The face of commercial real estate in the Boston Metro Area is always changing. Our global economy and advances in technology did not arrive without consequence; changes in the business world happen faster than ever before.
As a result, companies have become leaner, meaner and more versatile. Business survival and growth depend on the ability to adapt to change.
Despite this, some commercial property owners are focused on the past use of a property and the income it provided. Investors can also be too quick to pass up a property for similar reasons. Yet some of the best opportunities in commercial real estate could be in the acquisition and re-purposing of certain properties.
The New England Real Estate Journal made an excellent point in this respect; real estate is about location. A number of commercial properties that are on the market today are in need of repair, new tenants or re-purposing. While this can be daunting, it’s important to remember that you are buying location. When a great location becomes available, you must have the vision to see beyond the past history.
It has been said that the most valuable aspect of a McDonald’s franchise isn’t the profit on hamburgers – it’s the value of the real estate beneath the restaurants. Even if you never wanted to own a McDonald’s, you might be interested in owning the location!
This is not a new idea, but it’s worth refreshing the notion in today’s market. Interest rates are low, making it feasible to finance renovations and redevelopments. Zoning restrictions must be considered – but it is not impossible to re-zone a property, and the potential improvement in value, once accomplished, could be well worth the effort and expense.
The commercial real estate market in the Boston Metro Area is dynamic and highly localized. Whether you have a business idea that needs a location, or a location that needs a new business idea, professional guidance is a must. If you are considering the purchase of commercial real estate, we can help you find the best opportunities!
As your experts in Boston Metro Area commercial real estate, we enjoy helping commercial property investors and business owners! Contact us today for your commercial property consultation!