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Site Selection 101

Retail commercial real estate requires finding the proper site that fits your client’s needs.  Site selection is the research of the site, acquisition of the land and entitlements from the necessary public entities for a new store or office development. Site selection involves different requirements based on the end user. These parameters will effect whether a site meets the users needs. The outside appearance of the site selection process is as a simple process. When I worked for a former employer working on retail sites for a national client, the joke was “How hard can it be? Go to the competitors location and pick one of the other three corners.” This may be how it appears on the surface but seldom works that simple.
There are many details that need to be determined for evaluating the competitors site first. What is their access, traffic count, traffic flow, visibility, signage, size of store, natural trade boundaries?

Tags: real estate, entitlements, retail, Site selection, minnesota, competition    

Posted: 1-23-2012 4:13PM EST