Commercial real estate refers to any land or building that is used to generate income. Examples include retail stores, industrial spaces, restaurants, medical buildings, and many more. There are many state and federal laws pertaining to commercial real estate spaces, so one must tread carefully when making transactions.
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Most people aim to gain ownership of their residential property so they can alter it however they like and build equity. While you may approach commercial real estate the same way, there are some things to keep in mind when making your decision.
Are you confident that your business will become or remain profitable in the long term?
Is one of your business goals to grow your team or production size considerably?
Would your business be able to afford a significant increase in rent if property values go up?
Do you anticipate changing your product line in such a way that current zoning laws would have an impact?
These and many other questions need to be taken into account when deciding if it makes more sense to lease or purchase a commercial property. We can help you anticipate these and move forward in a smart way.
We don’t expect you to know the ins and outs of commercial real estate when you come to us. We’ve studied the law for years and exist to help our clients make the most informed decisions possible. We just need to know your business goals and how real estate endeavors factor into achieving them.
Knight Halbert LLP takes pride in helping local businesses grow and succeed throughout their life cycles. If you are considering purchasing, leasing, or selling a commercial property, we’re here to ensure your assets are protected. Contact our office today to schedule a free consultation.