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Coral Reefs & Commercial Real Estate
As I continue on this series, this blog will focus on the ideal picture of prime real estate in nature – the coral reef. Coral reefs are the ultimate example of synergy and symbiosis, both of which are also great for businesses.
Coral reefs are essentially living real estate – the reef is made up of tiny organisms which provide a habitat for many sea creatures. In addition to protecting shorelines from erosion and serving as a valuable source for medicines, the primary function of a coral reef is to serve as a home for a variety of sea life.
Surprising Fact: Less than 0.5% of the world’s ocean floor is covered by coral reefs and yet they are home to about 25% of all marine life.
Lesson #1 for Commercial Real Estate:
You should consider locating your business in a central commercial district to benefit from synergy. It is common knowledge that locating a retail store in a busy area is best for customer foot traffic, but retail stores are not the only business type that can benefit from dense commercial locations. The cost of space in a central hub is often more expensive than similar space in a remote area. However, choosing the more populated location could be profitable in the long run due to increased customer foot traffic, even for a non-retail business.Retail stores are not the only business type that can benefit from dense commercial locations. Click To Tweet
Surprising Fact: Coral reefs support the most species per unit area of any of the planet’s ecosystems, rivaling rain forests.
Lesson #2 for Commercial Real Estate:
In addition to choosing a commercially dense location, you should choose a location that is surrounded with diverse businesses to benefit from the strengths and weaknesses of your neighbors. As different species live in symbiosis in a coral reef, different business types can prosper in a commercially diverse location. There are many benefits to choosing a diverse location, including:
- Draw customers visiting nearby complementary businesses
- Cut transportation costs with supplier proximity
- Offer employees with nearby shopping and dining amenities
Sea creatures living in coral reefs are very smart when it comes to choosing their locations to live because their lives depend on it. Business owners should be just as smart about locating their businesses if they want their businesses to survive. There are many other commercial real estate lessons that can be learned from nature. Please read my other blog posts on Commercial Real Estate Lessons from Nature.
About Stephanie Gilbert – Stephanie has been working in commercial real estate since 2003. Although she has done a variety of deals, her focus and passion, when it comes to commercial real estate, is leasing and selling office space, primarily in the Pensacola, Florida area. Click here to read her full bio, or if you would like to contact her, you can call her at 850-434-7500, email her at [email protected] or follow Stephanie on Twitter @StephanieGSVN.