The old adage of “location, location, location” rings just as true in the world of commercial property as it does in residential property. In fact, the success of your business can sometimes hinge on where it’s situated, affecting everything from customer footfall to employee satisfaction.

Are you a small business owner that’s faced with the conundrum of finding a suitable new base to take your enterprise forward? If so, read on as we explain the factors to consider when picking a location that gives your business a platform to grow.

Accessibility – both for staff and clients

The accessibility of your prospective workplace should be uppermost in your thoughts. Is it easy for customers/clients and employees to reach your business? A location that may be feature-rich but hard to get to could be a significant deterrent, no matter how great your products or services are.

Proximity to local amenities

Local amenities can be another important factor in determining a new commercial base for your business. For one, staff members appreciate having cafes, restaurants, gyms and other facilities nearby. Anything which can add value to their working day can enhance their overall job satisfaction.

Having plenty of lunch spots and coffee shops within walking distance can also be useful when entertaining clients on-site. For instance, you may host a client for a meeting in your boardroom before taking them to lunch nearby, all of which can help to build and strengthen working relationships.

Presence of established businesses

The presence of well-established businesses in the vicinity of your unit can also be a big plus. It can create a sense of a thriving business community, which can be attractive to customers and employees alike. Being close to complementary businesses can also lead to increased foot traffic or potential collaborations for mutual benefit.

If you decide to move into a tech park surrounded by other innovative companies, this is a great opportunity to network and support one another.

Transport links

Good transport links are increasingly vital for businesses. Easy access to public transport can help to widen your pool of potential talent, since people are more willing to work for companies that are easy to commute to. This is especially true in larger cities where driving might not be the most convenient option.

Similarly, customers are also more likely to reach businesses that are easy to get to. Whether it’s a unit close to a major motorway junction or a mainline railway station, it all helps to improve your exposure.

Local demographics

Understanding the local demographics can also help to determine if an area is right for your business. Find out who lives and works in the area. Is your target market well-represented?

Similarly, are you likely to find potential talent in the area to grow and futureproof your workforce? Is it within reach of local universities and colleges? You may be able to tap into these institutions and form valuable partnerships with them.

A market with a gap waiting to be filled

Being near established businesses can be beneficial, but it’s also important to consider the competition too. An area saturated with similar businesses can make it harder to stand out.

Sure, a bit of healthy competition can be a good thing, as it can indicate strong demand in the area. However, unless you have a different proposition to these competitors, it may be difficult for your marketing messages to resonate.

Branding and image

Finally, the location of your business can significantly influence your brand image. A prestigious address can enhance your reputation and demonstrate your seriousness. Similarly, a more modest location may suit firms that want to project an image of affordability and accessibility, especially those just starting out on their business journeys.

Think about how a location aligns with your brand values. How will it be perceived by your target audience?

Ultimately, hand-picking the right area for your business’ home is a choice that goes way beyond mere convenience. It’s about finding a commercial property that provides solid foundations for success driven by an accessible workplace, ample amenities which enhance work-life balance, transport links to build B2B and B2C relationships and a safe, contemporary environment to attract and retain top talent.

A great business location can be one of your most powerful assets. Don’t take this decision lightly.

At Pall Mall Estates, we own and manage over 4 million sq. ft of high-value, low-cost business space across the UK. We’re passionate about matching the right business to the right commercial property. Take some time to explore our newly available units to let on flexible terms.

If you’d like any further information on a vacant space or you wish to arrange an initial viewing, pick up the phone and call 020 8986 7221 or drop us a line using our online enquiry form.

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