Location is key in the success of many Ohio businesses. In most instances, similar types of businesses congregate in the same general area. Thus when a company is looking to invest in real estate, it often looks for property in the same general area as like-minded businesses.
Some companies prefer to purchase property for their own use. A retail store may purchase a particular property based upon its location and ability to fit the needs of the store. Based upon this location, other competitors may be in the same general area and thus attracting the potential for higher traffic volume. Similarly, medical facilities often look for property in the same general area as other medical facilities. This provides convenience to the consumer and ease of access to the various locations that the providers will need to visit.
In some cases, the property owner may not be the actual business provider. In fact, many businesses operate as investors in the property and then lease the location to other businesses. In one recent instance, a two-building location that houses Cincinnati Children's Hospital Operations Center was recently acquired by an investment firm. This firm is not looking to occupy the location itself, but it is looking to make a return on income received from the occupants of this location.
Acquiring property and then providing it to be used by other companies can be a lucrative business venture. Some companies find that by owing the real estate they prosper while other find that by renting the location they too prosper. When an Ohio business decides to either purchase or lease a location, they will want to seek legal guidance to ensure that all aspects of the transaction are properly attended to.