When it comes to selecting a location for your business in Calgary, there are several key factors that you and your real estate professional should consider: accessibility and visibility, budget and costs, and your target audience. Once you have hired a Calgary REALTOR®, you can begin working with them to view different commercial properties and determine what your business requires to succeed. Diving into these 3 factors and understanding why they are so crucial in the beginning stages will help you to close on a property that is perfect for you and for your business.
What kind of accessibility and visibility do you require?
A highly accessible location means that your customers and employees can easily reach your business. Look for a site that is well-connected to major roads and highways, as this will facilitate convenient transportation for customs coming from various parts of the city. Not everyone drives, so considering the availability of public transit is important! Things like bus stops or a nearby LRT station can enhance accessibility. Depending on your business and the flow of traffic, you may need a lot of parking or be okay with just a few spots. Suppose you are operating a business out of a warehouse. In that case, the odds are you are in an industrial area with limited visibility, but if you are running a retail store, you might want to be in an area with high foot and car traffic. Consider what your business requires for employees and customers, clients or patients, and begin looking for commercial properties to serve those needs.
What is your budget for costs?
When considering the cost and affordability of a location for your business in Calgary, it’s important to evaluate the immediate and long-term financial implications. Start by assessing the rental or lease costs associated with the location, and consider whether the rental price aligns with your budget and offers good value in terms of size and condition. There are more costs to worry about than just rent! You have to factor in other expenses like utilities, ongoing and future maintenance, insurance costs, and unforeseen repairs. Knowing whether these costs are manageable and will not strain your financial resources is paramount to you and your business’s success.
Who and what is your target market?
When selecting a location for your business in Calgary, an excellent place to start is considering your target market and the surrounding demographics. Ask your REALTOR® questions about the population size, income levels, age groups, and interests of the residents in the area. Analyze whether the location makes sense for your target market, and if not, explore other neighbourhoods. For example, if you are opening a trendy grab-and-go style smoothie cafe, you may want to look at places that are nearby gyms or fitness locations or in neighbourhoods that are popular amongst millennials. Have your REALTOR® conduct market research to evaluate how well your business will fit in with particular communities in Calgary, and go from there!
Working with Realty Unleashed
Realty Unleashed is an independent real estate brokerage serving Edmonton and Calgary. Our REALTORS® provide expertise, market knowledge, and access to exclusive listings, allowing you to make informed decisions and find properties that align with your specific requirements and investment goals. If you are looking for a commercial real estate agent who can assist you in buying, selling, or leasing your business in Calgary, we would love to talk with you. Please fill out the form below, and someone from our team will get back to you shortly.