How to analyze potential site for first commercial development?

[Robert Rose]

I'm about to embark on my first commercial real estate development project.

I plan to buy a ~1acre property in Georgia to construct a 20,000sqft building with the following breakdown:

8,000sqft retail space

7,000sqft warehouse space

5,000sqft office space

I'll be using some of the office space and warehouse space for myself. The rest will be leased.

How do I determine and analyze a potential location for this development in terms of potential lease rates, vacancy rates, potential area growth, post construction value, etc?

[Robb Almy]

Here are some (not all) ideas to consider. As always, seek professional help local to you. 

Gather some market data- look for local market reports and engage a commercial real estate broker who can provide some great market insights.

Consider your site- what is the accessibility? surrounding amenities?

Work with the local experts- talk with local zoning officials, engage architects, and reach out to contractors to understand the cost and feasibility of your project.

Run your numbers- do some forecasting and layout some financial models to project costs, revenues, and returns.

Make sure you are utilizing your team- aforementioned real estate broker, financial advisor/ CPA, and lawyer and others as you go.

Best wishes and good luck.