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lease commercial property westchester ny

Consider These Steps When Starting to Think About Owning Commercial Real Estate

Your business is starting to boom, and you decided the next right step is to finally own a space. But before you blow your budget on a mortgage, remember to be prepared. There are important steps to consider when starting to think about owning commercial real estate for the first time. Lease commercial property Westchester NY services will answer all your questions about first-time buying.

Consider different properties

Visit many properties before committing to a commercial space. Do your research on each one. Take tours of the interior and exterior of the entire building, as well as the individual offices. Find out what works for you and what doesn’t about each. Don’t underestimate the importance of property location. Locations near hospitals, city centers, and universities generally have higher property values. And often, they’ll sell faster.

Learn real estate lingo

It’s likely you’re unfamiliar with the vocabulary that the experts use in commercial real estate. Learning some of the terms will be very beneficial when it comes to looking for spaces. It will not only make the process easier, but it will also make communicating with people in the industry easier. These are some common terms people in real estate use:

  • DSC (Debt Service Coverage Ratio): How much debt you’ll you’ll be able to cover each year with income.
  • Vacancy Rate: Percentage of vacant properties in a time period in a particular area.
  • Cash on Cash: Annual income over how much money was actually invested; it could just be the amount of your down payment.
  • LTV (Loan-To-Value): A ratio of the amount of money you’re asking from a lender, versus the total value of your desired purchase.

Ask yourself questions 

You need to know what exactly you want for yourself and what you’re looking for in a space. Asking yourself the right questions is the first step in purchasing commercial real estate. Some questions to consider are:

  • What kind of property do you want?
  • What is your preferred location?
  • Does leasing or buying make more sense for you?
  • What kind of property manager will you need?
  • Are you willing to put work into the property?

Find experts

It’s wise to hire experts to help you with the process of purchasing property. Getting in touch with lease commercial property Westchester NY services is the perfect place to start for help. Besides commercial realtors, you should also consider a commercial real estate lawyer, an accountant, and a mortgage broker. Figuring out your financing is also a huge factor to consider.

The property you’re looking for should be the right fit for you depending on your unique needs. Buying commercial real estate doesn’t have to be a complex process with the help of lease commercial Westchester NY services. Set up an appointment with one of our professional and experienced realtors at the Rakow Commercial Realty Group: (914) 422-0100.

 

 

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commercial space for rent westchester ny

How Healthcare is Reshaping the Region’s Real Estate Market

Across the Lower Hudson Valley, many commercial real estate spaces are becoming healthcare centers. Some are becoming medical suites, while others are transitioning into walk-in centers. These new spaces are advancing the region’s commercial real estate market by filling spaces that have been left vacant since the recession. In Westchester County alone, more than half a million square feet of former business office space associates with healthcare use. If you are looking to lease, sell or buy real estate, commercial space for rent Westchester NY services will assist you.

Healthcare and real estate in the past

According to Howard Greenberg, commercial real estate expert in White Plains, office landlords never wanted medical tenants in their buildings in the past. In general, medical facilities require more parking than other uses. Furthermore, landlords worried medical tenants might not mesh well with the other tenants in a relatively corporate environment. This changed, though, because buildings still need tenants at the end of the day. There has also been a huge burst of medical use with these health groups and hospitals coming into the area. Looking for the right office space is easy with commercial space for rent Westchester NY services.

Healthcare in the present

Nowadays, hospitals are consolidating, outpatient facilities are growing, and neighborhood doctors are joining physician groups. Nurse practitioners are also playing more prominent roles in providing healthcare. Moreover, there are many benefits to medical tenants. They bring some stability for landlords because they often stay longer after making significant investments in their new spaces. An example is renovations. Although landlords pay for improvements for many new tenants, these tenants often carry a majority of those costs themselves. They do this because setting up their spaces is more expensive, requiring additional plumbing, sinks, walls, etc.

Healthcare centers across the region

Urgent care centers treat patients on an as needed emergency basis. These centers are spreading all across the region. The Urgent Care Association of America estimates that there are now close to 440 urgent care providers in New York State. In Upstate New York, this includes about 25 in Westchester and about 10 in Rockland. In Armonk, White Plains Hospital opened its first wellness and medical center in November. The hospital, a 24,000 square-foot facility, expands to northern Westchester. This facility offers a broad range of clinical services, such as urgent care, primary care, obstetrics, orthopedics, and gynecology. Moreover, the Manhattan-based Hospital for Special Surgery announced recent plans to open a 50,000 square-foot outpatient center to the former IBM home at 1133 Westchester Avenue.

Medical center developers are working on and searching for other opportunities to continue the growth of health care centers across the region. It’s not only smart, but it also creates a highly improved experience for many people in need of healthcare services. The Professional Services team with the Rakow Group has been helping companies lease, sell, and buy commercial real estate for the last 30 years. With all the new changes happening in healthcare in the Westchester region, we are your go-to team to assist you with any and all of your real estate needs. Call us at the Rakow Group today for  our commercial space for rent Westchester NY services: (914) 422-0100.

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commercial property for lease westchester ny

Online Retailers Transitioning to Real Stores

Many findings from studies show that the number of online retailers who are opening physical stores is increasing. Having multiple channels for sales is a smart growth strategy for companies. Being limited to just online shopping, for example, is becoming obsolete. Customers like to shop in various formats, and giving them different options will positively affect sales. Commercial property for lease Westchester NY services has an expert team to guide you in choosing the right location for your first store.

Why real stores?

Physical stores are great advertising and marketing vehicles. A physical location is a place for customers to look at merchandise first hand, but without the commitment of buying it. Shoppers want to touch, see, and try on clothing and accessories in an actual store. Companies need to realize they can’t completely ignore potential customers who want to feel and see the stock. When customers come into the store, you can hear directly from them what their preferences are. You can also start to notice similar trends among customers’ likes and dislikes.

Location, location, location

There are a few key factors to consider when choosing a location for your first store. Some of these factors include an ability to support the store locally and the cost of the site. Additionally, it’s smart not to lock yourself into an expensive prime location until the store operations are secure. Leases are often ten or more plus years, so you want to ensure your store is in a sound financial situation. Look to commercial property for lease Westchester NY services to find that perfect space.

A smart space that an online retailer could consider for launching a store is in a shopping center or mall. It’s an attractive investment for the center to bring in something new from a brand perception.

Pluses of physical stores

Many online retail businesses like the idea of having a real store. It means they can observe real customers who come into their shop while gaining valuable insight into customer preferences.

The idea of opening a physical store comes with costs and can feel daunting for retailers because they’re used to connecting with customers via computers. However, they should know that the rewards from a real store can be significant. For example, the ability to reach new customers, faster growth, and customer loyalty are all benefits of physical locations.

At the end of the day, the most important factor is figuring out what consumers want, and providing it for them. Without consumers, there won’t be a business. If you’re an online retailer looking to transition to a real store, choose the Rakow Group to help you find the ideal commercial space. Commercial property for lease Westchester NY services will exceed all of your real estate expectations with the guidance of our expert team. Call us at the Rakow Group today to rent, sell, or buy commercial real estate space at (914) 422-0100.

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How Telecommuting is Changing Commercial Real Estate

It’s clear that technology will forever be transforming every aspect of our culture. From sales to marketing to social media, technology is everywhere. This is no different in commercial real estate. Advances in the technological world are continuing to accelerate, especially in the last few years. Many studies show that telecommuting is certainly going to have an impact on commercial real estate in the coming years. This impact will present new opportunities for commercial brokers. For all of your real estate needs, commercial property for lease Westchester NY services is here to guide you in the right direction.

Benefits of remote work

When it comes to real estate, technology continues to be a channel for change. Workers today are the most mobile they’ve ever been. Constantly being connected means businesses can operate from literally anywhere in the world. We are no longer limited to workers who live near the same city. Different time zones and foreign languages are a help, not a hindrance, and this is exactly how to find top talent.

A more remote staff also changes how companies choose where they want their locations. There’s less need to have one a single office where the whole team joins. But now, companies can choose areas that are more convenient to where their employees live. This allows for more flexibility, which consequently can lead to higher job performance.

Another idea is that companies can choose to use many smaller offices to make it easy for the remote workers to update, check in, or connect with the business when needed. They can also do so for using the company’s tools and resources.

Does this mean more or less office space?

As technology advances, the trend of remote workers is going to advance right alongside with it. Corporate downsizing from the 2008 recession also factors into what could become a decreased need for office space.

Although telecommuting isn’t always possible for every employee within a company, many have still been able to utilize remote workers successfully. This reduces the amount of office space that most businesses need to accommodate all of their employees.

In Memphis, for example, Cushman & Wakefield/Commerical Advisors’ 2015 Mid-Year Market Reports suggests positive office activity, meaning high occupancy rates and pre-recession rent levels. Furthermore, advances in technology will continue changing work arrangements. This means either downsizing space or encouraging employees to be involved in more remote work.

Technology is always changing how we work, which means work is always changing, too. Commercial real estate needs to change along with it, too, if it wants to keep up with growing trends. Companies can balance serving their remote workforce while managing their commercial real estate occupancy costs. It seems as though telecommuting is positively impacting the business world. Rakow Commerical Realty Group is the perfect place to start for all of your commercial real estate needs. With office space to rent, sell, and buy, our expert team will guide you every step of the way. Call us today with commercial property for lease Westchester NY services at (914) 422-0100.

 

 

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Collaborative Workspaces in Commercial Real Estate

Essentially everywhere you go is a commercial real estate spot. Coffee shops, parks, business offices, bars – all of these spaces share the fact that they’re collaborative. The purpose of these spaces, though, differs depending on the type of space it is. Coffee shops are no longer just for purchasing a Venti-sized cup of coffee. More often than not you will see the majority of patrons typing away on their laptops, either in silence or small groups. Spaces like these are becoming the future of the traditional office. Commercial property for lease Westchester NY services has many real estate options the Tri-State area.

Co-sharing is changing the face of the common office

The trend of co-sharing is a revolution for commercial real estate. Traditional office space is set up in uniform – single cubicles with very little access for socialization. Although fraternization in the workplace has been frowned upon in the past, studies are showing the many benefits that open workspaces have. Until recently, most companies designed their workspaces for individuals instead of teams. Co-working spaces provide a sense of community that can optimize work efficiency and ideas in those who use the space. Collaboration, expanding professional networks and knowledge-sharing are major benefits to collaborative spaces.

The financial side of co-shared spaces

How do co-sharing spaces affect commercial real estate developers and brokers? For starters, developers who want to jump on board with this trend should consider shared office spaces when dealing with future construction projects. For instance, distributing more square footage to flexible spaces is a smart idea. This means taking into account how to make your appeal distinctive in the growing market.

It’s important for commercial real estate professionals to be in the loop of their clients’ business process to take advantage of the co-working property sector. Landlords should know that co-sharing can bring properties back to life that is not in competition with surrounding buildings with minimal investment.

Furthermore, entering into the collaborative workspace market can lead to an increase in deals in the future. Eventually, small businesses will outgrow their shared spaces. Once this happens, they can move upstairs to a dedicated office space of their own.

With more companies adhering to the collaborative workspace concept, we see the numbers quickly increasing. For example, a recent survey of over 200 commercial real estate organizations found that 40% of these organizations are considering co-working spaces.

Co-sharing will continue to trump the concept of the common office. Call the Rakow Group with commercial property for lease Westchester NY services today to get started at (914) 422-0100. Our expert team will guide you in with leasing, buying or selling commercial real estate.

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Commercial Space for Rent Westchester NY

Rakow Turns Nightmares Into Dreams

The Biggest Nightmare: Finding The Ideal Commercial Space For Rent

Finding a commercial space for rent is one of the biggest nightmares for most companies of any size. First of all, it’s expensive! Rent is the top expenses in most companies’ budgets. And price is only part of the story. There are several rocks on the way. The good news is that you could have a local partner with 30 years of experience in the commercial real estate industry. Rakow Group’s Commercial Space for Rent Westchester NY Services are at your disposal to turn your nightmare into a dream come true!

How Much Time and Resources Do You Have?

Daily hassle in your business is time consuming enough by itself. When you need to find a commercial space for rent, you also need extra time and human resources. But at the end of the day, how much time and resources do you really have? Are your employees trained real estate negotiators who all of the ins and outs of the Westchester commercial space market? How would you like to use your resources?

Ask once, think twice! We have worked side by side with dozens of companies to find them the absolute best deals possible. Our team is highly qualified at conducting a thorough needs analysis and crafting customized action plans specific to each company. Our tenant representatives will advise you each step of the way, so that at no point will you ever feel left in the dark.

We will go further than any of our competitors to give you the leverage you need to negotiate the terms that you deserve. Commercial Space for Rent Westchester NY Services of Rakow Group are much more than showing you available spaces. We take into count your priorities, needs, and budget as well!

What Do We Offer?

Deep Knowledge of the Market: We know the dynamics and characteristics of the region all of the local communities. Our team follows the developments in the commercial estate market closely, providing our customers with the most relevant and up-to-date information.

Skilled and Experienced Team: Our expert team of real estate specialists has excellent negotiation skills and extensive experience in managing complex situations, always arriving at the optimal conclusion.

Properties in Various Sizes: It does not matter whether you need a 1000 square foot commercial space for rent or one of 100,000 feet. We have an immaculate track record of successfully dealing with properties in all different sizes small to mid-sized companies.

Long Term Local Partner: We’ll become your local ally as a trusted partner to leverage your interests, be they financial or legal. This is why our customers have been consistently seeking out our services for the past three decades.

Detailed Analysis and Planning: We analyze your needs thoroughly and a draft a customized roadmap with comprehensive financial planning.

Ask once, think twice, but act today! Call us today for more information. To make an appointment with our tenant representatives on a no cost / no obligation consultation basis, you can reach us at (914) 422-0100 Ext 10.

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