I hear it all the time, who takes credit for the phrase, I have no idea. If you are interested in residential real estate for your long term investments then part of your investment formula should include jobs, schools as part of the location formula to consider to invest as those areas are more likely to appreciate in value and have a sustainable renters and buyers pool. While location is a important word in commercial real estate, the 3 most important, I don’t think so.
You may find the best location but if your not allowed to operate your type of business there, location is gonna take a backseat.
Just because your business may be allowed to operate in an area zoned for industrial in Chandler AZ doesn’t necessarily mean your business will be allowed to operate in an area zoned for industrial in Gilbert AZ or vise versa. So USE is also important in commercial property. Use is controlled by a number of factors such as deed restrictions, government regulations, zoning ordinances etc.so when buying whether for investment or your own business use ,it is important to have as part of your team of advisers a commercial agent.
Some people believe they will save money by not having a professional represent them (apparently not realizing the buyer or tenant isn’t paying commission, the seller or landlord is).
Additionally against the advise of all commercial real estate professionals I know, some buyers/tenants choose not to use an accountant and/or attorney. They are not expensive if used from the start, they only become expensive if you try to do it yourself and need them to bail you out of a jam.
Anyhow I digress, getting back to simply “location, location, location”. While location is important in commercial property, its not that simple, more information is required to make informed decisions and nobody knows everything, I, for example couldn’t tell you off the top of my head the current market price for a 2000 sf house in Chandler AZ, nor would I expect a residential Realtor to know the current market lease rate for a class B office property in Scottsdale AZ.
Bottom line you want to make good investments, then don’t try to cut corners, hire the professionals you need to make informed decisions. There is more to it than “location, location, location”.