Buying commercial real estate properties isn't the same as buying a residential property. For one, you are deciding on a building that your company will be housed in, or you are purchasing a commercial property for the purpose of renting it to a business whose needs will differ from a residential tenant.
If you are looking for commercial real estate to buy, here are some tips that can help ensure success.
Learn About The Local Market
When searching for commercial real estate properties in a given city or town, you need to take the local market into consideration.
Some cities are geared toward industrial markets with plenty of manufacturing companies or warehouses for storage and shipping. Other places offer more in the way of office spaces where large corporations have their headquarters. Or perhaps it has a more retail focus with commercial properties holding storefronts or distribution centers.
Learn about the local market based on the type of commercial real estate you wish to purchase. Take into account the property types within that area and see if they align with your company.
Also, take into account whether there is plenty of skilled labor in the area who would work there.
Zoning And Environmental Issues
When you have a good idea of the local market for commercial real estate, you now need to know the zoning of the particular areas you are interested in.
If you want your building to be close to the airport or seaport due to shipping requirements, then check with the city to see if that area is zoned for your type of business.
Each city will zone different areas that can only be used for certain types of businesses including industrial and retail.
If your business works with chemicals, for example, you might need to find a building further outside the city limits, or if you own a distribution center, then the zoning for your business might be within the heart of the city.
Also, you need to take into account any environmental issues the city requires the business that operates there to take care of. Learn what your responsibilities would be in caring for the environment.
The Size And Layout Of The Building
The size and layout of any commercial real estate property you are considering is an important factor as well. You may want to expand your company someday, so you might want to think about buying a larger building that could easily accommodate your growing business.
Also, think about the layout of the building. Does it work for what you need it for? Would you need to tear down or perhaps build some walls to accommodate your needs? This will add to your overall budget, so take into account the layout of any commercial real estate property before you buy.
For help exploring commercial properties, contact a commercial real estate agency such as Vancouver Business Brokers.