Commercial Property Overland Park, KS: Finding the Best Location
If you are trying to find an office space for rent in Overland Park, one of the most important questions you are probably asking yourself is “Where is the best location?” This is a huge factor in renting commercial real estate, and it’s a complex question with a lot of aspects to consider since it will have such a long-term effect on your business. Here are a few things to think about while looking for your ideal location, as outlined in the articles “Finding a Business Location” and “Researching Your Local Market”:
This may not seem like a business question, but if you are planning to move your business to a new location—possibly even in a new city or state—it is important to consider what it will be like for you to live in this new place. Even if your business is doing well, it is hard to be happy in a place you don’t like, and with families and children there are factors to consider like neighborhoods and school systems. So in the long run, take the bit of extra time to find out if a potential location is both a good personal and business choice.
Determine Square Footage
Brokers will want to show you the biggest and flashiest spaces to get the biggest commission possible, so it is important before you see anything to get a set idea of how much space your business actually needs. If you only need 4000 SF of space to function comfortably, renting a 5000 SF space would be a waste of money with no increase in productivity to show for it. Additionally, while you are looking at your current space needs, consider also whether your business will be growing over the next few years. If so, it might be good to look for a space with an option to expand into a neighboring space should you need more square footage.
Location vs. Advertising
The relationship between your business’s location and the amount of advertising you will need is something to factor into your financial planning. On the one hand, if you have a great location with lots of customer traffic, you will need less advertising. On the other hand, you might pay less rent for a space that is off the beaten path, but you will also need to spend more in advertising to make up for the lack of visibility. Think about which of these is better for your business in terms of both saving money and attracting more clients.
Size of Your Market
Another thing to consider about a location is what your market looks like there. To figure out the geographical scope of your customer base, you need to consider how far customers will travel in order to visit your business, which depends on both your type of business and your competition in the area. If you have competition nearby, a good guideline to consider is that people won’t go further than a grocery story for your services, but if your business is unique in the area, people will travel greater distances. A simple way to find out about the businesses in a location is to use Yellow Pages or the “find businesses” function on Google Maps.
Once you have an idea of geographical size, you can determine the actual number of potential customers in the area by looking at local demographic records, either at the Chamber of Commerce or by looking at City-Data.
Once you get an idea of the number of people in your potential market area, you can gather more detailed information about them as potential customers. First, create a description of your ideal customer, factoring in things like the following:
- income level
- education level
- entertainment preferences
Creating as detailed of a description as possible will help you get a more accurate potential customer number, because you can cross-reference this profile with demographic information to get a real idea of how many people in the area might be interested in your business and what kind of selling potential you really have there.
The final step is to find out more about who you will be sharing the property with. You should already know a little about competition in your area from researching the market, but finding out more about who is in the actual office park in Kansas you are considering is important too. Sometimes properties have an anchor tenant who draws in more business, and you might also be able to negotiate with a landlord for an exclusivity clause, which would prevent the landlord from leasing one of the other spaces on the property to a direct competitor of your business.
The above are some of the biggest factors that go into finding a location where you and your business will thrive. In all areas of real estate, location is key, so it is worth taking the time to do some detailed research on a location you are looking at. A well-researched decision can have a serious impact on the long-term success of your business—as can a hasty and poorly researched one. There is no formula for finding the perfect location, but keeping some of these factors in mind and working with a broker or lawyer who represents your interests is a good place to start!