Within commercial real estate world, office building properties are considered one of the strongest assets simply due to current economic conditions. However, securing office building financing is challenging because lenders and capital providers are looking for more stabilized properties with high net operating income.
5 Things to Watch Out for When Buying an Office Building
Office buildings over the year have evolved from simple commercial properties housing enterprises into sophisticated workplaces with modern gadgetry.
Increasing competition and globalization have resulted in an unprecedented boom as far as office buildings and spaces go. If you are looking for a good commercial property to lease or sublease, it is a must that you have a checklist before you select the right kind of office space.
- Thoroughly analyze your requirements. Inspect inside out before zeroing-in on the best choice. This will save valuable time and energy. Once you have an assessed exactly your needs, which depends on your budget, make sure you prioritize your checklist.
- Consider the overall amount of space that you will need. For example, you may need a small office ranging up to 200 sq. ft. A slightly bigger enterprise might require over 1,000 sq. ft. In case you are looking to set up a store, then certainly you will need lots of space. So, it all depends ultimately on your requirements.
- Factor-in affordability. Prices for office buildings usually are based on a cost per square foot basis. The costs may vary depending on the building’s location and its neighborhood. Location plays an important part in office buildings. A location in the commercial hubs of major cities is always preferred. Sometimes certain locations have their own “feel” among them. If you want your company to rub shoulders with global giants, then you will have to spend on an office building in a prime location.
Other Elements to Consider when Buying an Office Building
- Check out for the required ambiance in an office space. An interior designing firm, for instance, may need a different ambiance then a stock broker’s firm. You need to check out on various other factors like the car parking space and safety aspects of an office building, before arriving at a final conclusion. Once you are clear in your goals vis-à-vis your office space, selecting a good office building becomes a relatively easy job.
- Security situation. Security measures at office buildings are a large part of safety and security measures that require access control, general protection of property from theft and vandalism, and emergency response. Office building employee questionnaires and the resulting statistics show personal security and the security of their workplace is the single biggest worry. An effective security company that provides well-trained professional security guards with impeccable communication and customer service skills will provide a great measure of safety to employees and therefore increase their productivity.
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