Tips for Finding the Best Commercial Real Estate in Nashville
Commercial real estate is a prized commodity in Nashville. Our city continues to grow. The number of businesses that cater to our burgeoning population is growing along with it. And whether you’re looking to rent or buy, you’re going to have a lot of competition for available commercial real estate.
You don’t need to fight your way through a crowd to get the best location for your business. There are some simple steps you can take to position yourself to get what you want and need.
So how do you sort through the extensive listings to find a piece of commercial real estate that fits your business?
Here are 7 tips to help you find the best commercial real estate in Nashville:
- Define Your Version of “Best”
- Research Nashville’s Neighborhoods
- Work with an Experienced Commercial Real Estate Broker
- Tour Everything You Can
- Consider Growth Possibilities
- Consider Renovations
- Compare Your Options
1. Define Your Version of “Best”
What works for you isn’t going to work for everybody. This means that while it might seem like there’s heavy competition for commercial real estate in Nashville, it might not be as competitive as it seems. What’s the most in demand in Nashville, may not be exactly what you need.
This is why you should take some time to make a list of what you need from your location.
Accessibility? Space? Privacy? Low overhead?
These factors can be used to narrow down your search and avoid wasting time on options that don’t address your needs.
2. Research Nashville’s Neighborhoods
Nashville has a lot to offer. This extends to residents, tourists, and commercial businesses. The various neighborhoods have their own personality. This means they will be more supportive of certain types of businesses over others.
You need to find an area that will likely provide the type of customers and clients that are most beneficial to your business.
Along with that, different zip codes are going to be associated with different price levels. The best neighborhood for you will be one that supports your goals in a sustainable price range.
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3. Work with an Experienced Commercial Real Estate Broker
Knowing what you want is only the first step to the process of finding the best piece of commercial real estate. Now you need to take this information you’ve compiled and apply it to real-life options.
The best way to find appropriate options is to work with an experienced commercial real estate broker.
These professionals will have connections to available spaces that you otherwise wouldn’t find. This gives you a leg up on your competition while also providing you with the best set of options.
4. View Everything You Can
You never really know what you’re going to find until you get there. Even the seemingly best listings with the most extensive pictures and detailed descriptions aren’t going to be able to fully capture everything about a property
Take the time to view as many properties as you can. Filter out the ones that obviously don’t match your needs, but even if there’s a chance it does, check it out.
There’s no such thing as too many options and you might surprise yourself by selecting a property that you didn’t think stood a chance.
5. Consider Growth Possibilities
Obviously, you want to make sure your commercial real estate property fits your current needs. However, you should also keep your mind open to future possibilities.
Will this location support future plans? Are there opportunities to expand upon your current facility either by incorporating surrounding units or adding on to the building itself?
Ideally, your business will continue to grow in this new location. It would be great if you didn’t have to pick up and completely move operations should you reach a point of expansion.
6. Consider Renovations
There are a lot of old buildings in Nashville. And while this might seem like a liability, it can actually be an asset.
Many businesses are choosing to renovate these historical buildings to breathe new life into them. The results are often impressive and unique.
If you’re ready to put in the work, these older buildings are likely to come with a much lower price tag than move-in ready units. The money up front can then be used to turn the space into a beautiful reimagining of the space.
7. Compare Your Options
After all the tours and considerations, you’ll be left with a list of potential commercial real estate in Nashville. Go back to your original list of wants and needs and run each option through this set of qualities.
Which properties fulfill the most items on this list? Which items are more important than others?
Weed through the options until you are ready to make a move on a particular property. Then all you have to do is give your commercial real estate broker the green light and let them work their magic.