For many business owners, there is always so much to do with running the day-to-day operations of the business, that the prospects of picking up shop and moving to a new location seems completely overwhelming. By the time most businesses finally get around to pulling the trigger and moving, the move is long overdue. As your business solidifies its reputation in the community, being proactive about considering a move can be very impactful for your business. Here are five important benefits a move could have for your business.
i. To maximize exposure: increased street exposure with higher traffic counts or locating in a busy complex with lots of activity can go a long way to increase the brand awareness for your business and result in increased walk-in traffic.
ii. Networking & referral opportunities with neighbouring businesses: Locating amongst similar, but none competing businesses will surely have you rubbing elbows with like-minded business owners. As you get to know your neighbours, they are likely to become key referral sources for your business. Think of a pharmacy locating in a medical clinic. Do you think they would do better in this location than more diverse general locations?
iii. To grow your business: If your business has reached its capacity and you need to expand your premises to be able to add staff or service more clients, then moving to a space that can accommodate your business needs clearly makes a lot of sense.
iv. To attract a higher end clientele: Attracting higher net worth clients often requires locating close enough to the higher income neighbourhoods where it is practical to drive to your location or in amongst other higher profile businesses who are attracting the higher net worth clients you are targeting.
v. Financial benefits: Businesses move for a variety of financial reasons… Lower occupation costs, building equity in their own space rather than throwing money away as rent each month, cost certainty without the potential for escalating lease rates, the possibility for capital appreciation over time, the list goes on.
With that said, let’s see how Pacific Station stacks up when evaluating the potential benefits:
i. To maximize exposure: You would have a hard time beating the exposure of 40,000 cars passing by each day on the Island Highway.
ii. Networking & referral opportunities with neighbouring businesses: With 13 businesses already located in the plaza with many referral relationships already established, the remaining 13 available units will only add to the business mix, solidifying Pacific Station as North Nanaimo’s premier business community.
iii. To grow your business: Spaces are currently available from approx. 1,000 to approx. 16,000 square feet to accommodate your business needs.
iv. To attract a higher end clientele: Pacific Station is located within 5 minutes of most homes in North Nanaimo, Nanaimo’s most prestigious residential area. Businesses already located in the development include a wealth management company, structural engineering firm, architectural firm, notary, mortgage broker, real estate company, and arguably Nanaimo’s highest profile salon, all businesses that are sure to attract high net worth clients to the development.
v. Financial benefits: The mortgage payment on a unit in Pacific Station in most circumstances would be less than the monthly leasing costs. Purchasing would also ensure you are building equity in your own space rather than throwing money away as rent each month and eliminate the prospects of potentially escalating lease rates down the road. With inflation real estate prices rise over time, turning your business space into a sizeable asset for your over time.
To say Pacific Station likely ticks a lot of boxes for most businesses would be and understatement as the total package offering is unrivaled in Nanaimo.
If you are considering a move or contemplating how a move may be able to benefit your business, please contact Commercial Real Estate Advisor Devin Jahelka (250-751-0804 or firstname.lastname@example.org) to arrange a complementary consultation to discuss your business needs.