Commercial property wears many hats in the real estate industry. Some of the different types of commercial properties that people buy or rent may range from office buildings, retail buildings, warehouses, apartment buildings, industrial buildings, and even “mixed use” buildings; which could be something like a mall or apartments with retail stores underneath. Whether you are searching for reasons to invest in a commercial property, or you would just like to learn more about them, keep reading to discover the pros and cons.
Some of the positive aspects of commercial property may include overall income potential, the chance to create professional relationships, allowing your property to be viewed by local people and investors, having limited hours of operation, having a more objective price evaluations, increasing your net leases, and finally having much more flexibility when it comes to lease terms. Now when it comes to different types of commercial property, these benefits may vary. For example, you would likely not get much appeal or attention to your property if you were to own an industrial building, whereas an apartment building or mixed use building may attract a wide range of customers. But, a retail building may provide more income potential than a warehouse. It truly all depends on the type of property you’re looking for, so be sure to keep these factors in mind as you’re searching for your property.
On the opposite side, some of the negative aspects of commercial property may include larger time commitment, getting help provided to you by a professional, making a large initial investment, and overall increased risks. Like with the pros of this, the cons are similar in the aspect that different types of property will have worse cons than others. For example, a warehouse may not require much time commitment, whereas an office, retail, or apartment building would require much more. Making a large investment in a mixed use building may backfire, as other companies are not looking to rent space out of your property. These are also very important things to consider when outweighing the pros and cons.
If you’re interested in investing in commercial property, or still would like to learn more about it, contact us at Quinn & Associates today. You can call us at (508) 588-5600 or email us at firstname.lastname@example.org. We look forward to working with you throughout this process.