If you’ve spent any amount of time combing through and following up on commercial rental real estate advertisements in an effort to locate the right space for your business, you know how daunting the process can be. Although there are so many factors to consider, at the end of the day, it all really boils down one thing: Does the space you are considering fulfill your most pressing needs?
With mixed residential and commercial developments on the rise, it may be easier to address your business’ needs than you’ve been left to believe.
Mixed-use developments are defined as multi-use, multi-purpose buildings that physically and functionally provide space to integrate residential, commercial, cultural, institutional, and industrial uses. For instance, a building may include retail stores on its ground floor, offices on its second floor, and residences on all the floors above.
No matter the layout, there are some serious benefits to locating your business within a mixed-use development space.
Here are the top 5 reasons:
1. Greater Exposure to Customers
If your livelihood depends heavily on the volume of visitors your business can draw, choosing a location that has residents who can be consumers of your products or service is a huge benefit. So, whether you’re just starting out or your business has a well-established history, the commercial rental space you choose to locate to next needs to be easily found and accessed.
Some of your best potential customers are those who pass by your location daily. By renting within a mixed-use building, your business is immediately exposed to the larger customer base and residential tenants that already exist around you. As opposed to a traditional rental property that stands alone, this can result in a more immediate uptick in foot traffic and overall interest, so take advantage of the increased visibility.
TIP: Try to find a mixed-use space with a strong residential presence, as well as a broad range of businesses—dynamic mixed-use communities have everything from casual to fine dining, retail to office space, manufacturing to artist studios. Remember that the more diverse the space is, the more attractive, and active it will likely be. But don’t be scared to locate in a mixed-use space that already houses businesses similar to your own either. Businesses that provide related services or have likeminded goals are more likely to appeal to the buyer you are most interested in and best suited to serve. If you have a unique value proposition, you can benefit from healthy competition and strong commerce.
2. Opportunity to Strengthen Your Brand Image
Is the mixed-use space you are considering clean? What are the residential renters like? What is the nature and reputation of other commercial enterprises already in the space? And will your business “fit in”?
It’s important to ask these questions and recognize that the community and culture within a mixed-use building can provide compatible businesses with an unmatched opportunity to launch or reinforce their overall brand image. The more the mixed-use space represents what you value most, the deeper your roots can grow.
TIP: Just like the neighborhood that you choose to live in, the mixed-use space you choose to rent needs to reflect the image your brand conveys and seeks to maintain.
3. Easier Code & Safety Compliancy
No matter what business vertical you’re in, safety and zoning regulations need to be a priority in the commercial space you rent. By renting within a mixed-use development, you are much more likely to comply with fire alarm, wiring, ventilation, sprinkler, handicap access, and elevator codes and inspections because mixed-use developments are built and maintained by one governing body with the specific intention to be rental-ready for a diverse community.
TIP: Failing to pass a safety inspection could not only damage your reputation, it could set back your grand opening by weeks or even months. Avoid the hassle and rent within a reputable mixed-use building. Before you sign a lease, ask existing business owners if they have had any trouble with compliancy—this will help ease your concerns.
4. Superior Property Management
As our economy rebounds and expands, the interest in commercial rental property ticks up—and so does the demand for better property management.
With mixed-use buildings, you are more likely to experience superior property management services because those developing and maintaining these spaces are not just responsible for support services of one or two renters, but an entire community. To accomplish this successfully and foster an experience that will encourage current renters to stay and new renters to apply, it is requisite to be proactive, responsive, knowledgeable, accessible, and friendly.
From preventative maintenance and upgrades; to driving down operating costs and investing in energy-saving initiatives; to the timely attendance and resolution of all inquiries and emergencies; to full support and management availability; to approachable and welcoming attitudes; it is in the best interest of a mixed-use property management team to be an all-inclusive resource to the community it serves.
TIP: To identify great property management in a mixed-use space, ask questions and take notes from the first time you call and during every interaction thereafter. Do your interactions make you think you will be well cared for throughout the duration of your lease? It’s okay to ask for references. A credible and reputable commercial property management team will make the difference between a community you love and one you can’t wait to get out of.
5. Supports “Smart Growth”
“Smart growth” is planned economic and community development that works to lessen urban sprawl and poor environmental conditions and impacts. By renting commercial space within a mixed-use building, tenants promote smart growth.
Mixed-use spaces help increase parking and transportation efficiencies, encourage walking, reduce dependency on fuels and additional fuel infrastructures, and works to preserve environmental landscapes by more densely placing businesses together. Combined, these efforts remove the need for more construction projects and they help inspire safer communities focused on social networks.
TIP: Take full advantage of the principles behind smart growth by considering a live-work experience—lease both a residential rental and a commercial rental property to reduce time spent commuting between work and home.
Whether you are in retail, manufacturing, restaurant, or corporate business, Chinburg Properties has space available within our many mixed-use mill buildings throughout the NH seacoast. Browse our commercial rental properties or contact us today to learn more—we’re always here to help you find your next space!