As the old saying goes, location, location, location. So, when it comes time to purchase property, either as an investment or for your business, you are probably wondering one thing – where to buy commercial real estate. And you’re certainly not alone. In fact, one of the questions we are most frequently asked is ‘What is a good location?’ The bad news – it’s not exactly a black and white issue. It’s a very simple question with a pretty complex answer. The good news – partnering with the right commercial real estate broker can make all the difference.
A Crash Course in Where to Buy Commercial Real Estate
When it comes to owning and operating your own business, selecting the right location is one of the first critical decisions you will have to make. Here are a few things to consider when evaluating locatings.
Questions to Ask Yourself
- Who are you serving? Who are your customers? Where are they located? Will they travel to the location you’re considering?
- What’s the demographic of the areas you’re considering? Are you considering locations with demographics that align with your existing customer base? Will this new location bring in potential new customers?
- What’s the class and type of property that you’re interested in? Location is just one part of the puzzle. You also want to consider building class and type.
- Class – Grade A office buildings are usually brand new or recently redeveloped or renovated and in prime locations or major cities. Grade B offices are typically found in the suburbs or slightly cheaper areas, and are well-maintained and finished to a good or fair standard, including adequate facilities. Grade C office buildings are typically 15-25 years old, functional with steady occupancy, and available for low rent.
- Type – There are several different types of building to consider, including multifamily, office space, retail, industrial, hospitality, and healthcare.
- Where is your competition located? Are the locations you’re considering close to your competition? Will you be competing for customers? Or is the location further away from the competition, meaning you will have very little competition in the area?
- What are your future plans? Do the locations you’re looking at allow for future growth?
- What’s the economic outlook of the areas you’re interested in? Is the area up-and-coming or on the decline? Are the residents wealthy or lower-income?
- What about the location within the location? Selecting the right commercial property goes beyond the physical location of the building. Your location within the building or retail center is just as important. Is there ample parking for your business needs? Who is beside you, above you, or below you? Are your neighbors noisy? Will their business negatively affect yours? Is the area being redeveloped? How will construction affect the space?
Partnering with a Commercial Real Estate Broker
There are plenty of commercial properties on the market throughout Maryland, but which one is right for you? Partnering with an experienced commercial real estate broker can help. Your broker is your behind-the-scenes expert. While it is impossible to foresee every possible issue, an experienced broker is a good start to uncovering many of these potential issues. They provide specialized advice and recommendations to clients, like you, throughout the real estate process to help you make well-informed decisions.
- An experienced broker can also help save you time. Instead of spending your precious time searching countless property listings and comparing locations, your broker will do all of that for you. Then, they will show you only the properties that make sense for you.
- Working with a broker gives you access to industry data. Your broker has access to up-to-date market data, databases, and tools that track industry trends and comparable properties.
- Working with an experienced commercial broker can help save you money. Commercial real estate is often a large part of a company’s overhead expenses. An experienced broker has the industry knowledge you need to find the perfect property and negotiate terms that are not just favorable for your business now, but also in the future.
United Development Realty – We Will Help You Determine Where to Buy Commercial Real Estate
United Development Realty provides Commercial Real Estate Consulting Services throughout Maryland, to help businesses, like yours, find the perfect location. We start with you: your vision, your objectives, your goals. Then, we assist you through a tailored package of services to locate a property that fits your vision.
We begin this process by listening. Only with a complete understanding of your business’s unique needs and goals can we tap into our extensive network of property owners and developers to match your requirements with the ideal space. We immerse ourselves in real estate not just because we love it, but because it is good for our clients.
If you want to know where to buy commercial real estate, call our office (locations in Bethesda 240-221-1976 and Fells Point 410-522-1632) to get in touch with an experienced commercial broker today!