In my previous article this month, I made the case that commercial real estate is a far more specialized profession than most people realize. When it comes to choosing commercial property, buildings and locations, there are so many variables to consider that only an expert with many years of experience is truly qualified to guide the search, analysis and valuation processes. As a reminder, here’s a quick clue:
If you are telling your agent what you want and need and then your agent is reacting to your requests – go find a different agent. Your commercial real estate agent or broker should start by asking you a plethora of questions about your business, your intentions, your goals, your operations and many other critical topics that will drive the search and selection steps. Based on the answers to those questions, along with a massive amount of research and analysis, your agent should then be proactively telling you what you want and need and explaining all the reasons why.
To demonstrate how robust and detailed a proper search analysis can and should be, let’s focus specifically on the industrial field and review just some of the questions that need to be answered before shopping properties – and certainly before making any final decisions.
So, let’s pretend I have a client who owns an industrial business, and he is looking for a property that includes a pre-existing building in which he can conduct his business. The following is just a sampling of factors to consider.
Some are more obvious, such as:
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