South Florida Commercial Real Estate Remains Warm
Throughout 2020 we can expect the South Florida commercial real estate market to remain warm to hot due to a number of factors including increases in job growth, tax-friendly laws, tourism, major corporations opening new offices and many other factors.
Are you considering taking part in this vibrant market? Talk to an expert commercial real estate lawyer in South Florida at Schecter Law to get unique insights into the best opportunities in the market or assistance with many aspects of your deal including negotiation, legal issues, zoning, closing, transactional issues and more.
Economic stability in South Florida is the result of a range of factors including steady population growth as well as increasing tourism levels. The economic stability drives commercial real estate demand as new restaurants, offices, corporations and retailers compete for prime locations. The state is expected to see an additional 6 million residents over the next decade to bring the total to approximately 26 million by the year 2030. Population growth estimates remain bullish, which means that commercial real estate is not likely to see a major dip in demand overall, barring certain economic factors.
The state also offers unique business incentives that keep demand for commercial real estate high. Florida is rated as the #2 state for business according to Chief Executive Magazine. 20% of U.S. export goods are located in Florida because of its favorable tax laws. It also remains a friendly tax state for retirement – the increase in relocators and retirees drives commercial areas such as retail. Entrepreneurs, investors and business owners will continue to flock to Florida because of all of the tax incentives, including no personal income tax, estate tax or inheritance tax.
Foreign Investment in Real Estate
Over the past few years, foreign real estate investment has remained high in Florida, with the state open ranking #1 for foreign investment dollar amounts. There are a number of factors driving this investment including the climate, tourism, relatively low cost of living compared to global cities and economic stability.
Get Help With Your Commercial Real Estate In South Florida
The retail market is one of the strongest in the country because of all of the domestic and foreign tourism and investment. Time will tell, but several sectors of the South Florida commercial real estate market look to be on the uptick. If you have any questions about what this means for your next commercial real estate move, talk to a leading South Florida commercial real estate lawyer. Call Mark Schecter at Schecter Law today at (954)-779-7009.
Strong Commercial Real Estate
Across multiple sectors including office, retail and industrial, the health of the South Florida real estate market remains strong, based on statistics from the final quarter of 2019. The question is whether or not it will remain this way for the remainder of the year. As you plan your next move in commercial real estate, get the latest market news and also be sure to meet with a Broward County commercial real estate attorney for help with planning, negotiations, purchase agreements and more.
Population and wage growth fueling the market
The commercial real estate market in South Florida is largely been driven by wage and population growth as well as a growing job sector. There has also been an uptick in tourism in the region and several markets continue to expand. Demand remains high for several commercial sectors including retail and industrial, and the foundational drivers for demand remain in place. The market is expected to remain healthy as long as demand remains stable.
In Broward County, the industrial market saw the largest level of completed commercial construction in over a decade over the fourth quarter of 2019. Asking rents for distribution and warehouse space also increased by 2.4% from the third quarter, while asking rents in the office market increased by 1.1%.
If you are considering office space in Broward County, or are considered about the rent increases as a potential tenant, speaking to a commercial real estate lawyer in Broward County can be helpful to ensure your new space meets your goals and to have your questions about the market addressed.
The urbanization of Broward County cities such as Fort Lauderdale is drawing in more office space tenants. Spirit Airlines is opening a 500,000 square foot headquarters in Dania Beach and is expected to fill a large part of the office market, along with smaller players.
Some sectors may see a dip in demand
Although the market overall is considered to be healthy, there are some sectors that may see a dip in demand. Commercial office space is one of them. The expansion of Virgin Trains is allowing companies to have a main office in one county with the largest population of employees along with less costly co-working spaces in other counties.
To learn more about the market in South Florida or ask questions about an upcoming project, speak to an expert commercial real estate attorney in Broward County. Call Mark Schecter at Schecter Law at (954)-779-7009.
4 Things to Think About When Buying Commercial Real Estate
When you’re diving into the world of commercial real estate, there’s a lot to consider. You’ll be exploring a market that’s completely unique and can be intimidating. However, with a little help, you’ll be on your way to a profitable and satisfying purchase. Here, we’ve covered four things to think about when purchasing commercial real estate.
Understand the Market
Think about the market as a whole. Consider the type of commercial real estate you’re looking into, then research competitors, nearby vacancies, and comparable rent figures. You’ll also want to think about the demographics and in the area to ensure you’re appealing to a wide audience. Think about trends as well to ensure you’ll be successful in the long term.
Take the time to make sure you completely understand your financing options. You’ll want to know exactly how much you have to spend, and you’ll need complete confidence that you’re getting the best deal. Talk with multiple banks or investors and compare what’s available to you. This will also give you a head-start when negotiating your contract.
Read your potential contract carefully and know that you have room to negotiate. While compromises are expected, you shouldn’t have to settle, so be clear on what you want from the beginning. Bringing in a commercial real estate lawyer can really help with this part of the process, as someone with ample experience will be able to spot any loopholes and help you get exactly what you’re asking for.
You will want a team of professionals on your side as you enter the market. For instance, it’s a solid investment to hire a contractor to assess your potential property. They will be able to make sure the property is up to code and there’s no major damage, saving you a lot of future headaches.
You’ll also need an experienced commercial real estate lawyer to help you through the process.
They will be familiar with the area and can help you negotiate your contract, giving you the best chance of success. In South Florida, Mark Schecter has long been one of the most respected Florida commercial real estate lawyers. He has a long history of satisfied clients and is always looking to assist new buyers. Contact Mark today to learn more about how he can help you!
2020 Commercial Real Estate Watch
With a new year and a new decade come new trends in South Florida Commercial Real Estate. Particularly in the commercial real estate world, predicting and keeping up with the trends is critical for success. If you have an idea of how the market’s going to turn out, you can come up with a detailed strategy to set goals and reach them. Here, we’ve listed a few big trends for you to consider when thinking ahead to 2020.
Millennials are aging, and this shift will make a huge impact on the commercial real estate world. Many are moving out of urban areas and into the suburbs, but they still want the feel of the “24-hour city.” They want to be able to walk to most of their destinations, have plenty of shops and restaurants nearby, and have easy access to transportation for when they need to go further. These changing priorities will certainly impact the Florida Commercial real estate sector.
More and more businesses are prioritizing tenant experience. People are becoming increasingly mobile and working on the go, leading to a different idea of the “typical” workspace. Additionally, citizens are wanting to invest in spaces that are eco-friendly and are conscious of their environmental footprint. These are huge factors to consider when investing in commercial real estate, and a Florida commercial real estate attorney can help you work these considerations into your purchase.
Of course, technology is part of every single aspect of our society, and commercial real estate is no different. We want to be faster and more efficient in every sense, so if you’re getting into commercial real estate, it’s vital to keep up. Integrating technology into your business is a key part of improving tenant experience, and it will continue to become more and more important into the coming decade.
Speak To An Experienced Commercial Real Estate Attorney In Fort Lauderdale, FL
To help you keep up with the commercial real estate trends for 2020 and beyond, consider hiring a Fort Lauderdale real estate attorney. Having a professional on your side will give you the edge to make the best business decisions and cover all your bases with your new purchase. Mark Schecter has been a powerhouse in the South Florida real estate world for years. His experience is invaluable and has given him insight into how to succeed in the business. Contact Mark today for more information.
Commercial Real Estate In South Florida
2020 is fast approaching, and with it comes new opportunities. Purchasing commercial real estate can be a daunting task, but it can be one of the best decisions you make. Why not take the leap in 2020? Particularly in South Florida, the commercial real estate business is just getting better and better. Here’s why.
Venturing into the world of commercial real estate can be a risky business, so it’s best to start in a state that’s financially stable. Luckily, Florida is consistently one of the top states as far as fiscal stability. Thanks to job growth, venture capital funds, and a high liquidity score, you can rest assured that the Sunshine State is one of the best places to start your business.
When you’re getting started commercially, you obviously need workers, and Florida has a grand supply. The state has the third-largest workforce in the country with more than 9.7 million civilian workers. That’s almost the entire population of Sweden! Additionally, there are more than 5 million foreign-language speakers in Florida, opening you up to a whole new market. The competitive workforce makes Florida a national and global powerhouse.
Foreign Direct Investment, or FDI, is a big deal when you’re looking into buying commercial property. The US is #1 in the world in this sector, and Florida ranks in the top 10 states receiving FDI. Foreigners purchase more commercial property in Florida than anywhere else in the US. Consider hiring a South Florida commercial real estate lawyer to give you a competitive edge and ensure you’re getting your money’s worth.
Not only is Florida a great place to be right now, but it will continue to be lucrative well into the future. Population growth is not expected to slow down anytime soon, and the tourism market just keeps booming, bringing you more customers. South Florida, in particular, is showing increasingly high numbers year after year, and experts have to reason to believe a slowdown is coming anytime soon.
If you’re looking to dive into the world of commercial real estate, contact Mark Schecter. He has solidified himself as one of the top South Florida commercial real estate attorneys and can help you every step of the way in your buying journey.
Negotiating Your Commercial Lease
When moving into the world of commercial real estate, you’re likely to deal with more complicated leases than you’ve ever experienced before. It’s easy to get caught up in the lingo and feel overwhelmed, leading you to potentially make a poorly educated decision. If you learn how to negotiate your commercial lease, you can come out knowing you’re getting the best deal for your needs. Here are five things to remember when you’re negotiating your lease.
1. Include a Lawyer
Negotiating a lease alone can be intimidating, so it’s important to have an experienced legal team on your side. Finding a South Florida luxury real estate attorney who is knowledgeable in the field and is familiar with the market is vital to getting the agreement you want.
2. Understand the Terminology
There are several different types of leases available to you, all with varying coverages. A gross rent lease will typically cover your rent itself as well as all incidentals, while net leases usually have you directly paying some incidentals. Percentage rent leases involve a base rent payment as well as a gross sales percentage. Be sure to ask what options are accessible to you.
3. Know Your Comps
Learning about comparable rents in your area will help you determine if you’re getting a good deal. Check in with commercial realtors to get a full picture of the market so that you can be prepared with figures when you’re negotiating.
4. Check Renewal and Termination Conditions
Be sure to ask what circumstances warrant termination so that you aren’t caught off-guard if you run into some trouble down the road. Also ask how long the lease will last and what your options are as far as renewing when the time comes.
- Evaluate Your Needs
Truly think about what you want and need for your space. Only pay for what you truly need, but if expansion is in your future, consider that as well. Stick to your budget and location preferences, and don’t sacrifice the aspects of the property you really desire.
Your Best Commercial Lease Ahead
All of these tips can help you craft the best lease for your business. Mark Schecter is one of the most experienced and respected lawyers in South Florida, so you can rest assured knowing your case will be in good hands. Contact Mark today for more information about how he can help you negotiate your commercial lease.
Commercial Real Estate: What You Need To Know
The world of commercial real estate can get complicated and overwhelming if you’re just entering the business. Having a lawyer on your side is crucial, but you want to make sure you find an attorney that truly has your best interests in mind. Taking the time to choose the right lawyer can prove instrumental in helping your business grow beyond your wildest dreams. Here are a few things to keep in mind when searching for a commercial real estate lawyer in South Florida.
1. Find Someone Who’s Well-Rounded
Of course, you’ll want to find an attorney who specializes in commercial real estate, but you also want to ensure that their skill set will meet all of your needs. Be sure your lawyer is well-versed in contract negotiation and remedies, tenant issues, lease review, and renewal terms. If there’s a specific need that’s important to you, ask about it!
2. Ask for References
When you apply for a new job, you are often asked to provide references. You should be asking for references from the potential lawyers you’re speaking with as well. Many attorneys will connect you with former clients, but be sure to research for yourself into what the lawyer has achieved.
3. Make Sure You Have a Connection
Even if someone looks perfect on paper, you need to have a genuine connection with them to form the best relationship. You’ll be working with your attorney on a regular basis, and you need a good match if your business is going to succeed. Be sure to meet with them in person more than once to establish your relationship.
4. Understand Your Costs
Price is obviously a big consideration, but don’t skimp on the services you really need. Ask for a quote, and inquire into exactly how you will be billed. Consider if you will need to pay a retainer, a flat fee, or simply hourly. Every attorney is different, so be sure to compare and find exactly what you need.
Commercial real estate is a complicated world, but finding the perfect attorney for your needs can make the journey easier and more enjoyable. Mark Schecter is one of the most experienced and respected attorneys in the field, and he has helped countless business owners get off the ground. Contact Mark today for more information about how he can help your commercial real estate venture.
Florida Is Popular Commercial Real Estate
It’s no secret that Florida is a favorite destination among many, whether moving for retirement or simply getting away. South Florida is a particularly great place to be, and starting a business here can prove incredibly lucrative. If you’ve ever considered investing in commercial real estate, now is the time! Here are some of the top reasons why South Florida’s commercial real estate scene is thriving now more than ever.
- Growth in Population: While South Florida has always had a sizable population, it’s currently on the rise and isn’t expected to stop any time soon. Experts estimate that by 2030, more than 26 million people will call Florida home. Miami, just 30 minutes down the road from Fort Lauderdale, currently has almost 3 million residents with the 6th fastest growing population in the U.S.
- Business Incentives: Florida is ripe with incentives for business owners. It’s easy to see why the Sunshine State is ranked #2 in the nation for business, with its lack of estate tax, personal income tax, and inheritance tax. It’s estimated that 20% of America’s businesses that export products are located in Florida.
- Growth in Retail: Recently, retail growth in South Florida has been simply exponential, at around 4-5% from year-to-year as opposed to 1-2% in the rest of the nation. More than 2 million people work in Florida’s retail market at over 270,000 stores, so it’s easy to see the potential for your commercial venture to thrive.
- Stability: Everyone strives for financial stability, and Florida is the place to obtain it. The state consistently ranks in the top 10 states in Fiscal Stability and Economy from US News & World Report. Job growth and venture capital funds are also on the rise, giving more people good reason to relocate here.
Launch Your Real Estate Business
South Florida is the place to be to launch your commercial real estate venture. To get off on the right food, it’s important to work with a Fort Lauderdale commercial real estate attorney to help you negotiate your lease and ensure you’re getting exactly the deal you want.
Get Help From An Experienced Attorney
Mark Schecter is an authority in South Florida commercial law, and his years of experience in the field will guide you to reach your business goals. Contact Mark today for more information on how he can help you grow your company.
Owning a rental property can be an opportunity to secure some extra income and step closer to financial freedom. However, a venture like purchasing an apartment complex can seem overwhelming. While it may seem too much to try to figure out the ins-and-outs of commercial real estate, it can be much easier by taking things one step at a time. Here are your four basic steps to buying an apartment complex in South Florida.
Get Familiar With Real Estate
It may seem obvious, but you’ll need a little background on real estate itself before you jump into the commercial world. You likely already have a bit of this information at hand, but you may find it helpful to turn to a real estate broker or appraiser to help you with your purchase. Especially if this is your first venture in commercial real estate, having professionals on your side is vital to making sound financial decisions.
Understand Your Potential
The rental income you can accrue from an apartment complex is clearly far greater than what you can achieve with a single rental property. Be sure to fully review the profit and loss statement of the building to give you an idea of the historical income. This step is where an attorney can truly come in handy, as they can make sure you are reading these documents with an unbiased eye and not simply taking the seller’s word at face value.
Have an Appraisal
Appraising an apartment complex can be completely different than appraising a single family residence, so hiring a professional is key. You’ll be able to calculate the net operating income of your building and compare the sales price to ensure you are making a smart business decision, and your appraiser can help you make sense of the numbers.
The vast majority of the time, those purchasing an apartment complex will need to take out a loan. Shop around and see what interest rates are available to you, and negotiate if you are approved by multiple banks.
Commercial real estate is an exciting and fast-moving world, and it’s a great space to expand your portfolio. To make sure you are financially sound every step of the way, turn to a Fort Lauderdale commercial real estate attorney. Mark Schecter at Schecter Law is dedicated to helping you navigate buying the perfect apartment complex. For more information, contact us today at (954)-779-7009.
South Florida Commercial Real Estate
Getting into the world of commercial real estate can seem daunting. Maybe you have started your portfolio with single-family rental properties, but now you’re ready to take the big leap.
Hiring a commercial real estate lawyer in South Florida can be crucial for your move into the commercial sector, ensuring you the highest chance of success to put you on the path to financial freedom.
Here are our top three reasons why you should hire a lawyer when you’re entering the commercial real estate world.
Reduce Your Risk
Commercial real estate is a whole new ballgame compared to standard leases, so you’ll need an experienced lawyer on your side to help you navigate these more complicated contracts. Your real estate lawyer can help you run through the contract with a fine-tooth comb, avoiding any unfavorable conditions. Since you’re investing so much money into this property, you won’t want to skimp when it comes to a lawyer. They will reduce your risk of signing a contract that is unfair.
Help with Negotiations
Real estate lawyers are used to cases like yours, so they are able to effectively negotiate on your behalf. While this may be your first commercial property, a real estate lawyer is accustomed to this field and will be able to represent you in the most positive light and get you the best deal for your dollar. Lawyers will also have a more level head in the negotiation process, as you may be likely to get caught up in emotions in the midst of such large amounts of money.
Help with Smaller Details
Purchasing a large commercial property can come with unexpected issues if it’s your first time in this area. From environmental issues to tenant claims and everything in between, a reliable real estate attorney can help you solve these problems. Issues may arise that you have never even considered, but your legal team will be able to send you in the right direction and help you handle these complicated problems.
The world of commercial real estate can be exciting, and having a good lawyer on your side is key to making the most of your experience. Hire an experienced commercial real estate lawyer in South Florida as a valuable asset to your journey. For more information, contact us today.