Frequently Asked Questions
Over the past 30 years, Charles Peacock has been involved in Maryland real estate sales & leasing, property management, real estate investment, and the construction industry. He is a licensed commercial real estate broker, specializing in the representation of both tenants and landlords, as well as medical and dental professionals. Charles also represents several medical building owners.
United Development Realty has experience with all types of commercial real estate properties including medical, dental, office, industrial, flex, and retail. We have assisted hundreds of medical professional and business owners with their commercial real estate needs.
No. United Development Realty is a Commercial Real Estate Broker in Maryland specializing in Tenant Representation, Landlord Representation, Lease Renewals, Property Management, and Consulting. However, we can put you in touch with brokers that specialize in residential real estate.
A commercial real estate broker can step in at any point, but reaching out sooner typically saves time and money and ensures a better outcome. Failing to establish a brokerage relationship early can lead to unnecessary complications and delays in the process and hurt you in negotiations. Many times, clients reach out after they have already started the search on their own. However, a broker is a great resource to help you strategize and eventually execute your plan. A good broker knows the properties, landlords, buyers and sellers, and can help you in negotiations.
First, do your homework. Check a commercial real estate broker’s client references and qualifications. Then, ask questions specific to your unique needs. Are you looking for Tenant Representation, Landlord Representation, Lease Renewals, Property Management, or Consulting Services? Ask the broker about their ability to help you in these areas. Also, ask if the broker has any existing listings that might present a conflict of interest.
Working with a local Maryland firm comes with several benefits. For starters, local brokerage firms are more intimately familiar with the real estate market in your area. Secondly, local firms tend to give you more personalized attention. At United Development Realty, for example, we take the time to get to know you, your vision, objectives, and goals. Then, once we fully understand their business and its unique needs, we can assist them through a tailored package of services.
Our client-first approach ensures that your unique needs are always met.
It all starts with a conversation. We take the time to get to know you, your vision, objectives, and goals. To help you prepare for this conversation, consider the following.
- Location - Do you have a preference where your business is located (city, county, etc.)?
- Space - How much space do you currently need?
- Growth - How will your space needs change as your business grows?
- Special Needs - Do you have special requirements, such as power, height, high throughput network, equipment, etc.?
- Building - Do you have a class building preference? What about building amenities? Parking requirements?
Only with a complete understanding of your business’s unique needs can we help you achieve your goals through a tailored package of services.
This is a simple question with a complex answer. It is all dependent on your current situation and expectations for the future, along with the real estate market. Give us a call and let’s discuss your plans, where you want to be, and what the local market is doing. We will work with you so you fully understand every option.
They are many factors that must be considered if you have a medical practice or business that could operate in retail, medical office, or office space. There are pros and cons with both types of commercial space. Give us a call and let’s discuss your options. We have assisted hundreds of medical professional and business owners with their commercial real estate needs.
Absolutely! United Development Realty has access to comparable building sale databases and tools that track the real estate market.
While this is a very common question, the answer requires some calculating and planning. You have probably heard that a quick rule of thumb is about 120 – 300 usable square feet per person. However, it’s not always that simple. Here are some questions to consider.
- What type of environment do you expect?
- How many employees do you anticipate throughout the lease term?
- Will you have a dense or spacious environment? Large open shared spaces or individual offices.
- Do you have special equipment needs?
- Do you have special medical equipment needs?
- Does your IT storage need a separate climate controlled environment?
- Do you expect growth?
- Will space expansion be easy/feasible? Some Landlords, might be open to an agreement to allow you to expand (or reduce) your space, transfer to another vacant unit.
A space planner is a great resource for refining the space size decision. Smart space planning can result in greater operational efficiencies as well a reduced footprint
The three general classifications for commercial office space are Grade A, Grade B, and Grade C based on criteria such as age, location, maintenance, and length of lease.
- Grade A office buildings are usually brand new or recently redeveloped or renovated and in prime locations or major cities. Grade A offices also feature state-of-the-art facilities and high-quality furnishings.
- Grade B office buildings are typically well-maintained and finished to a good or fair standard, including adequate facilities. Grade B offices are typically found in the suburbs or slightly cheaper areas.
- Grade C office buildings are typically 15-25 years old, functional with steady occupancy, and available for low rent.
The most common mistake people make when searching for a commercial property is failing to first establish a commercial real estate brokerage relationship. This can lead to unnecessary complications in the process and hurt you in negotiations.
Another common mistake is working with multiple agents at the same time. One experienced broker is enough. Several agents working separately without a cohesive plan will not be able to produce the best results.
Business terms are all the deal points that make up an agreement. Many people might think the rental rate is the only point of the negotiation. However, there are actually many other factors which should also be considered, analyzed, and negotiated. An experienced broker will guide you through the various issues that should be considered.
This is an extremely complex issue that requires quite a bit of analysis. Depending on the jurisdiction and many other factors, developing a property can be a large investment of resources (money, time, etc) and can also involve some unknown variables that bring some risk. So, before deciding to develop a new building, first rule out buying an existing property. Are there suitable properties in the area? Are there properties that could be made suitable through renovation and/or additions?
This is a complex question with multiple variables. Contact United Development Realty today to discuss your goals.Our client-first approach begins with a conversation to get to know you and better understand your unique needs. This allows us to better tailor our services to fit your business. And this attention to detail carries through every step of the process. United Development Realty partners with clients before, during and after transactions because your success is our success.
This is because landlords express their rental rates in a multitude of different ways. Some rental rates include all the property expenses, while others may not include any property expenses. Still others may have some expenses included and other expenses separated for the tenants to pay outside of the rent payment.
Another factor to consider is the class of the property. A-class properties will demand higher rates than a C-class building.
Finally, some owners and managers have different strategies when marketing their space. Some list a number hoping for the highest possible rate to be accepted and also might expect some negotiations to occur. While others may list the bottom line and have a "take-it-or leave-it" attitude.
In many cases, the answer is yes. However, the majority of landlords will expect you to guarantee a new business or start-up practice. There are some exceptions to this standard practice that we can explore. You should also speak to your accountant and/or your attorney for their perspectives.