Leasing Office Space – Part 5 [Selecting a Location]
Location of Vendors
The location of vendors and various third parties can be important in selecting the location of office space. Companies which have a strategic alliance with vendors or routinely access parts from vendors must consider the location of their vendors when selecting a location. Attorneys who routinely make appearances in civil court or criminal court often select a location close to the courthouse. Property tax consultants often select a location near the appraisal district office. Consider whether you need to be close to either vendors or other third parties when selecting your office space.
Additional Location Factors
Following are addition considerations that may be relevant for you when selecting the general location for office space: Is it near highways (to reduce travel time)? Is it near the airport? Is there abundant parking? Is parking free? Is the area safe? Will female employees feel comfortable walking to their cars and driving through the area after dark? Is traffic light or heavy?
Evaluate Location Factors
Determine which issues are most important for your firm. Consider using a weighted average ranking system to a value at which area works best for your firm. In this system, you assign each factor a relevance index from one to 10 (with 10 being most important). You then evaluate the quality ranking for each factor. For each factor, multiply the relevance factor times your quality rating for each of the general location sure considering. Then total the score for each location. The building with the highest score should be best suited for your business if the quality ranking and scorer were correct. Reflect upon the result and see if it is reasonable. Is this really the best location for your business?
The Market Research and Consulting division of OConnor & Associates provides information necessary to make decision to commercial real estate professionals. Occupancy and Rental Data, ownership and management information are routinely gathered for four major land uses multifamily, office, retail and industrial. This information allows investors to compare competitive properties, facilitate business decisions and track market and submarket performance. In addition the data is useful to brokers who for example continually monitor Houston retail space leasing, Houston office space leasing, Houston industrial space leasing, Houston apartments, Dallas apartments, Ft. Worth apartments, Austin apartments, and San Antonio apartments.