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Site Selection Basics
The Developer’s Guide to Site Selection: Balancing Vision and Practicality (Hourigan, Aug. 28, 2024)
A thorough understanding of the site’s environmental conditions is imperative. This includes assessing soil quality, topography, flood risk, and potential contamination. For example, a site with poor soil conditions may require extensive (and expensive) foundation work, while a location in a flood-prone area might necessitate additional mitigation measures. Conducting environmental assessments and geotechnical studies can uncover these hidden challenges and inform the feasibility of the project.
Understanding Commercial Real Estate Site Selection in Property Development (I Blog, Aug. 5, 2024)
Zoning and land use regulations play a crucial role in commercial real estate site selection. These rules dictate how properties can be utilized, impacting everything from residential areas to business zones.
Understanding local zoning ordinances is essential for property developers. They determine what types of structures can be built and the activities that are permitted on-site.
Different jurisdictions have varying regulations, which means thorough research is necessary. A site that seems ideal might not meet all zoning requirements or may require variances that prolong development timelines.
10 Critical Factors to Consider During Corporate Site Selection (Site Selection Group, Mar. 14, 2024)
The first step in any site selection process is to clearly understand the specific needs of your company. This involves identifying the primary purpose of the new location, whether it’s for manufacturing, research and development, distribution, customer service or a corporate headquarters. Each purpose has unique requirements for space, infrastructure and access to resources. For instance, a manufacturing plant may prioritize proximity to raw materials and transportation networks, while a corporate office may focus more on access to talent and business services.
Location, Location, Location: Decoding the Art and Science of Strategic Business Site Selection (Pittsburgh Post-Gazette, Aug. 28, 2023) E
With the stakes higher than ever, the science around business site selection has had to become more precise. Gut instincts still play a role in decision making, but the technology around site selection has advanced in recent years to a point where cell phone tracking data has been added to the tool box.
Site Selection for Office & Retail Properties
Location, Location, Location: Where to Put Your Retail Store (The Ascent, May 10, 2024)
Advantages of strip malls as a retail location:
- Open-air format gives retailers visibility
- Cheaper to rent than shopping malls
- Reliable customer parking access
Disadvantages of strip malls as a retail location:
- Foot traffic is likely to come only from a very local demographic
- Customer base is mostly car-dependent
- Rent and maintenance fees can be fairly steep
10 Things to Look for in a New Office Space (Zommick McMahon Commercial Real Estate, Oct. 14, 2022)
Consider whether potential properties will have enough space for your business to grow. Likewise, stray from offices with too much space that you cannot afford to fill. As a general rule, allow for around 130 square feet of space per person for those who will regularly be in the office. Since business sizes vary, consider your needs before deciding.
Site Selection for Restaurants & Hospitality Properties
The Comprehensive Guide to Successful Hotel Development: From Concept to Exit Strategy (LinkedIn, Jul. 31, 2023)
When selecting a site, consider factors such as local demand for accommodation, accessibility to major highways, airports, tourist attractions, or business districts, and the presence of competition. It's also essential to look at the area's demographic and economic trends, as well as future development plans.
After identifying potential sites, it's time for due diligence. This involves thoroughly researching the property's history, verifying legal documentation, confirming zoning regulations, and assessing any potential environmental issues.
Why Location Is So Important for Restaurants (Tango Analytics, Sep. 2, 2023)
Accessibility is a crucial factor in a restaurant location’s viability. When your parking lot doesn’t have enough spaces or it’s difficult to maneuver in, visiting your restaurant becomes a stressful undertaking. But accessibility issues can harm your business before people even get to the parking lot, too.
If customers have to cross multiple lanes of traffic or can only get into your lot from a specific location, it makes the entire process more difficult and frustrating. Drive-thru lanes without adequate space can have a similar effect. So can mall locations that require customers to enter through other stores to get to yours. Even though it has nothing to do with how you conduct your business, it’s part of the experience for your customers—and it may lead them to avoid eating at your restaurant altogether.
Restaurant Location Strategy: The Ultimate Guide (Beambox, Mar. 7, 2023)
Access to reliable infrastructure and utilities will make running your restaurant much easier. Researching the infrastructure and utilities available in the area will help you decide the best location for your restaurant.
Site Selection for Warehouse Facilities & Labs
Warehouse Location Management: Choosing the Best Location (Warehousing and Fulfillment, Jan. 31 2024)
Check Nearby Suppliers and Customers: Being close to the people who send you stuff and the ones who buy it is a smart move. It cuts down on travel time and keeps things moving.
Mastering Warehouse Site Selection: Key Considerations for Optimal Logistics Operations (Amware, Jul. 27, 2023)
Nature of Goods to be Stored: The nature of the products you intend to warehouse plays a vital role in site selection. If your inventory includes hazardous or flammable materials, food items, or frozen goods, it’s essential to ensure that the chosen warehouse is equipped to handle such specialized storage requirements safely.
5 Things to Consider When Conducting Laboratory Site Selection (GBA, Mar. 8, 2023)
The first consideration for selecting a site for a new laboratory is its location. Because of the sensitive nature of scientific research, along with a host of infrastructure, utility, and regulation needs, there are a number of criteria and factors that need to be met before picking a site location for a new laboratory.
How to Choose the Best Warehouse Location for Your Business (Crown LSP, Jan. 30, 2023)
The distance between you and your vendors contributes directly to your overhead and risk. The closer you are, the more money your company saves on freight. Plus, you’ll mitigate the risks associated with transportation disruptions, which can be especially impactful for perishable goods.
eBooks & Other Resources
eBooks.realtor.org
The following eBooks and digital audiobooks are available to NAR members:
Managing the Complexities of Real Estate Development (eBook)
Multifamily Housing Development: Ten Case Studies of Innovative Projects (eBook)
The Complete Guide to Locating and Profiting from Emerging Real Estate Markets (eBook)
The Dynamics of Property Location (eBook)
Books, Videos, Research Reports & More
As a member benefit, the following resources and more are available for loan through the NAR Library. Items will be mailed directly to you or made available for pickup at the REALTOR® Building in Chicago.
Resort Development (Washington, D.C.: Urban Land Institute, 2008) NAC 1800 Ur1rd1
Developing Active Adult Retirement Communities (Washington, D.C.: Urban Land Institute, 2001) NAC 1800 Ur1sd
Developing Retail Entertainment Destinations (Washington, D.C.: Urban Land Institute, 2001) NAC 1800 Ur1dr
Developing Sports, Convention, and Performing Arts Centers (Washington, D.C.: Urban Land Institute, 2001) NAC 6880 Ur1d
Multifamily Housing Development Handbook (Washington, D.C.: Urban Land Institute, 2000) HD 1377 Ur1mh
Websites
Area Development
Founded in 1965, Area Development magazine is considered the leading executive magazine covering corporate site selection and relocation.
Urban Land Institute
ULI provides leadership in the responsible use of land and in creating and sustaining thriving communities worldwide. ULI is an independent global nonprofit supported by members representing the entire spectrum of real estate development and land use disciplines.
Site Selection
The Magazine of Corporate Expansion & Area Economic Development
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