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 properties, of course. In the addition to all this, the nature of your business and your desired location can also determine what type of commercial real estate would suit you the best.
Commercial retail space is usually more expensive than commercial office space. Retail space will often be surrounded by other stores, in a mall or shopping center or in a shopping district with a smattering of eateries, retailers and services. If you choose a location that is closer to the anchor store, you are increasing your chance of better results and a higher volume of footfall and sales. It’s also often advantageous to be near, although probably not right next to, other retails that offer products and services similar or complementary to your own.
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 results. One of the most important factors for most retailers in the US is the accessibility of parking. If people know that your shop has available parking space, they are more likely to visit.
Office space is far less expensive than retail space. The most common method of securing an office space is through a lease. Commercial office leases are typically for at least 3 years, sometimes up to 10 years. In the last few years however, the popularity of short term office space rental has been on the rise given the somewhat volatile nature of the nation’s financial fortunes and the effect its had on companies’ need for flexibility to enable them to grow, expand and move on as market forces dictate. A 10 year lease doesn’t have the elastic benefits of a temporary office rental agreement.
Just as is the case with retail space, location and accessibility is important when choosing your office space – you do not want to have problems with clients who cannot find your offices. 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.
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. It’s a lot easier to move your office from Los Angeles to Anaheim than it is to move all the way to Mountain View. Of course, you need to inform your clients about your relocation so these are things that need planning in advance.
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 sought after 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 swamped in a flood of technological innovations, commercial real estate is , by and large, still managed by out of date platforms.
These old ways are changing. There is a new wave of commercial real estate technology and companies who are now dictating the tempo and 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 to be without results. Two years ago there were over US$90m worth of investments in CRE tech companies alone.
Modern times always produce innovation and competition on all fronts and levels. The considerable inflow of capital into CRE tech followed by low interest rates dramatically increased the demand. 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. With the development of various software programs that are able to cope with the task, it has become much easier, faster and cheaper to process all that data.
It is a known fact that commercial real estate is more or less a mobile industry. Brokers and agents are in the field the vast majority of the time. 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 prompted commercial real estate tech companies to begin developing apps.
Since all this new technology is now available it has seen a massive uptake on the part of brokers and agents and has become part of a modern CRE industry almost over night.