Buying and then leasing or renting out commercial property is a great way to earn an income in Scottsdale. Arizona businesses in the area are always on the hunt for the ideal retail or office space.
However, not all commercial properties are worth your investment. If you are new to commercial real estate investing, one of your first steps should involve identifying attractive properties.
What do prospective tenants want in a commercial space?
If you can figure out what most, if not all, business owners in the area need in a commercial environment, you are already on your way to success. The examples below represent the most desirable qualities of commercial real estate.
- Location: Your prospective tenants want a location that potential customers can easily find. Often, that means investing in real estate located in prosperous areas already containing other businesses or retail establishments.
- Exterior: Business owners like it when the outside of the workspace looks clean and new. Buying commercial properties with nice exteriors and neat landscaping can attract many tenants.
- Access: Even if your property looks great and is settled in a prosperous location, tenants will balk if potential customers cannot access the property. Try to invest in commercial properties close to major roadways and ones that feature multiple access points for tenant visitors and customers.
- Convenience: Like access and location, prospective tenants want their headquarters to be convenient for all customers or clients. Commercial real estate that is easy to walk to or take public transportation to is quite attractive to prospective tenants.
Meeting the needs of your tenants can go a long way in making your commercial property endeavors more successful. At the same time, it is also critical to learn more about strengthening your commercial lease agreements to protect yourself from legal problems. An experienced and knowledgeable advocate can help.