What things should I be checking to tell whether an area will become popular with businesses or not? – StartupSmart

We have looked at premises in an area that has been described as ‘up and coming’ for businesses. I can’t see any immediate evidence of this and want to be close to other companies. What things should I be checking to tell whether an area will become popular with businesses or not?

The key issues to consider when identifying if an area is ‘up and coming’ for start-ups are:

Availability of public transport:

• Is it within close proximity to a train station?
• Are there bus services or tram services nearby?
• Is the area within proximity to a major arterial/freeway, etc?

Level of amenity:

• Is there a good range of shops within proximity (including cafes/banks/restaurants, etc)?
• Are there any nearby parklands or areas of interest?
• Is there adequate onsite or nearby customer car parking?

Other businesses in the precinct:

• Have any other major retailers or well-known business moved into the area?

Availability of accommodation:

• How much office and retail space is available on the market (ie. ‘For Lease’ signs)? Too much available stock may indicate a lack of interest in the area.
• What other new stock is planned for the area? If the area is ‘up and coming’ then there should be signs of other development activity.

Residential catchment:

• Is there a strong residential presence in the precinct, or is the area too isolated/removed from local communities?