‘Location, Location, Location ‘ has to be one of the most popular TV shows to have aired in the UK over the past decade. And, while it may have lost some appeal with the decline in the property market, the title still rings true in many circumstances.
When it comes to choosing a place to live, the location of a property could be the difference between a quick sale and a permanent residence on an estate agent’s website. The same basic principle applies when it comes to deciding where to locate your business. Although it may largely come down to the type of business you are engaged in, if the area has the wrong locale for your particular trade, you may find yourself facing an uphill struggle.
Out of town
If you have an office-based company which doesn’t have much face-to-face contact with customers or clients, an out of town ‘business park’ could be the perfect option. This type of location often offers more floor space than you might find in a city office, as well as more attractive rental costs. In an age of high-speed internet, there are many types of clerical-based businesses that could function easily on a site that is removed from the main centre.
Another possible advantage could be the ease of location for employees with cars. Often, business parks are found just off major routes, which widens the search area for those with families who are perusing nearby homes.
In the town
Of course, if you are in a sector such as retail (specifically small or independent businesses), then the ability to appeal to passing trade could make or break your company. Many services and retail-based projects rely on accessibility, which often means being close to public transport systems and other shops that pull consumers into the town centre.
For those looking for an office, you could find that a city centre location is more attractive to potential employees, as it is often a more lively environment, close to shops and restaurants for lunch and post-work socialising.
The downside of such a location, however, is that rent and rates can often be higher than out of town, and the size of an office or shop space restricted as a result.