrictions & regulations
Construction costs
Tax credits & incentives
Visibility & signage
Competitor locations
Parking & accessibility
Seasonal factors
Population growth
Economic conditions
Potential opposition

Establish your priorities, keep an open mind, and hire a commercial real estate consultant to help you with one of the most important decisions you'll make for your future. An informed decision involves a relatively complex array of components. Don't forget, the site has to work for you. If it doesn't feel right, find another place. It is your investment and your decision.

Meet the Expert

Viviana Writer is a real estate agent with Prosperiti Brokers in the Springfield, MO region providing buyers and sellers with professional, responsive, and attentive real estate services. Want an agent who'll really listen to what you want? Need an agent who knows how to effectively market your commercial or residential property so it sells? Prosperiti Brokers is a boutique brokerage with Midwest values and a national reach. The company mission is to help the communities they serve to prosper.