A business park or virtual office park is a place of land where many small to mid-size office buildings are located together. The original office park, located in Mountain Brook, Alabama, opened in the mid 1950s to help prevent racial tension in major city centres. The benefits offered by such an arrangement are many and the disadvantages few.
There may be one or two major advantages offered by the arrangement that make it worth considering. In most cases, the developer pays taxes on the property based on the current value of the land.
Another key advantage of business parks is their proximity to the urban core. For example, a doctor’s office could set up shop in a business park in southwest Missouri. And, a computer hardware manufacturer could set up shop in a business park in northeastern Colorado. In fact, it is not uncommon to find office buildings located next to shopping malls in business parks.
The final advantage offered by business parks is their proximity to major freeways. Freeways and interstates are highly useful for commuters who use central business parks for commuting between work sites. Employees in such settings benefit from the easy access to central business parks, shopping centers, and office buildings.
Often, these locations are located near major freeways and interstates that are essential to commuting for both employees and customers. And, even in regions with few major highways, many of these suburban areas are located close to one another and connect through various public transportation systems, including commuter rail systems and commuter airports.
Another important feature that most business parks have is the ability to interconnect various pieces of property. This can be crucial when companies lease space in multiple buildings or when industrial buildings share parking facilities. Many offices prefer to have access to the main road for parking as well as other modes of transport. If a business park is located near an airport, for example, the company’s employees may choose to commute by plane rather than by foot. This accessibility is not only convenient for employees but can also be beneficial to customers, as well.
But no matter the amount of space needed, there are some factors that are nearly impossible to ignore. For example, should a development site be located on three acres available land or nine acres available land? A business park should provide key tenants with access to these necessities, especially if the building is on the outskirts of an metropolitan area.
One of the biggest benefits of a business park is its flexibility. A business park can also expand the available real estate around a particular project by offering land for development, which would require an expansion of the land mass just to accommodate the new use.