There are lots of different factors you must consider when looking at office space for rent — finding the perfect space to invest in is almost more challenging than purchasing a home, but real estate experts can help you make an informed decision. There are many aspects of your purchase to consider, but here’s what some real estate experts believe are key components to making an investment you can really get excited about:
1. What class is the space?
Commercial real estate is divided into three categories: Class A, Class B and Class C. Class A property will be top of the line from the get-go and will attract the highest rate clients. Class B property is still in great shape, but may need some renovations and updates. Class C property will be the most reasonably priced, but it will most likely need some seriously work. Sooner or later, your tenants will want to upgrade and move into a higher rated space. Starting out with a Class A space, or investing in a Class B space with an ample budget for improvements, will give you more staying power in the community and greater tenant loyalty.
2. Keep it fresh.
Offices aren’t what they used to be. Some businesses have been known to run from custom log cabins, or something along those lines. Soulless, florescent-lit, and linoleum-floored spaces are not a place where people want to spend 8+ hours a day. Clean, fresh, and beautiful surroundings will attract high-level tenants, hip companies, and trendy start-ups, adding value to your space and the surrounding businesses.
3. Real estate experts aren’t afraid of the old.
Some of the most beautiful, functional, and trendy office spaces we are coming across are in gutted and revamped historic buildings. If you’ve got an eye for the diamond in the rough, don’t be afraid to snatch up that hundred year old textile mill with great bones. You’ll get to preserve a slice of your community’s history, and breathe new life into something beautiful, all while adding value and integrity to your area. Of course, take into account the potential expense of older-space challenges like asbestos or lead paint removal. You’ll need a professional asbestos removal company to remove any asbestos in your building to ensure it is safe. Head to www.lidoran.com.au/roofing/ or a similar site to find a roofer with experience in dealing with asbestos safely.
4. Keep your eyes open for the new “it” development.
Purchasing your space at just the right moment of development gentrification can be magic; it strikes the perfect balance between a reasonable purchase price and projected future growth. Keep your finger on the pulse of your city, and pay close attention to areas that used to be relatively unknown, but are suddenly popping up in conversation more and more.
5. Location is everything.
The most interesting space in the world won’t work if your customers can’t locate it with ease. Consider foot traffic, curb appeal, and ease of access when seeking out the ideal commercial space. Businesses really need to pay attention to curb appeal. That can be make or break for some customers. If they see a building that looks unloved, they’ll probably take their business elsewhere. Make sure the building looks nice. This could be done by contacting a siding company in atlanta, for example. to install some nicer siding on the building. That could make a huge difference to the curb appeal. You also need to be convenient to your customers, and depending on the nature of your business, access to rail and shipping lanes may be important to consider as well.
If you’d like to get in touch with a real estate expert, contact us today. We would love to help you find that perfect investment space you’ve been looking for!
