The author, an atlanta commercial real estate professional, reviews a brief list of the key features to look for when shopping for potential shopping center property. Finding the appropriate site that’s best suited to your retail project isn’t a simplified task. It requires strict attention to due diligence and investigating all potential criteria before making a location decision. The following is a list of important features to consider when sourcing your business.
Traffic—Is the property highly visible and located in an area with substantial traffic? Study traffic patterns for additional insight about how people travel in the area.
Accessibility—How close is the property in terms of drive time and location from your targeted demographic?
Reputation of the area—Is it in an established location adjacent to or containing anchor retail sites with investment-grade credit?
Growth potential—Is it located in an emerging growth area, including new or future master-planned community developments?
Appearance—Is the property in good condition and well-maintained? Is it a good match for your product or service?
Solid mix of tenants—Is there a combination of tenants that are diverse and are in businesses that are complementary to each other?
Low tenant turnover—Are tenants staying put and remaining solvent?
Foot traffic demographics and population—What are the demographics of the majority of store foot traffic, including average annual household income, recent census numbers and postal route calculation estimates for population?
Take a hard look at available space for both today and tomorrow—Make sure the available square footage is big enough to accommodate present retail needs as well as any future growth potential. Be sure to not be overzealous in how you commit, if it’s unrealistic.
In addition to paying attention to these criteria, make sure you also select the right development and management company for your needs. Look for one with a proven track record and a solid portfolio of properties.