Choosing the location for your commercial project is one of the most important, and often overwhelming, decisions in your construction planning process. Where you build can determine your budget, the materials you’ll need to utilize, how clients or customers will interact with your building, the regulations you will have to adhere to, and much more. Thus, there are a few key considerations to ensuring you choose the right commercial construction location.
Target Audience
For any successful commercial construction project, audience is key. Constructing a building that meets the needs of your target clientele is the best way to ensure long-term profitability. For example, if your project is a healthcare facility, accessibility is a major determinant of where you should build, and your planning should include a thorough analysis of parking necessities and proximity to major population or transportation hubs. Alternatively, when building a residential apartment complex, it may be more important to optimize a location near public transit or high visibility areas where potential residents could view your building.
Furthermore, the demographics and socioeconomic status of your target audience can majorly influence your decision of where to build. For example, constructing a luxury apartment complex in a lower-income area may be counterproductive, while researching areas with higher income levels might be more profitable.
Local Businesses
No matter what type of business you are constructing, local competition is a crucial consideration. For example, building a hospital near numerous other healthcare facilities may mean fewer patients choosing your establishment. Alternatively, constructing near complimentary businesses can positively benefit the long-term success of your commercial construction project, such as building a hotel near a bustling airport.
Environmental Factors
The location you choose for your commercial construction project can greatly impact the success of the final product, particularly for employees or residents who will be spending extended periods of time in the building. Conducting environmental assessments prior to choosing a site can help to determine whether a given location is safe and satisfactory for occupants, considering factors like noise levels, environmental hazards, and aesthetic appeal.
Budgetary Restrictions
The budget for your commercial construction project is often one of the most critical considerations when deciding where to build. Property taxes, local ordinances, utilities, landscaping needs, and a variety of other factors can impact how much your project will cost, both in the short and long term. It’s important to establish a budget prior to location scouting in order to ensure that you are considering options that align with your budgetary restrictions.
Choosing the location for your commercial construction project is not a feat that should be taken lightly, as it can greatly impact how successful and profitable your building will be over time. Taking into account these key considerations can better help you to navigate your location scouting process and choose the best option for long term success.
GCI has served clients across the Northern Great Lakes Region for 125 years in a wide range of projects and industries. To discuss your next project, contact us at gcfirst.com.