What things should I be checking to tell whether an area will become popular with businesses or not?

We have looked at premises in an area that has been described as ‘up and coming’ for businesses. I can’t see any immediate evidence of this and want to be close to other companies. What things should I be checking to tell whether an area will become popular with businesses or not?

 

The key issues to consider when identifying if an area is ‘up and coming’ for start-ups are:

 

Availability of public transport:

  • Is it within close proximity to a train station?
  • Are there bus services or tram services nearby?
  • Is the area within proximity to a major arterial/freeway, etc?

 

Level of amenity:

  • Is there a good range of shops within proximity (including cafes/banks/restaurants, etc)?
  • Are there any nearby parklands or areas of interest?
  • Is there adequate onsite or nearby customer car parking?

 

Other businesses in the precinct:

  • Have any other major retailers or well-known business moved into the area?

  

Availability of accommodation:

  • How much office and retail space is available on the market (ie. ‘For Lease’ signs)? Too much available stock may indicate a lack of interest in the area.
  • What other new stock is planned for the area? If the area is ‘up and coming’ then there should be signs of other development activity.

 

Residential catchment:

  • Is there a strong residential presence in the precinct, or is the area too isolated/removed from local communities?

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