When you sell and lease industrial property, the buyers and tenants that we work with may know little about the local area in which the property is located. For this reason you should prepare a generic ‘evaluation survey’ of the local area and business community. This document as it relates to industrial property will help in your property discussions, negotiations, and inspections.
When you specialise in a territory or location, you tend to understand many things that can be taken for granted and perhaps overlooked when it comes to the interaction with the prospect on the property. So an ‘evaluation survey’ document has high value in providing a professional service as the industrial property expert.
The survey document can be generic and apply across the region; it will summarise business factors relating to industrial businesses and the local business community. Having something in writing that is informative is of great importance to some buyers and tenants that we deal with.
Here are some things that you can put in the survey and update from time to time as the business demographics change in your local area.
- Banks should be located for business banking needs. Locate them on a plan for your prospect.
- Universities are relevant to some high technology industries and businesses.
- Communications infrastructure should be available in the area to allow the business to connect with customers and the internet at a high speed and in a reliable way.
- Services in the area and to the property will be important to the property buyer or tenant.
- Parking availability and road parking regulations will change from location to location. Get to know what is allowed in regions when it comes to parking.
- Amenities (in the property) will be relevant as well as the improvements of any particular property inspected.
- Labour force availability in the local town or cities should be convenient and stable.
- Public transport may be required to help staff and customer access to the property.
- Main roads and freeways will be critical for some businesses with deliveries and despatch.
- Transport depots locally can be of some assistance to business owners as they consider a new property location.
- Rail heads and railways should be located on a map.
- Airports and Sea ports should be located on a map.
- Power availability and type will be a special requirement for some businesses
- Water supply and storm water regulations can be sourced from the local planning offices
- Population data over the last 5 years will be of interest to some business owners.
- Zoning regulations will place limits on the use and type of property in some locations. Get a copy of the local planning regulations.
- Raw materials and major industry in region will be of some interest to business owners as they consider relocation.
You may be able to add to this list based on your location and the property type. The ‘property evaluation survey’ is a good tool to help the prospect make a decision in buying or renting the property. You can get more ideas on industrial property right here in our newsletter.