As an investor it is important to make good business decisions in your business to maximize profit potential. Commercial real estate purchase or leasing requires a thorough assessment before signing a contract. To be sure you cover the most important aspects use the following tips as a guide.
Tip one ? Examine the legal aspects specific to the location of the property or space. In the commercial real estate market there is no standard agreement for commercial leases. Creating a contract or signing a lease for your business is one of the most important documents you?ll ever create.
Tip two ? research local markets, cover all the most important factors that affect the price. Research the health of the local job market before making an investment decision. Examine the local unemployment rate and compare it to the averages for the state and nationally.
Tip three ? Evaluate the absorption rates which is the rate at which rentable space is filled. Look at the gross absorption rate as a measure of the total square feet leased over a specified period.
Tip four ? Make a comparison of the factors that comprise rents and the ways rents are quoted. Physically visit the sites if possible or through your broker. If the property is not in operational condition for your needs or the seller may have distorted its actual condition.
Tip five ? Check the local requirements of the geographic area. Investigate the zoning laws for your industry or market. Make allowances for the time it will take for processing paperwork. Environmental issues that require a permit for use of the land in the way your business operates if you are an industrial firm or creating products that affect the environment.
Tip five ? Negotiating is expected and the state of the market could significantly affect the outcome of the terms. Your potential landlord or the seller may be willing to make big adjustments in a tight market.
Tip six ? If a certificate of occupancy, title or insurance policy, license, or tax receipt is involved, you need to request these from the seller.
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