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by Jim D. Ray
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As commercial real estate development progresses into the 21st century, many of the principles upon which the market was founded remain the same. Whether you are a property owner, developer, or commercial real estate agent, identifying and marketing the unique features of your commercial property will maximize the attractiveness of the site to prospective buyers.
Depending on the highest and best use for the property, you may be able to attract a wide spectrum of potential buyers to your site. In addition to basics such as price or zoning, experienced buyers – local or national – will consider several key factors of each potential site, including:
* Location and visibility
* Any existing physical improvements on the site
* Average daily traffic count, or ADTC
* Site access
* Utility availability
* Environmental status of the property
* Any existing or planned surrounding commerce
Let’s explore some of the primary features of commercial land, and how each is interpreted by buyers.
Location, Location, Location
Because real estate is finite, location is a fundamental consideration in the purchase decision formula for buyers. Unless a property is undevelopable, each site has unique benefits that will meet the needs of a buyer seeking a particular criteria. Increasing the number of potential buyers is dependent on efforts to realize and market the full value of a parcel’s location.
Location not only encompasses city and state, but also variables such as traffic arteries and surrounding commerce. Research neighboring parcels to learn what sort of future commerce, residential communities, or roadways are planned for development.
Aerial photos are a great way to showc |
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