Saturday, November 2, 2013
Searching For Commercial Real Estate
By Kevin Ierardi
If you own a business or you want to start a new one there is a good chance that you need some commercial real estate. When the search begins you will find there are many different types to choose from.
For the sake of this article we will say that you already own a company and you're looking to expand. When it comes time to shop the commercial real estate market it's vital to keep in mind what type of space your business will need as it grows. Consider what you will need such as a bigger warehouse, more offices or maybe a larger meeting space. However, these are no the only tings to keep in mind as look for property.
The most important thing to remember is what the the cost of the space will be and what that cost means to you. It would be a bad idea to get into a new fancy space that takes a large bite out of the company's bottom line. If your building was to take a large chuck of the company's money it could hurt your product or service as you may not have enough capitol to keep it at its current level of quality.
As your search for property gets under way you want to start on the internet. This is the easiest way to get started right from your current location. The first website you should visit would be The CoStar Group. This company has a nice website for searching commercial real estate that will go far in helping your search. They feature a filtered search which can help you target just the right location.
If you come up empty when looking through that site the next place that you want to look at is The Wall Street Journal. This is a well known resource and your chances of finding what you want here are high. Their site features a built in search, like CoStar that will assist you in locating property where you want.
If you take a look in these location and still can't find what you want don't worry, there are other ways of searching for property. At this point you want to use offline resources such as your local newspaper and the local papers of the towns you are interested in having your business. One note, take a look at the tax rates in each town to determine if things will be to expensive.
If the newspaper idea is a dead end it's time to get in the car and hit the road. Head to industrial areas or dense commercial areas and look for places with signs on them like "For Sale" or "For Lease." When you come across a property that you think will work, write down the number and call it to set up a meeting.
Locating a new space does not have to be something that takes a year to do or something that takes over your mind. The main thing to do here is your research. Don't jump at the first place you see, make sure it the place will work for you. After you find the right location it's very important that you know the terms of your lease. In the commercial real estate world a common lease on a space is 3 years. If you're not going to lease and you're going to buy or build then be sure you know all the in's and out's of your mortgage agreement.
After you have dotted the T's and crossed the I's it's time to make the move to the new space. Sign your name and let your new commercial real estate space begin to work for you.
For the sake of this article we will say that you already own a company and you're looking to expand. When it comes time to shop the commercial real estate market it's vital to keep in mind what type of space your business will need as it grows. Consider what you will need such as a bigger warehouse, more offices or maybe a larger meeting space. However, these are no the only tings to keep in mind as look for property.
The most important thing to remember is what the the cost of the space will be and what that cost means to you. It would be a bad idea to get into a new fancy space that takes a large bite out of the company's bottom line. If your building was to take a large chuck of the company's money it could hurt your product or service as you may not have enough capitol to keep it at its current level of quality.
As your search for property gets under way you want to start on the internet. This is the easiest way to get started right from your current location. The first website you should visit would be The CoStar Group. This company has a nice website for searching commercial real estate that will go far in helping your search. They feature a filtered search which can help you target just the right location.
If you come up empty when looking through that site the next place that you want to look at is The Wall Street Journal. This is a well known resource and your chances of finding what you want here are high. Their site features a built in search, like CoStar that will assist you in locating property where you want.
If you take a look in these location and still can't find what you want don't worry, there are other ways of searching for property. At this point you want to use offline resources such as your local newspaper and the local papers of the towns you are interested in having your business. One note, take a look at the tax rates in each town to determine if things will be to expensive.
If the newspaper idea is a dead end it's time to get in the car and hit the road. Head to industrial areas or dense commercial areas and look for places with signs on them like "For Sale" or "For Lease." When you come across a property that you think will work, write down the number and call it to set up a meeting.
Locating a new space does not have to be something that takes a year to do or something that takes over your mind. The main thing to do here is your research. Don't jump at the first place you see, make sure it the place will work for you. After you find the right location it's very important that you know the terms of your lease. In the commercial real estate world a common lease on a space is 3 years. If you're not going to lease and you're going to buy or build then be sure you know all the in's and out's of your mortgage agreement.
After you have dotted the T's and crossed the I's it's time to make the move to the new space. Sign your name and let your new commercial real estate space begin to work for you.
About the Author:
Want more FREE Valuable Real Estate Information? If your looking to do more research on this topic this is a great place to start. Here you will find more information as well as links to further your search. Thank You For Reading:)
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