When it comes to purchasing and developing real estate, the phrase ‘location, location, location’ is quite common. Location ultimately decides the real value of the property. For instance, a luxury high-rise office building will have less value in the middle of rural Texas compared to downtown in New York.
However, there are many other factors that are equally important. Most investors and business owners focus on physical factors such as local community, transportation and accessibility, and the population and economic conditions of the area. And while these can be driving factors in determining the feasibility of commercial real estate property, environmental factors also have a lot to contribute.
Here are the top environmental factors that you need to consider before deciding on the location of your next commercial real estate project:
Air and Water Quality:
Air and water quality have a huge influence on property valuation. Cities with poor water and air quality are far less desirable. Any development in such locations declines in value over time.
The quality of the environment affects the rise or decline in the population, thereby affecting the economic outlook of the area.
Properties get affected by environmental hazards such as harsh weather conditions and natural disasters. Before investing in a commercial property, investors must conduct a market analysis to measure the potential risk of flooding and runoffs.
Soil conditions are critical when it comes to developing a particular commercial project. Factors such as hydrology, adequate drainage, the interaction of soil with land and water, as well as the chances of erosion, determine the longevity and sustainability of a particular building.
If you’re an investor and are looking for financing to purchase or develop commercial property in New York, get in touch with Global Capital Partners Fund LLC. They provide quick funding for commercial real estate investors on flexible terms and competitive rates.
Call at +1-800-514-7350 today for further details about their services.