Parking. It’s one of the most frequently forgotten about or overlooked factors of choosing a commercial real estate space. Oddly enough, it’s also one of the most crucial. If you’ve spent most of your time focusing on the available space inside of a commercial property and not enough time looking outward, it’s time to start. Your decision to base your selection on available parking could have a significant impact on the success of your business as a whole.
A building has to have adequate parking for its workforce. Without this, you’re effectively making the act of showing up to work on a daily basis a chore for your employees. Limited parking can even have a negative impact on your company’s productivity if your employees are spending all of their time hunting down parking spaces instead of parked behind their desks working. A few minutes here and there may not seem like much, but when added up, it can amount to thousands of hours of productive time lost.
Parking space shortages can chase customers away and make it difficult for people to do business with you. Even if you don’t entertain on-site clients on a regular basis, you’ll always have the need for sufficient visitor parking to guarantee that those who do stop by won’t have trouble getting to see you. On the other hand, if your business relies on walk-ins and frequent face to face contact with your customers, the commercial property that you choose should have more than enough parking to accommodate this.
Access to plentiful parking enables growth. There are plenty of things that can be done to create more working space indoors, whether you’re leasing office space or commercial retail space. But once a parking lot has reached its maximum capacity, there are few things that can be done short of building up
Here are a few extra questions to ask at about a property’s parking situation before signing any contracts.
- What is the parking ratio per employee? Not all of your employees will need individual parking spaces, so always take into account a property’s proximity to bus stops or light rail stations to avoid parking lot overkill.
- What is the development outlook for nearby facilities?
- How will the development of nearby facilities like restaurants and shopping centers impact your future parking situation?
- Is covered parking available? Consider weather trends in your geographical region and decide if looking into a commercial building with covered parking is more suitable to the needs of your workforce.
- Does the parking lot meet standard requirements for disabled parking and is there enough available to accommodate to both employees and clients?