Whether you’re looking for the ideal workspace or hoping to add to your investment portfolio, commercial real estate may be the perfect solution. However, this sizable purchase requires a great deal of deliberation and planning. Use the following as a guide to ensure you’re on the right track.

Do:

Think of scalability.

Where do you see the business going in the next five to ten years? If you’re expecting growth, you’ll need a property that can support expansion, which may mean buying up more desk space than you currently need. Or, if you’re planning on downsizing, consider where you can save on a smaller commercial property, and allow certain staff members to work from home.

Consider renting it out.

If you find a large commercial property for an excellent deal, don’t pass on it simply because it’s too spacious for your needs. You can always turn your purchase into an investment opportunity by renting out vacant offices to commercial tenants. This way, you can make the most of the square footage in the meantime while still having room to grow.

Don’t:

Forget about repairs.

Schedule a full and thorough inspection of any commercial property before committing to the investment. This way, you can determine if there are significant repairs and upgrades to be done, in which case the asking price might be negotiable. Certain issues like mold growth may prevent you from pursuing the property at all.

Ignore the surroundings.

When you purchase real estate, you’re not just investing in the structure itself, but also the neighborhood that surrounds it. Make sure that the local area is conducive to your business—for example, you may be looking to draw in pedestrians with disposable income. In this case, you’ll want to choose a commercial property with significant foot traffic in an affluent area.

If you’re interested in buying commercial real estate in New York City, contact Jeffrey Anderson Real Estate Broker. With over 14 years of experience, you can count on his skills in design, architecture, and real estate management to help you find the perfect property. Whether you’re interested in an office or storefront, you can choose from locations throughout the city, from Midtown to Battery Park. To learn more about his skills, visit the website or call (917) 568-9642 to arrange a consultation.