Everyone wants to get out of the city and move to the suburbs. Those who live in the suburbs want to work close to home, eliminating the commute to work. What they don't want is large office buildings and factories going up in their neighborhood. Suburban commercial real estate needs to blend into its surroundings. It can be a great place to work for employees and tenants, but for property owners it can be a nightmare if you don't have the support of your community. Many suburban commercial properties have gone under in their first five years because of town legislation or community advocates opposed to business development.

 

When you begin the evaluation process for your new suburban commercial real estate investment, include a community support survey in the process. If the structure or complex has been occupied before, was the community behind it or did the previous owners run into problems getting permits and licensing? If there are existing tenants, is there anything about their operation that could be considered hazardous to the community? Chemical companies and rehab facilities tend to get a lot of opposition in suburban neighborhoods. Do you know who your tenants will be?

 

For a new suburban commercial property, one that doesn't have a history you can evaluate, a community phone survey might give you the answers you need. A few questions at the town hall or in the neighborhood barber shop might give you some insight too. There's a good chance that a new complex or building bringing jobs into the community will be looked upon favorably. Complete a business plan once you're satisfied that you have community support, outlining how you plan to lease out space and manage the building. Have your legal team check all the local bi-laws to make sure you're in compliance with all local and state regulations and occupancy requirements.

 

What's next? Fill out the iBank commercial mortgage application here and wait. We'll shop it around and a number of banks and mortgage brokers will contact you with offers. They will ask questions about community support, feasibility, vacancy rates, and your plan to make the suburban complex or building a commercial success. If you've done your homework, you should have no problem getting approved.