As the future owner of commercial property, you want to find the right organizations and companies to lease your spaces. From local small business enterprises to branch offices of large corporations, you hope to offer an attractive location for conducting business. The building itself should be safe, secure and in good condition, but you also need to consider the surrounding site. Here are some things to think about.
Location, Location, Location
As with residential real estate, location is a big deal in commercial real estate. Some places will be significantly more expensive than others, so you’ll need to investigate your potential for return on investment. The type of property you want to own also should influence your location decision. Will it be a storefront? Will it be office space? Consider the answers to these questions as you search.
If you’re purchasing empty lots with the intent to build, you may need to focus a part of your research on site development. Is the property you’re eyeing developed to tie into public utilities for water, wastewater and electric? Does the lot need significant earthwork requiring the use of a large machine like a bulldozer or excavator Boston MA? You may need to consult a civil engineer to craft a site development plan.
Whether you’re building from scratch, buying new construction or investing in a resale, the structural details absolutely matter. Consult an architect to help you come up with new plans or make renovations and changes to an existing building. Your tenants won’t want to lease a space that has structural damage, water damage, mold or other issues. It’s incumbent upon you to “dig deep” to make sure your property is safe for occupancy.
Commercial real estate can be very lucrative for aspiring owners. When the local economy is strong, businesses will grow and look for places to set up operations. Consider these tips as you start your journey as a commercial property owner.