Connecticut, United States, is home to over 230,000 small and medium-sized businesses. As a result, the city is also full of opportunities for commercial real estate. However, if you are not careful in making your investments in real estate, there is a good chance that you may end up with a mistake that could cost you later down the road.
Finding the right commercial real estate for your business can take some time and patience. It would help if you considered many different factors while searching for commercial real estate listings CT. Here are four of the most critical factors to look at.
- Location and Size
You can have a building that looks great on the outside, but if it is too far from where you need to be, your decision will be wrong. Also, if it is too big for your needs, you will be left with space. These are two crucial things you must pay attention to.
Therefore, ensure that your property is near essential things, such as roads, intersections, highways, stores, and offices. As for the size, make sure that you look at your projected business plan to see what is needed. If the space is improper in one location, it might be time to find another building or use multiple properties.
- The Condition of the Property
Always ensure that the building is not too old to use. It would be best to make sure that the property is in good condition before signing any contract with the owners. It may be hard to get many repairs pre and post-investment if it is falling apart. One of the worst things commercial real estate buyers can do is try and lease a property only to find out that it has serious problems later.
- How Much Traffic Does the Property Get?
An essential factor to consider is the number of people the property gets. It does not matter if you are at a shopping plaza, mall, or big box store. You need to ensure that there will be enough foot traffic for your business. If there is not, it will be hard for you to stay afloat. You may have the best business plan, but if no people come through your doors, it will be tough for you to make a profit.
- The History of the Property
Finally, before you decide to lease any property, you must look into its history. Make sure that you know what kind of problems the previous owners faced. Else you may run into similar ones. Therefore, make a note of the history, past owners, and inquire the reasons for why the property was vacated. With commercial real estate, you often look at older buildings that may have seen better days or tenants in the past who may not have always kept up their end of the bargain.
The average price of commercial real estate in CT is around $160,000. Take your time looking through commercial real estate listings in CT because it can sometimes feel overwhelming. Take time to look at all options available and make the right decision.