Commercial Real Estate and Location
Location is one of the prime factors that determines the value of a Montreal commercial rental space. If you’re looking to buy a commercial real estate, one situated in a good locations will attract tenants and help retain them. If you are a business owner looking for a commercial space to rent, the right business location will attract customers.
Below are few tips that can help you find and select commercial real estate situated in the best locations.
Close proximity to major roads and freeways
Commercial listings measure traffic volume in terms of Cars Per Day (CPD). The greater the traffic, the greater the exposure of the commercial real estate. This traffic can also includes foot traffic. For commercial tenants, this means exposure to potential customers.
Near to other well-established tenants
Well-established retail stores such as Home Depot and Wal-Mart attract plenty of customers to their doors. If a commercial rental space is located close to a high-profile business or a big box retailer, it can enjoy the benefits of high volume traffic.
At a busy intersection
Increased frontage enhances the visibility of any commercial Montreal real estate. Street corners are the most preferred spots because people can notice the commercial tenants. Intersections with traffic lights indicate that the area is busy.
In the vicinity of local amenities
Local amenities such as hospitals, shopping centers or malls, colleges, and stadiums can target more traffic to a commercial rental property.
Convenient left turns
The location of your commercial real estate should be easy to enter and exit. Shoppers typically avoid locations that make taking a left turn difficult. As a result, a commercial property will be less desirable to potential tenants.
Availability of parking spaces
Commercial real estate property should provide at least 1 parking space per 1000 feet of space that is on lease. It is advisable to provide 4-6 parking spaces per 1000 square feet. The width of the parking space is equally important.
Appealing commercial space
Things such as the condition of the commercial property, the appearance of the building, as well as the quality of the landscaping and the and overall area can affect the value.