Centrally located in the Dallas-Fort Worth metropolitan area, Southlake businesses cater to customers and clients from all over. Commercial real estate in Southlake comprises shopping plazas, office spaces, mixed-used buildings, industrial warehouses, and business centers. Retail and other commercial spaces are limited because it’s a primarily residential area.
As more businesses look to expand and cater to Southlake clientele, the market has become even more competitive. And with a tightening economy, tenants are becoming more cautious and specific. To optimize your business and maximize your earning potential (especially in the retail, restaurant, or office segments), you should learn why location matters in commercial real estate.
Access to customers
If you’re an experienced investor in commercial real estate, you know customer access can come in different forms — usually foot traffic or convenience to major roads. Success can arrive in several ways; you don’t necessarily have to splurge on premium space. For instance, if a business operates an appointment-based service, it can rely on customers to come to them. The specific needs of distribution centers include large spaces, dock doors, and proximity to shipping arteries.
Still, location is critical for segments such as retail, restaurants, and offices. Restaurants and retail storefronts benefit greatly from sites near main streets, roads, or public transportation. When customers know where you are, it’s easier for them to reach your business repeatedly. Consulting with a commercial investment specialist or trusted real estate agent is truly invaluable, as they have the tools at their fingertips to do a deeper dive to confirm if the surrounding community will support the business.
Visibility and exposure
A well-located commercial property can maximize your exposure and increase visibility. When a business is easily seen by passersby or those in its vicinity, it has a greater opportunity to capture attention and create an impression. This helps with brand awareness and helps attract new customers to your business.
If you sell products, a business in a high-visibility location also increases the likelihood of impulse purchases. When customers come across a business that captures their attention or catches their eye, they may be inclined to look around, window-shop, and make a spontaneous purchase. Impulse buying behavior is often driven by a product or service's immediate availability and appeal, which is heightened when a business is prominently positioned and easily visible. One-third of consumers impulse purchase every week, which is even higher with brick-and-mortar storefronts.
Availability of sought-after amenities
When buying commercial real estate, you buy into its onsite and nearby amenities. Beyond infrastructure questions, your development should cater to the lifestyles of people who work or shop there. The best features make your property a favorite destination people want to explore for hours and return to. Look for real estate with green space, seating areas, water features, bike lanes, and connectivity to walking trails. Amenities like these can help with employee retention and make businesses attractive to customers.
Distance from competing businesses
Take note of any competitors or collaborators in the area. Being close to competing businesses will likely have more disadvantages than healthy competition. Finding successful businesses nearby that serve similar clientele means the location is already attracting the customer base you are targeting and can elevate both businesses and bring more traffic into the development while creating a destination effect.
Customers usually prefer the convenience of having choices to compare the products or services you're offering with a nearby business. It can also allow you to collaborate and network with similar businesses. You can build partnerships and affiliations to benefit your business.
Remember that competitor proximity requires a strategic approach to draw and retain customers. You'll need to analyze your pricing, market share, and profitability. You also need to implement marketing strategies to set your business apart from the surrounding similar businesses. Your commercial agent will be well-versed in negotiating on your behalf to limit harmful competition.
Knowing new developments and potential for growth
New developments in the area can affect the growth of your business in the future. You should research whether there are plans for new construction in the area. Locations with planned developments or areas experiencing an economic expansion can offer promising opportunities for your business. These locations often attract new customers and businesses and can lead to the potential growth of your business. Planning to invest in areas with expanding commercial real estate can lead to increased property values and higher returns on your investment.
Local laws and zoning regulations
Local ordinances and zoning regulations have a direct impact on businesses. Commercial real estate in Southlake has its rules governing land use and zoning restrictions. Many are put in place to help ensure public safety, and businesses must adhere to them or face steep fines or punishment. For example, certain areas may be designated exclusively for commercial use, while others may have mixed-use zoning for a combination of residential and commercial properties. It’s imperative to review the zoning districts before jumping into any property.
Work with an experienced real estate agent
Commercial real estate in Southlake is a specialty market. The city occupies a central location and is a trendy spot for new businesses. Competition is high, and working with the right real estate agent can make or break your venture. The best agents possess wide-ranging expertise covering the latest developments and longstanding zoning regulations.
With her multifaceted experience, Stephanie Bunn understands the market trends, budgeting factors, and intricacies of commercial leases, or buying and selling transactions. Stephanie is an ideal resource and advocate for anyone looking for the perfect location for your business or investment in commercial property.
Her clients benefit from professional CRE services that deliver comprehensive demographic information and research and analysis. By working with Stephanie, you’ll receive the full benefit of her network of real estate industry professionals.
Call Stephanie today for up-to-date market information and valuable market insights on commercial real estate for sale in Southlake.
