Location: How Important Is It?
Location is a top qualification when buying real estate. It can affect the building space a company can find, its business performance, and the employees it attracts. While many companies have decided to make Miami home to their business, where in the Miami area is a more complex question that is often best answered by what type of business they are.
Industrial and manufacturing companies should consider being close to the Port of Miami, Miami International Airport and / or train lines. These transportation hubs are highly important for businesses to capitalize on trade with Latin America and the Caribbean. The Port of Miami ranks first among the state’s containerized ports and ninth in the United States. Miami International airport is the nation’s top for international freight.
Retail businesses are flocking downtown. The area is becoming an epicenter for shopping with the building of the World Center, City Centre, and MiamiCentral projects. While rents are higher in the area, companies are seeing the sales return on the space, making the location worth it.
In South Florida, being accessible to major freeways is important to attract employees from surrounding areas. Commutes average 30 minutes, and almost all drive personal cars in lieu of public transportation. The location of an office to major thoroughfares can impact employee quality of life, and the talent that is willing to travel to the location.
Limiting location narrows building options down further, especially now when Commercial Real Estate supply is low in Miami, and vacancy rates are down. But RISE Realty believes it is important to commit to a building that meets all requirements. “While it may be difficult to find buildings that meet both location and space requirements, it is important that clients do not rush to settle”, says Keith Darby, President of RISE Realty. “Taking more time in a search will ensure a company is best suited for long term results.”