Choosing a Commercial Real Estate Broker Takes Study

Article By Bernadette Starzee Via Long Island Business News


Leasing, purchasing or building space for your business is a huge undertaking. Considering the amount of money involved and the effect location and facilities will have on nearly every aspect of your company, it's important to invest time and energy in finding the right commercial real estate broker.

As with many professional services, you must first determine your needs and your budget. You will know right off the bat, for instance, if you're looking for office, industrial or retail space, and most likely if you will be leasing or buying. If you want office space, determine if you will be seeking Class A, Class B or Class C space.

Class A office space means larger, premier buildings with high- profile locations that are easily accessed. Class A buildings have on-site management, impressive lobbies and amenities galore, and they usually rent for $27 to $35 per square foot per year. Class B buildings, which generally have good locations, professional management and some amenities, rent for about $22 to $30 per square foot per year. Class C space is no-frills.

It's usually found in older buildings or converted industrial buildings, without lobbies or amenities, and it costs about $15 to $21 per square foot per year.

Once you have narrowed down your needs, you can start shopping for a commercial real estate broker. Don't just take out the phone book and start making calls. Ask for recommendations from others who have leased office space. Commercial real estate lawyers, bankers and architects, who work with commercial brokers, can also recommend good ones. You might contact professional commercial real estate associations, which require its members to meet certain standards, for a list of brokers in your area.

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For more information on commercial real estate advisory services from Pacific Security Capital, call 1-800-844-6085 or visit www.pacificsecuritycapital.com