The first step in leasing commercial real estate is figuring out the parameters that you need for the property. There are so many commercial properties available in the Florida Keys. So, setting the parameters for the commercial real estate you will eventually rent will help narrow down your choices. Setting up your parameters before even looking will save you time and help keep your focus.
So, what parameters should you consider before leasing commercial real estate? The following list should be at the top of your considerations. As your real estate brokers, we will need to know the following information in order to find the right commercial property for lease for your business.
- Property Zoning Requirements
- Property Type
- Accessibility Needs
- Target Customers
- Employee Considerations
- Size Requirements
- Maximum Budget
Property Zoning Requirements
Few locations have zoning concerns as critical as the Florida Keys. We’ve gone into detail about property zoning in the Florida Keys in a previous blog post. The Keys bring to the table unique regulatory challenges that our real estate team is competent in maneuvering.
Similar to the zoning requirements, we will need to know the type of property you will need. This is less specific than the regulatory issues for zoning in the Florida Keys, and it’s simpler to determine. Still, it’s an important factor that we will need to discuss. We are completely knowledgeable on the type of zoning you can consider dependent on your business type.
Accessibility is an important consideration, especially for retail businesses, hospitality businesses and restaurants. You will need to consider whether the property offers adequate parking and whether the building will suit the accessibility needs of your customers, including ADA accessibility requirements.
Other factors should be considered on an individual basis as well. For example, you would never put a chiropractic practice on the second story of an older building lacking in an elevator, right?
Who is your target market? Is the commercial property suitable and desirable and in a location that fits your target market’s needs? Let’s say that your target market is conservative, senior citizens. You wouldn’t want a property smack in the middle of an area that features music and attire appealing to liberal young adults. That wouldn’t be in your best interests. Likewise, you wouldn’t put an upscale dining establishment in a non-affluent area.
Conduct a simple inquiry to determine a location that is convenient for your employee pool. Make sure that people with the desired skill set exist nearby.
How much space do you need to rent? Determine the minimum and maximum square footage you will require in a commercial property.
Know your budget. Make certain you know what the maximum amount you can spend on leasing the commercial property. Be conservative. The last thing you need is to jump the gun and enter into a lease that your business can’t afford.
Figure out the average price per square foot for commercial buildings in the area you want to lease. Multiply that amount by your required square footage. Make sure to consider utility costs and common area maintenance fees (CAM). Utilities generally run around $2 per square feet while CAM fees may cost between 15% and 35% of the annual lease payment.
Ensure that your maximum budget won’t exceed eight percent of your AGI. If you go higher, you’re taking a large business risk.
Upscale, Comfortable Commercial Real Estate Office
The RE/MAX Keys Connection office is located in the Historic Heritage House in the heart of Old Town, conveniently located immediately nearby major downtown hotels. Our unique, cafe-style real estate office offers our valued clients a welcoming, upscale, professional environment. Enjoy complimentary beverages, free wi-fi, and a private conference room or expansive front porch, depending on the level of privacy you’re most comfortable with.
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Experienced Commercial Real Estate Brokerage Company
RE/MAX Keys Connection’s owner and broker Curtis Skomp is one of South Florida’s top commercial real estate brokers. With over two decades of experience and a CCIM (Certified Commercial Investment Member) designation, Curtis has brokered commercial real estate including industrial properties, shopping centers, strip malls, trailer parks, bars, restaurants, hotels and multi-unit apartment buildings. Unlike many brokers, Curtis isn’t intimidated by bank foreclosures either.
RE/MAX Keys Connection offers clients international exposure with local service. Our service area includes Key West, Big Pine Key, Marathon, Islamorada, Key Largo, and all of unincorporated Monroe County. Our office is fluent in Spanish, which is highly important when doing business in Southern Florida.