Commercial Real Estate News
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DRK and Company is proud to announce it was ranked as the 8th Commercial Brokerage and the 8th Commercial Property Management Company in the area by Columbus Business First. The publication conducted its annual surveyed all commercial real estate companies in the Columbus, Ohio area and published a list of the top 25 organizations in each category.
The rankings highlight DRK’s growth in the marketplace as well as its growth as a company. Since last year’s rankings, DRK has increased the amount of property it leases and manages by more than 30 percent.
In the 2016 rankings, DRK came in 16th in the brokerage category, but was able to move up to 8th due to the increasing the number of agents they have available to clients and the efficiency with which the team executes leasing assignments thanks to their extensive knowledge of the central Ohio real estate market.
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Whether you’re trying to get your startup off the ground or running an established business, properly negotiating the terms of your commercial real estate lease can have a dramatic effect on your bottom line.
Here are six tips to help you get the space you want for the right price.
Do your homework
Research what similar spaces in the area are going for - if you learn that other area properties are renting for much less, use that information to negotiate a better agreement. If the asking price for surrounding property is much higher, investigate potential issues there may be with the property you’re considering. Research the property owner as well, as you will want to make sure that your business location is properly maintained and is kept in good condition by the landlord.
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As more millennials enter the workforce, their impact on commercial real estate is becoming more prevalent.
According to an article by Forbes, nearly 75% of the workforce will consist of Millennials by 2025. Here are some things to keep in mind if you’re looking to attract this growing sector of the population in the upcoming years.
Space Design and Layout
The days of private offices for all are quickly disappearing as more Millennials enter the workforce. These young people are looking for open layouts that allow them to clearly see and talk to one another and collaborate on a constant basis. Instead of putting private offices and meeting rooms on the outside walls, new design trends have shifted these to the core of the space, allowing the natural light and views to flow into the open work areas.
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Finding the right tenant for a piece of commercial real estate is crucial to the profitability of the property. Be sure not to overlook the following.
Examine the tenant’s finances
For an existing business, review the potential tenant’s revenue stream. Request tax returns and certified or audited profit and loss statements for the past two years as well as year to date financials. If you’re working with a startup, run a credit check and review personal bank statements to make sure they can cover the rent. Even if all the numbers look good, you should require a substantial security deposit. For startups or newly formed businesses, you may want to consider a personal guaranty from the business owner. For LLCs or other special purpose type entities, a corporate guaranty from the parent company might be in order. Ensure that the financials you are reviewing match the name of the legal entity that will be leasing the space.
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In September, Agent Paul Schadek sold a 189 unit multifamily asset on the southeast side of central Ohio for $19,000,000.
Paul listed the asset in May, and put it in contract within 30 days of taking it to market after receiving multiple offers. This was our largest transaction in the third quarter. Paul has been with DRK & Company for 7 years. He’s consistently one of our top performers, specializing in apartment sales and buyer representation. His market knowledge, work ethic and attention to detail have allowed him to be one of our most successful commercial sales agents on a consistent basis. Congratulations Paul on another successful transaction!
The central Ohio multifamily market is incredibly solid right now and all research points to a continued trend in the performance and valuation of these assets.
Considering an investment in the central Ohio multifamily market? Or considering the sale of your multifamily assets? Contact Paul Schadek today to discuss your options.
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A little research and data, combined with a solid plan of action, can turn an ailing property into a cash flowing asset.
Here are three tips to help you succeed.
Step 1: Why is the property not succeeding?
Things that should be considered in this analysis are the condition of the property, the condition of the surrounding properties and submarket, and demographic trends in the area. Does the property have physical or functional obsolescence issues that make it less than desirable for today’s businesses? Has the property not been maintained well compared to surrounding properties?