Commercial real estate is a lot different than residential real estate. While most home buyers have similar wants and needs, commercial users can have completely different needs, and a commercial building space may be overhauled and adapted throughout its lifetime to fit vastly different needs. Even buildings that may seem like they can have only one purpose, such as a church for sale, can be adapted to other uses. Here are some of the factors that figure into the sale and leasing of commercial real estate.
One of the biggest factors that figures into commercial real estate is zoning. Just because a building may seem perfect for a certain purpose does not mean it can be adapted for that. For example, a large building with high ceilings being used as a sports facility might be perfect for a warehouse or manufacturing setup, but most cities heavily restrict such uses. A church for sale might make a good location for offices or for some kind of housing of special populations, but zoning laws also could get in the way of such an operation, as most churches are in or right on the edge of, residential areas.
Another factor when it comes to commercial real estate is location. Zoning plays a part in location, but there are a number of other factors as well. For example, some businesses, such as a large employer, may want a site that offers room to expand at some point. Portable buildings aren’t an option for most businesses, although they can be a temporary solution. Access can be another consideration. A retail business will want to have good access as well as good visibility. And parking can also be an issue. A business that turns over a lot of customers each day or that has a lot of employees will need a location that has adequate parking.
Price is also a big factor in commercial real estate. Companies are not only looking for the best price for buildings for sale but also in a leasing situation. Figured into the price consideration is how much money will have to be spent to modify the space to meet the business’s needs.
Location and price are the main considerations in commercial real estate. Businesses need to find a building that will meet their needs without breaking the bank.