Investing in an empty lot gives you the freedom needed to develop an office building that meets all of your company's unique needs. Commercial real estate purchases can be tricky because you must think about how the land will affect the construction process.
Planning and zoning considerations must be made if you are considering an empty lot for your office development in the future.
Current Zoning Classification
City governments utilize zoning classifications to help control where certain types of buildings are constructed. Lots that have been zoned for residential use typically cannot house a commercial entity.
The only exception to this rule is a property that can be re-zoned to meet your needs. It's essential that you look into the current zoning classification of any empty lot you are thinking of purchasing for your office development activities. Check to see if the lot can be rezoned before putting in an offer.
Another consideration that you should make when looking for an empty lot to develop into your office building is the existence of any design restrictions that might apply to the lot.
Some areas are subject to design overlays that help create a more unified look between properties within the area. Other areas might be considered historic in nature, limiting the architectural designs that you can choose from when developing an office building.
Verify the existence of any design restrictions before you put an offer on a vacant lot to ensure you have the freedom to develop your building in a way that fits with your company's corporate image.
Your new office building will likely not stand alone for long. Surrounding lots will be developed throughout the years. It's important that you consider how these developments will impact the value of your commercial real estate investment.
Check public records to determine your city's long-term development plans for the area in which you are planning to build. These plans will help you see the city's vision for the area so that you can better determine if the office building that you want to develop will be in line with those plans.
Commercial real estate can be a solid investment if you take the time to consider all facets of a property. Empty lots provide buyers with the ability to construct a commercial building that meets their unique needs, but these lots come with many variables that must be factored in to ensure you are happy with your purchase long-term.
For more information, you may want to reach out to office development services.