Location, location, location. No matter if you are looking for commercial property to rent in London or any other top business hubs across the UK, location is king! While the cost of rent, utilities, and other expenses are highly important as well, it almost always pays off to spend some extra to get a good location as the latter has been shown to make a big difference when it comes to business success. But what is a good business location?
A good location for one business may not be necessarily a good location for another business. However, it almost always means a place with all or at least most of the following ‘qualities’:
Favorable demographics in the area. Obviously, you want to reach as many customers/clients as possible. If your business depends on the local market, it’s of utmost importance to consider the demographics in the area – most notably, what percentage of the local population are potential customers/clients.
The proximity of competition. Theoretically, more competition translates into fewer customers but the proximity of competition isn’t always a bad thing. On the contrary, many businesses actually benefit from competitors being close by. This is because a concentration of similar businesses tends to attract more customers/clients, so in the end, everyone benefits including customers who have the ability to contrast and compare.
Skilled workforce in the area. If you want your business to succeed, you don’t only need to attract customers/clients, but you also need to attract a skilled workforce. When analyzing the area’s demographics, it is therefore also a good idea to consider the local skill base and talent.
Area’s reputation and image. The latter should ideally match the image you want to project about your business. To achieve just that, many businesses are prepared to pay extra, especially those that need to persuade potential customers/clients that they are trustworthy and reliable, e.g., lawyers, medical practitioners, and financial experts, to mention just a few.
Practical matters. These include accessibility (including accessibility for the disabled), proximity to public transport, parking, nursery, and even simple things such as proximity to a coffee shop and restaurants. By ensuring your business includes all or most of the mentioned, you will make your employees very happy. And the happier your employees are, the more productive they will be.