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