industrial real estate
- Industrial

12 Tips For Buying an Industrial Real Estate Property

In today’s new economy many business owners find it advantageous to own versus leasing a commercial real estate property. But buyer beware, it can get tricky. The following ten tips should help:

1. What You Want To Use The Property For – For example manufacturing, warehouse distribution, storage, service, and repair, whatever…
2. Determine What Size You Need – Have an upper and lower size range; consider future expansion needs.
3. What Kind Of Features Do You Need – Ceiling Height, Docks, configuration, power, column spacing, offices?
4. Budget – How Much Can You Pay? How much will you save?
5. Wage Rate in the Area – Certain areas have higher pay scales – and this may be important to your bottom line.
6. Financial Incentives – Are there incentives available in the area you are looking in. For example, tax bonds.

7. Financing – Is it available and what are the terms? How much cash do you need? Pre-approval needed?
8. Logistics – Where Should You Locate? Near Rail, Expressway, Near Staff?
9. Expenses – What Are The Expenses Associated With Ownership — taxes, maintenance, insurance
10. Create Leverage In Negotiation – always negotiate on more than one property at a time; don’t become attached.
11. Determine Timeline – When do you need to close? Do you have to sell or sublease?
12. Hire A Commercial Real Estate Broker – ALWAYS! It costs you nothing and can save you money and time.

Hopefully, these ten tips will help you as you find the perfect location for your business.