There is a huge difference between retail and office space. Retail space can be a normal store or a huge warehouse while your office space has to be something cozy, attractive and flashy. We are talking about commercial real estate properties. There are three kinds of space that could suit or match your needs, industrial, retail and office space.
Depending on your preferences, you can determine what space will suit and match your business needs the most. It is safe to say that different features go with a different property of course. In the addition to all this, nature of your business and location can also determine what property would suit you the best.
Usually, it is more expensive than the office space. It is mostly surrounded by other stores if it is a store itself. If you choose a location that is closer to the anchor store, you are increasing your chance of better retail results. When choosing a commercial retail space, it is important for it to be visible and accessible. Visibility is probably the most crucial factor to your success. If your retail space is accessible to your visitors, it should guarantee good retail results. One of the important factors would be the parking space. If people know that your retail space has available parking space, they will visit more often.
Office space is far less expensive than retail space. The usual way of getting an office would be through a leasing contract. It is always a long period of time in question when people are considering office space for renting. Office space on lease is the best possible solution if you want economical prices.
Just like with the retail space, the visibility is important because you do not want to have problems with clients who cannot find your offices. Sometimes, things happen and you need to relocate. It would be best to find an office space that is easy for relocation in case that there is a need for it. Of course, you need to inform your clients about your relocation so these are the things that need planning in advance.
The last but not least important thing is convenience. When you want to set a meeting with your clients and customers, you’ll want your office to be convenient for them. This means that your office is easily accessible to your clients. This makes things a lot easier.
Now, we are aware that all these choices and decisions are not easy to make. That is why our real estate brokers and agents are always available and at your disposal in case that you need an advice on such matters. We are always prepared to address the matter immediately as resolving that kind of situations for our clients is of the utmost importance to us and our cause. Picking the right location for your office and retail premises is of great value to your business.
In the last 30 years, the commercial real estate industry has gone through a lot of changes and transformations. The industry of today has become an institutional class of assets where the owners manage global and relatively complex portfolios. People like institutional investors were barely interested in real estate. With the rise of global commercial real estate investors and new investment structures on the markets all over the world, real estate is now the most wanted investment in the market.
There is an issue with this though. The trading tools are not up to this challenge. Even though the whole world is wrapped in numerous technology innovations like big and mobility data or cloud, commercial real estate is still managed out of old technology platforms.
These old ways are changing. There is a new wave of commercial real estate technology and companies who are now dictating the tempo of the trade and the evolution of new tools of the trade. Modern CRE tech companies are embracing various new software and domain expertise to build those new tools and modernize the industry. And this is not going without any results, two years ago, there were over 90 million dollars of investments in CRE tech companies alone.
New times are always bringing the rising level of competition on all fronts and levels. The considerable inflow of capital followed by low interest rates made the demand dramatically increased. This led to the reach of an epic level of prices when it comes to commercial properties. That is why the competition is so fierce today.
When the competition is high, the demand rises too. The expectations around analytics and real time data access have gone through a fundamental shift. Commercial real estate has always been driven by data but, all that data took an immense amount of time to analyze it. With the development of various software programs who could cope with the task, it became much easier to process all that data.
It is a known fact that commercial real estate is more or less a mobile industry. Agents are almost all time in the field. That is why there is a need for increased mobility. One question was put before all the professionals, why there is no mobile technology dedicated to the CRE industry. It was this question that changed the way of operations for commercial real estate tech companies.
Since all this new technology is now just waiting to be taken, it became a part of a modern CRE industry over the night. Now, the whole industry depends on it. The moderations and alterations still take place even now.