Selecting a Community
Do your homework in choosing a community. A really nice commercial space in a not-so profitable area is not necessarily a good investment, but a property in the right community and market can make your ownership experience both satisfying and financially rewarding.
What you need to do is consider how a community will meet your business needs and how “safe” a neighborhood is. We put “safe” in quotations because no community is 100% safe. Your local police department maintains crime statistics from FBI reports and is an excellent source of crime information. Other sources include on-line reports from the FBI and reports from private sources. When evaluating crime statistics, consider property crimes versus personal crimes. Property crimes range from vandalism to burglary. Most communities have some level of history with property crimes, so it is necessary to evaluate the extent of these crimes. Personal crimes can range from harassment to homicide. Understandably, most people would not like to live in a community that has a high record of personal crimes.
When choosing a community, consider if your employees can stay working late and will be safe when walking to their cars at night. Keep in mind that statistical reports don’t always tell the whole story; in urban areas, for example, the distance of a few blocks can make a big difference in how “safe” a community is.
Another consideration is how profitable an area is. For example, an industrial space needs to be located in an area that is easily accessible. You want your employees and clients to be able to get to your space without a problem. That’s why transportation outlets are important. Look into the resources available to see if they meet your needs and industrial goals.
Rank your needs and goals in order and seek communities that satisfy most of them. It doesn’t hurt to create a list of resources for each community you’re considering. Many times the local city hall will have a packet of community resources.