What do commercial space buyers prefer?
It will take some time for the current arrest in economic & business activities to reverse, & hence distress in the office real estate will be visible. Meanwhile, to cope up & adapt to the mounting pressure, new concepts will emerge. These would not just be operational but will entail a wider structural impact.
Commercial investment is a potential risk as comparing to other real estate investments but it has a high return on investment for a successful commercial investment requires a good grasp of the real estate market, current trends, understanding of potential risks, and financial ability.
Area accessibility to a different mode of transport
A poorly connected business will die a slow death, so easy access to your commercial space will lead to high growth in business.
Imagine arriving at work and finding the doors locked. That's how the world feels for the disabled when they encounter inaccessible buildings. Accessibility matters to clients and staff alike. Making building upgrades to improve inclusivity keeps you in legal compliance and benefits your bottom line. Whether you’re on the hunt for a new office lease or looking to optimize your current space, remember to keep accessibility in mind.
Main factors to choose a commercial space
- Weather location is close to major commercial hubs or not
- Major industries in neighboring
- Demand & supply gap
- Good infrastructure in surroundings
Decentralization of office space
Existing office spaces cannot be expanded, organizations will need to redesign & reconfigure their existing space to ensure de–densification & contain future challenges like manpower-intensive service industries such as IT/ ITeS, BFSI, etc, per person, usable space is mostly 35-50 per sq. ft. However, in the light of more social distancing & healthier working environments, such organizations will be mandated to allot larger space
Do not begin your commercial exploration before you get your budget right, the budget you have in your hand decides the kind of property you will be able to buy. It is critical of the investor to figure the amount you need to invest along with other business transactions
Chance of opportunities in future
The resale value of the property needs to check. If the business is not received well, you should be able to sell the property and make sure you have enough buyers.
Previews review about the property
Make sure your area is not susceptible to natural calamities like floods, drought, snowstorms, etc
Survey of property
The buyer will analyze a survey is before buying a residential property. The survey will help to identify any repair or maintenance job required.
It is important to check and review the property whether it is away from strains and loans, papers, and all clear, etc.
Negotiating value
You should never accept the first offer. It might seem difficult in the moment. It may sound difficult at that moment but can save you a lot in the long run
Conclusion
The commercial market is expected to expand sizably and will continue to grow in the coming year including commercial living spaces, malls, homestays.
Make a hassle-free deal by keeping these points in mind.
