How to Choose the Right Property In Arkansas

1. Understand Your Business Needs

Before you start looking at properties, it’s crucial to have a clear understanding of your business needs. Consider the following questions:

• What type of business will you operate? Retail, office, industrial, and hospitality properties all have different requirements.
• How much space do you need? Think about both current needs and future growth.
• What is your budget? Determine how much you can afford to spend on a property, including purchase price, renovations, and ongoing maintenance.

2. Research the Market

Arkansas’ commercial real estate market varies by region. Conduct thorough research to understand market trends, property values, and demand in different areas. Some key regions to consider include:

• Little Rock: The capital city offers a diverse range of commercial properties and is a hub for government, healthcare, and finance.
• Fayetteville/Bentonville: Part of the rapidly growing Northwest Arkansas region, this area is known for its strong economy, driven by companies like Walmart and Tyson Foods.
• Jonesboro: An emerging market with a focus on healthcare, education, and manufacturing.

3. Location, Location, Location

The location of your property can significantly impact your business. Consider these factors when evaluating potential sites:

• Accessibility: Ensure the property is easily accessible for customers, employees, and suppliers. Proximity to major highways, public transportation, and airports can be a big advantage.
• Visibility: High visibility can attract more customers, especially for retail businesses. Look for properties in well-trafficked areas.
• Local Amenities: Consider the availability of nearby amenities such as restaurants, banks, and other services that might be beneficial for your business and employees.

4. Zoning and Regulations

Zoning laws dictate how a property can be used. Make sure the property you are considering is zoned appropriately for your business type. You should also be aware of any restrictions or regulations that might affect your operations, such as signage laws, environmental regulations, and building codes.

5. Property Condition and Infrastructure

Inspect the property thoroughly to understand its condition and any potential issues. Consider the following:

• Structural Integrity: Look for signs of wear and tear, structural damage, and the age of the building.
• Utilities and Infrastructure: Ensure the property has adequate water, electricity, and internet connectivity. Check the condition of HVAC systems, plumbing, and electrical wiring.
• Parking: Adequate parking is essential for many businesses. Assess the availability and condition of parking facilities.

6. Future Development Plans

Investigate any planned developments in the area that could impact your business. New infrastructure projects, residential developments, or commercial centers can either enhance or detract from your property’s value. Understanding future development plans can help you anticipate changes in the market and make a more informed decision.

7. Financial Considerations

Evaluate the financial aspects of the property thoroughly. This includes:

• Purchase Price: Compare the price with similar properties in the area to ensure it’s reasonable.
• Operating Costs: Consider ongoing expenses such as property taxes, insurance, maintenance, and utilities.
• Financing Options: Explore different financing options and choose the one that best fits your financial situation. It might be helpful to consult with a financial advisor or real estate professional.

8. Work with a Local CRE Realtor

Navigating the commercial real estate market can be complex. Working with a local CRE realtor can provide invaluable insights and expertise. A knowledgeable realtor will have a deep understanding of the local market, access to exclusive listings, and the negotiation skills necessary to secure the best deal.

Choosing the right commercial property in Arkansas requires careful planning and consideration of various factors. By understanding your business needs, researching the market, considering location and zoning, inspecting property conditions, assessing financial implications, and working with a local realtor, you can make a well-informed decision that supports your business's growth and success.

Remember, the right property is out there – it just takes a strategic approach to find it. Wanting help to find the right property? Let's get connected!

Cassie Wells

501.993.1973 | cassie@cassiewells.com