What to Consider When Buying an Office Building
Each buyer has their own preferences when considering the purchase of office space. By taking these aspects into consideration, you can enjoy the steady growth of your investment for years to come.
It’s Not Only About Location
Finding the right location will be absolutely critical, but it’s important to combine this with positive growth projections and future tenants. The location of the office space for sale should already enjoy high vehicle and foot traffic and be in a place that will allow for future development and, ultimately, more traffic.
Thinking about the future, in terms of your building’s tenants, will also be critical. Ask yourself whether tenants would think the location desirable for the long term. If it will be your business housed there, consider your company’s future. Will there be sufficient space for future employees or will you need to purchase a larger building?
Consider Several Properties
You may have to consider several office buildings before finding the one that suits you best. As you tour each, consider what does and doesn’t appeal to you in terms of condition, price, allowed use, and location. You’ll also want to consider the current yearly income the property generates, as well as upcoming repairs or replacements, the reason for selling, and any changes that will soon be coming to the surrounding area.
Although it may not be the first thing you think of, the style of the building can save you a lot of work. A more modern building might already have the new paint, customization options, and attractive interior that will make it move-in and advertisement-ready for you or your tenants.
Have a Team Behind You
A commercial real estate purchase can be a complex process. That being said, having a team of commercial office space experts is a good way to make the process easier for you. An accountant can help you determine a budget for your purchase, as well as assist with navigating any tax implications associated with the sale.
An attorney will be your second pair of eyes, able to spot potential problems with your lease or purchase agreement and any information in the fine print of these contracts you may have missed.
Another expert you’ll want on your side is an appraiser, who will be able to identify any aspects of the building you’re considering that may lower its value or result in the need for major repairs which can reduce your ROI.
A commercial real estate broker will be able to provide you with the accurate market data you need to make an informed decision. They’ll also help you view more properties in less time and ensure that you only spend time viewing properties closest to what you’re looking for.
The brokers at TB-RE possess over 20 years of experience and are dedicated to protecting your interests as they add value to your purchase. Start your search for “commercial office space for sale near me” today by calling (312) 473-1764.