Finding Commercial Real Estate In South Florida
Let’s say you’re a business owner whose entire operation to date has been online, but you’re now looking to expand into a brick-and-mortar location. Or, maybe you’re jumping in from the start with a physical location. Finding the ideal spot for your business can seem like a daunting task, but it doesn’t have to be. There are several different resources at your disposal to help you find the perfect commercial property.
Do I Need Commercial Property?
Before you start your search, ask yourself if you even need commercial property. If you’re starting a brand-new business, consider whether you need an office space or if you can work from home or in a coworking space while you get things off the ground. If you decide you do need your own property, this should be one of the first investments you make, as prices can rise quickly.
If you already have a successful business, you might consider buying commercial property to expand your company. Purchasing property can help you reach a new audience in a different city, for instance. Buying commercial property could also be helpful if your at-home business is becoming too large in scale and you now need a dedicated space for your work.
How to Find Commercial Property
As with any property search, typically the best place to start is on the internet. You can easily do a web search for available spaces in your area and can tailor your search to your specifications. If you need a certain amount of space or want a property in a specific area, this is your fastest option.
You can also work with a real estate agent to find your ideal location. Experienced agents should know about the area and will be able to help you navigate the possibilities. Finally, don’t underestimate the importance of scouting for yourself. Drive around your area and look for “for sale” or “for lease” signs on commercial properties. You might be surprised at what you can find!
Contact Mark Schecter For Assistance
No matter where you are in your commercial property journey, having a lawyer at your disposal is a great asset. They can help you negotiate contracts and ensure that you understand exactly what you’re purchasing. Mark Schecter is a top South Florida commercial real estate attorney who has years of experience in the field. Contact Mark today to see how he can help you secure your dream office space.
Impact Of Covid-19
The impact of the COVID-19 pandemic cannot be overstated. We’ve seen changes to every aspect of our society, and the commercial real estate industry is no different. While the luxury housing market is doing surprisingly well, the office market has not been as lucky. There have been some interesting developments, but as a whole, the commercial real estate market has seen a steady decline since the start of the outbreak.
Distress in the Industry
So far in 2020, the commercial real estate industry for South Florida peaked in January and has seen a decline every month since. The total number of monthly sales has decreased considerably, with April taking a particularly hard blow. While stimulus aids are helping to keep some rents afloat, there aren’t many new properties being bought or leased at this time.
Many lease transactions are being paused, and those who were looking to buy are now starting to question valuations. One of the most impacted operations are co-working spaces. Thanks to social distancing requirements, many of these spaces have had to significantly decrease their capacity or shut down altogether.
A Surprising Increase
While the commercial real estate market is taking a hit right now, there may be a rising market for out-of-state buyers. Some property owners are seeing interest from those in cities like New York, Los Angeles, and Chicago. Business owners in these cities are looking to set up satellite offices in South Florida in an attempt to give their workers more flexibility and space.
A Bright Future?
Some are predicting that the South Florida commercial real estate market will see a boom after the COVID-19 pandemic begins to level out. If business owners are unable to pay their rents and have to vacate their spaces, future buyers may be able to grab these coveted offices at a fraction of the price. Many remain optimistic about the future of the industry, but it’s a matter of time before the market will prove itself.
Get Help Today
If you’re looking to purchase commercial real estate now or at some point after COVID-19, be sure to get a commercial real estate attorney. These professionals can help you navigate the complicated work of property purchasing. Mark Schecter is one of the top South Florida commercial real estate lawyers and can help you find and purchase your ideal business space. Contact Mark today to learn more.
The Right Team Behind You During Your Purchase
If you’re considering commercial property for your business, you’ll need a team behind you to help you make the right decisions. One of the most influential people in your life will be your commercial real estate lawyer. You’ll have a better insight into the industry and can protect yourself from future financial issues. Here are a few of the biggest benefits of hiring a commercial real estate attorney.
Protecting Your Interests
Especially if you’ve never purchased commercial real estate before, the lengthy process and the complex contracts can be overwhelming. By working with an experienced commercial real estate attorney, you’ll have a guide to help you understand what you’re signing and avoid potentially costly legal issues down the road. If any issues do arise, they can handle the situation before it turns into a court battle.
Getting a Fair Deal
Speaking of money, commercial real estate isn’t cheap. However, many people don’t realize that there is room for negotiation. Your commercial real estate attorney works for you, not on commission, meaning they will be able to help you get the best value for your money. They can help you see where negotiations may be possible in your contract and which points are more rigid.
Gaining Industry Knowledge
Commercial real estate attorneys will be familiar with the unique codes and zoning laws that will apply to you. They can go through different development options with you to make sure you’re picking the best location, and they will be particularly helpful when it comes time to sell your property. Your attorney can help you find a buyer and maximize your profit.
Our most valuable asset is time, and hiring a commercial real estate attorney will save you a lot of it. You can avoid countless hours of research, familiarizing yourself with a whole new industry, and help deal with legal disputes. At every step of the way, your attorney can step in to handle an issue, allowing you to focus solely on your business.
If you’re considering buying commercial real estate in South Florida, contact Mike Schecter. He has long been one of the most trusted Broward County commercial real estate attorneys and is dedicated to helping you find the ideal property for your business. Contact Schecter Law today for more information.
What You Need To Know About Negotationing A Commercial Lease
When you’re purchasing commercial real estate, you may think there’s no room to negotiate your contract. Luckily, that’s not the case. Landlords are often open to negotiation so that everyone gets a fair deal. With a commercial real estate attorney on your side, you’ll have the knowledge and expertise to get the best value for your money. Here are a few of our top tips when negotiating a commercial lease.
Look for Comps
Take the time to look at comparable rents in the area and compare them to what you’re being offered. Consider the amount of space you’re looking at, as well as the location itself. Be sure to also look at renewal options. Your landlord will likely want to increase the rent each year, so try to negotiate a cap.
Check the Length
Consider how long your lease will last. Many small businesses lease for 1-2 years at a time, but every property and every landlord is different. Make sure you have the option to renew, but don’t lock yourself into a lengthy lease. You don’t want to be stuck in a location that turns out to be unfavorable, and you don’t want to be unable to move if other options in the area become cheaper.
Are There Hidden Costs?
When you sign a lease, you may not just be paying for the use of the space. Additional costs like upkeep and maintenance can add up fast and throw off your whole budget if you’re not prepared. Learn the current conditions of the space and determine whether you or your landlord will be responsible for repairs. Ask about who will be covering utility costs as well.
Ask About Termination
You will eventually have to terminate your lease for one reason or another, so check to see what the terms are. Find out the circumstances for early termination and ask about any additional fees you’ll need to pay. Request a clause that gives you time to cure a default before eviction in the case that things go south.
Hire an Attorney
A Fort Lauderdale commercial real estate attorney can help you with every aspect of your negotiation. They will have the expertise to help you understand the contract and get the best deal for your company. Mark Schecter is your South Florida commercial real estate lawyer. Contact Schecter Law to learn how Mark can help you negotiate your commercial lease.
Looking For Commercial Space In South Florida?
If you are looking for a new commercial space for your business, you may be wondering whether to buy or rent. There are certainly pros and cons of each, so you will have to determine which situation is best for you and your company. Read on for some tips when deciding whether to buy or lease commercial real estate.
Pros of Buying Commercial Real Estate
When buying commercial real estate, you have complete control over the space, within the confines of zoning restrictions. Your mortgage payments will be fixed and can’t change like they could under a lease. You can also deduct several expenses on your taxes, and you may benefit from capital appreciation in the long run. Additionally, you might be able to rent out some of your space to tenants and receive additional income this way.
Cons of Buying Commercial Real Estate
Purchasing commercial real estate can be expensive upfront, as most spaces require a 10% to 40% down payment. You will be held liable if someone is hurt on your property, and you may incur prepayment penalties or have difficulty qualifying for financing. There is also a chance that your value will decline over time and you will face capital loss.
Pros of Leasing Commercial Real Estate
If you choose to lease commercial real estate, you’ll have more flexibility than when purchasing. Qualifying for a lease is relatively easy, and you may have the opportunity to get into a prime location. There are also several costs you can deduct on your taxes, and rent is typically easy to budget for. You won’t have to worry about insurance requirements and the upkeep of the space, giving you more time and energy to focus on your business.
Cons of Leasing Commercial Real Estate
If you lease, you will not have the opportunity to earn rental income from other tenants. You won’t have any control over the space, and you won’t be able to deduct expenses you may have with a mortgage. There’s no way to benefit from an appreciating asset or build equity on the space, and your monthly rent payments may increase to more than what it would cost for a mortgage.
Deciding whether to buy or lease commercial real estate is a big choice, so you need someone on your side to help. If you’re considering hiring a South Florida commercial real estate attorney, Mark Schecter is one of the best in the business. Contact Schecter Law today to see how we can help.
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.