Mentor, Steve Kingston

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

StartupSmart /

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?

Advertisement

We Recommend

FROM AROUND THE WEB