Commercial Real Estate
The commercial real estate business is definitely picking up, and now may be a good time to invest. In 2004, prices of commercial real estate properties rose exponentially – 26 percent for apartment complexes, 21 percent for industrial properties, 14 percent for retail properties and six percent for office buildings.
If you’re thinking about investing in commercial real estate, but you don’t know where to start — read on for some guidelines.
Commercial real estate defined
The first step to buying commercial real estate property is knowing what you are buying. Commercial real estate refers to any real property, excluding a dwelling, or property with one to four dwelling units used for residential purposes. The phrase “commercial real estate”" consists of (but is not limited to) properties used for industrial, commercial, medical or educational purposes, and properties with four or more units used for residential purposes.
Find help buying commercial real estate properties
Buying commercial real estate can get very tricky, if you are not well versed in the real estate business. Do no t attempt to do it by yourself – seek the help of professionals who can help you through the process of finding the perfect property, taking care of the paperwork and closing the deal.
Commercial Real Estate Brokers
Remember that buying or selling commercial real estate is significantly different from buying residential real estate. That is why you need the help of licensed commercial real estate brokers to get the best deals.
What commercial real estate brokers can do for you
Licensed commercial real estate brokers are trained to assist you to market your commercial real estate property to the right audience. Your retail, office, industrial or multi-family property will receive publicity that will attract only the best buyers and investors.
Most commercial real estate brokers make use of multiple listing service and extensive multimedia networks to make sure that your property reaches interested buyers. When you leave everything in the hands of commercial real estate brokers, your property will find it is way to newspapers and relevant Internet sites in no time.
What to look for in commercial real estate brokers
Chicago Commercial Real Estate
There is currently a booming market for commercial real estate in Chicago. There are local firms and brokers who specialize in commercial real estate in Chicago. In addition, there are online resources available that can help one buy, sell, or research Chicago commercial real estate.
Retail businesses occupy a large percentage of the commercial properties in Chicago. Because there are a numerous federal and state laws that must be followed when to buying or selling commercial real estate, it is advisable to ask the advice of a professional real estate firm and/or attorney before doing so.
A number of websites provide online listings of commercial properties for sale. These lists are regularly updated. One can search these lists to gain a general idea of the quality of the properties that are available within a given budget. (The prices of commercial real estate typically vary according to their location, size, and quality of construction.) If you are planning to put one of your commercial properties up for sale, it might be to your advantage to add your property to one of these lists.
Although it is often more convenient to do research online, there is no dearth of professional service firms that can help one research commercial real estate in Chicago.