The commercial real estate industry in the United States has a $1 trillion market size, which is matched by 3.8% market size growth. When you run any sort of business, the process isn't complete until you find a solid piece of real estate to work out of. This commercial real estate purchase takes your business from a fluid enterprise to one that has assets and significant skin in the game. Let the tips below help you when you're interested in purchasing a piece of commercial real estate that you can use for your company.
1. What kind of commercial real estate are you in the market for?
The possibilities are endless when you're looking for commercial real estate, so make sure that you understand what you need and the market for it. Some examples of commercial real estate types include retail, factories, mixed-use properties, special-use properties, and general office space. You will need to also figure out what kind of workflow you follow every week, along with the number of people that you employ. This will help you to start thinking in terms of square footage and layout so that you can figure out which property will best house your company.
2. Have you found the assistance of commercial real estate professionals that can assist you?
It'll take a seasoned team of commercial real estate professionals to help you land the deal that you're looking for. These professionals will first find out what kind of spending and lending power you have so that you can come up with a budget and start working to finance the purchase.
It's also critical that you find the help of a real estate attorney that can go through every document with a fine-toothed comb and search for liens on a property that you are interested in. You will pay different prices for legal representation based on the type of service they provide. If you just need an attorney to help you out with your closing process, it'll likely cost you something between $1,500–$2,000. When you need a real estate lawyer to assist you with property disputes or development, they might charge you between $75 per hour and $125 per hour.
If you start with the tips in this article, you will have exactly what you need to begin hunting down commercial real estate property that meets your budget. Contact real estate services to learn more.