There is more to site selection than meets the eye. While many companies spend countless hours on the process, others assume that one site is as good as the next.
A casual approach to site selection can cause a variety of problems, thus costing you time and money for many years to come. Fortunately, with the right site selection criteria in place, it’s easier to make a confident and timely decision.
Prior to signing a contract on a parcel of land, here are five details to consider:
Location, Location, Location
Just the same as buying real estate, location is the name of the game when choosing a building site.
For example, if you’re building a bank or restaurant, proximity to other businesses is extremely important. You want to make it as convenient as possible for customers and prospective customers to visit you.
Cost is always a determining factor when choosing a site, as you need to stay on budget. Overspending on a site puts you behind the eight ball in regards to your budget, and that’s before you even get started with the build.
It’s critical to understand the many costs associated with buying land, ranging from the purchase itself to taxes and maintenance.
This is important, but it’s something that’s often overlooked. Answer questions such as:
- Will the location allow you to attract customers and/or employees?
- What’s the quality of life in the area?
- What’s the standard of living in the area?
- Is there any bureaucratic or political red tape standing in your way?
Culture is a big deal and it all starts with selecting a site.
This goes hand in hand with location, as you want customers to have easy and convenient access to your building. Just the same, employees should find it easy to get to and from work.
Take a close look at the roadways and public transportation options in the area. Also, consider how this may change in the future, such as if there are any roadway development projects in the pipeline.
A site may look perfect right now, but you need to think about the future:
- Will expansion around your building cause any concerns?
- Are there any environmental concerns that could come into play down the road?
- Could too much expansion in the area result in more crowding than you’d like?
- Could higher taxes come into play?
If you take into consideration these five site selection criteria, you’ll find it much easier to make a final choice and move forward with a clear mind.
Considering a Change for Your Business?
Southwest Florida is a fast growing economy that provides a competitive framework to global companies such as Chico’s FAS, Arthrex and Shaw Development. The region has 1.2 million residents, a workforce of over 500,000, and prime available locations including acreage, office space, warehousing, and manufacturing.