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Rick Rakow, founder of Rakow Commercial Realty Group (Rakow Group), announced today that David Richman, long time senior broker at the firm, has acquired the company and is the new CEO.  Richman will run the day-to-day operations of the firm, with Rakow stepping into his new
role as Chairman, working side-by-side with Richman to further grow the firm while continuing to serve its clients.

Rakow Group is a full-service commercial real estate firm that serves the office, medical, retail, investment, and industrial markets in Westchester and Fairfield counties with over 30 years experience. In addition to its several thousand transactions, they have represented such organizations as IBM, White Plains Hospital, Bleakley Platt & Schmidt, LLP, Citrin Cooperman,
Feeding Westchester, illy cafe’ North America and PURE Insurance.
“I am thrilled for David,” says Rick Rakow, who will continue at Rakow Group for the foreseeable future. “With his amazing record, I always knew he’d be the one to lead the next generation of Rakow Group. I look forward to working with him to support the business and its terrific growth

Richman joined the firm in 2002 and has over 16 years of experience in commercial real estate. He was named one of Westchester County’s Rising Stars in 2009 by the Business Council of Westchester. He attributes his success to maintaining strong client relationships, being persistent, and providing personalized hands-on service.

“I am excited, grateful, and humbled to be able to continue the tremendous legacy and fine reputation that Rick and our team have built,” he says. “There is no greater pleasure than being able to bring about positive outcomes for the tenants, buyers, landlords and sellers who turn to Rakow Group for representation. We go above and beyond for all our clients.”
Richman also added that he is optimistic about the future of commercial real estate in the Westchester and Fairfield markets.  “Given the dynamics we’re seeing in the region now, tenants, landlords, and investors will greatly benefit from the sound guidance and judgment of the professionals at Rakow Group.”  
In addition to his volunteer activities with the Pediatric Cancer Foundation and Burke Rehabilitation Hospital, Richman has served on the Board of Directors of Kids X-Press and the Advisory Board of the Lighthouse Guild. He is president of the Executive Forum Business Group, and an active member of the Business Council of Westchester and the Westchester County Association.

David Richman is a graduate of Ithaca College. He is an avid tennis player and enjoys coaching youth sports and spending time with his wife and three young children.

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commercial property for sale

3 Simple Rules for Commercial Real Estate Success

Finding success in commercial real estate can prove to be elusive for many people. A lot of things need to come together for your business to find commercial real estate success. It doesn’t matter if you are looking for commercial property for sale or office space for lease, without doing some hard work and research, you could be digging yourself into a financial hole. With the help of a solid brokerage firm like the Rakow Group, you can find the best commercial property for sale and rest assured that you are getting a great deal thanks to their expert negotiators. Below, we will discuss three simple rules that can help you find success in commercial real estate.

  1. Seek Property with High Visibility

This is a rule that is absolutely essential if you are a vendor or storeowner. Visibility of the location of commercial real estate is extremely important. If your potential clients can’t find your business, how are you going to be successful? Customers will tend to choose the path of least resistance. If it’s difficult to find or get to your business, you could be in for trouble. Try to find commercial property for sale that is easy to see from the road and provides people with easy access in and out. Price visibility into your commercial real estate transactions because it certainly is a valuable quality.

  1. Find Commercial Property with Updated Zoning and Codes

The government can have a dramatic impact on the success of your commercial property investments. It’s something that you need to keep in mind when looking for commercial property for sale. A simple change of the current zoning and codes can cause big problems for your business if you aren’t careful. If you can find commercial property for sale with updated zoning and codes, that means they will be unlikely to change again in the near future. The most successful commercial property owners know how to work with zoning and codes, not against them.

  1. Property Located in a Good Neighborhood

When looking for commercial property for sale, location is absolutely key. The most successful real estate investments are located in an active and strong community. If you can find a property that is located in an up and coming neighborhood, even better. Your property value will grow along with the area. People are normally personally invested in their local economies, which means they will be inclined to support your business if you are in their community.

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industrial space for rent

3 Trends Occurring in Industrial Real Estate

Keeping up with the latest trends in real estate can be a big challenge for some. Every market has different commercial property for sale and if you aren’t up to date with the latest trends, you could be making a poor investment or missing out on a great opportunity. Industrial real estate operates in its own special world. There are several trends currently occurring in the industrial real estate sector that you should definitely be aware of if you are in the market for industrial property. Let’s take a look at a few of those trends below. Remember, if you are seeking industrial space for rent, the Rakow Group can help you find exactly what you are looking for.

  1. Industrial Space Is Going Vertical

Parcels are shrinking and becoming more expensive thanks to inflation and a growing demand for industrial space for rent. When you think of industrial space, the first thing that might come to mind is a large warehouse that is spread out over a fairly large piece of land. However, a recent trend has architects designing vertically to increase the overall square footage of industrial space without increasing the physical footprint. This is a trend occurring with commercial property for sale and is sure to continue in the future.

  1. Shallow-Bay Building Rising in Popularity

There is a new type of industrial space for rent that is rapidly rising in popularity. It’s known as a shallow-bay building. It’s industrial space that is built to fulfill e-commerce orders. Since the rise of online shopping, the demand for industrial space that can accommodate the fulfillment and shipment of online orders has steadily risen. These buildings are closer to the end user, require larger parking lots for employees, and are typically compact.

  1. E-commerce Causing Brick-and-Mortar Retailers to Change

E-commerce has changed the business world forever. Brick-and-mortar retailers are the businesses that are suffering the most thanks to this latest trend, and they are being forced to change. Retailers have started to consolidate their brick-and-mortar and online services in one industrial facility. That means there are lots of new design requirements for industrial space. E-commerce is dominating the global marketplace, and industrial space for rent is changing as a result.

It always helps to stay on top of the latest commercial real estate trends. Contact the Rakow Group if you have any questions about the trends mentioned above or would like to chat about commercial property for rent.

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office space for rent

4 Tips for Renting Your First Office Space Real Estate

Renting your first office space is an exhilarating time in the history of any business. You are spending money on the new home for your entire business operations. You want to find office space for rent that allows your company to grow and keeps your employees motivated. With the right commercial property for rent, you can create the foundation for continued success. Don’t just sign the dotted line on the first commercial property for rent you find. Instead, spend the time to research the market and work with an expert brokerage firm like the Rakow Group. Below you will find 4 tips for renting your first office space real estate.

  1. Keep a Strict Budget in Mind

If you are a startup or a business that is growing, it’s important to create a strict budget for your first office space for rent. You don’t want to be spending an excessive amount of money on your monthly rent. Keep in mind that location will have a key impact on how much your rent is. Avoiding debt and crunching the numbers prior to making a decision is a great rule of thumb.

  1. Location Is Key

The location of the commercial property for rent will have a large impact on the monthly rent. You want to find office space for rent that is close to your team so that their commute is easy. If your workers have to drive an hour plus just to get to work, it can wear them down quickly. On the other hand, if you are still creating a team, choose office space for rent that is an area populated with a lot of local talent. If you own a retail business, choose a location that will allow customers to come by and grow your business.

  1. Ensure That the Lease Is Clear

Commercial real estate contracts can be hard to interpret if you don’t have any experience. It’s important to understand all of the terms in the lease and make sure that all of the provisions you need are clearly spelled out in the lease. Don’t take your landlord’s word for everything.

  1. Hire an Expert

One way to ensure that your office space for rent meets all of your needs is to hire an expert like the brokers at Rakow Group. They can help you locate commercial property for rent at a good price and make sure that the lease includes everything you need.

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industrial space for rent

4 Things to Consider When Renting Industrial Space

Renting industrial space isn’t as simple as showing up and signing your name on the dotted line. You have to do your research and find a property that meets your unique business needs. There are lots of different things to consider that will help you make sure you are making the best business decisions with your industrial space for rent. Renting industrial space is quite different from renting office space real estate. Rakow Group can help you find the best industrial space for rent and guide you through every step of the process so that you end up renting the right space for your business. We have years of experience helping our clients find the absolute best industrial space for rent in their area. Let’s take a look at four things to consider when renting industrial space.

  1. Ceiling Height

When you are renting industrial space, there’s a good chance you will need to store lots of physical inventory on the premises. That means making sure that the ceiling height is adequate for how you will use the space. If you need to stack lots of boxes or pallets, you need a high ceiling in your industrial space for rent. On the flipside, if you don’t need to stack your products than a higher ceiling can end up becoming a waste of your valuable money and space.

  1. Shipping and Distribution of Products

Renting industrial space will only be successful if the property is able to ship and receive your products. If you need a truck court that is big enough for 18 wheelers to come in and out, make sure that the industrial space has it. A docking area is pretty essential if you plan to use your space as a shipping and distribution point for your business. Also consider the location of the space, because time is money when it comes to shipping.

  1. Power Requirements

Before you sign a lease for your industrial space for rent, make sure the property can meet all of your power requirements. If not, you could potentially be making a very costly mistake. Confirm what type of power you will gain access to with the space before you sign the lease.

  1. Floor Loads

Think about the design of the concrete slab in your industrial space. You don’t want a floor in your space that can’t handle heavy equipment. If you don’t consider the floor loads, you could be in for big problems later on down the road.

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commercial property for rent

Financial Commitments of Renting Commercial Property

If your business is seeking commercial property for rent, there are quite a few financial commitments you should consider prior to making any final decisions. You need to make sure that the commercial property for rent meets your budget and business requirements. Office space real estate or industrial space for rent can cost your business lots of money if you don’t understand the financial implications of the space. Rakow Group can help you understand what the monthly costs for a property might be and help you find the right commercial property for rent.

Financially, renting can actually make a lot of sense for your business. The upfront costs can be low and offer the opportunity to find a space for your business that doesn’t require the same large cash outlay that buying does. That being said, there are certain costs that you will have to incur when renting commercial property. Let’s take a look at a few of those financial commitments below.

  1. Security Deposit

It’s quite common for a landlord to ask for a security deposit upfront in order to rent commercial property. The security deposit allows the landlord a form of insurance if there are damages or financial issues that the business leasing the property can’t handle. For example, if you end up damaging your commercial property for rent, the landlord can deduct the cost directly from your security deposit. On the other hand, if your landlord doesn’t need to use the security deposit, you will typically get it back at the end of the lease.

  1. Rental Costs

There are obviously rental costs associated with commercial property for rent. You will agree to a monthly rent price when you are negotiating the contract. This is a monthly dollar amount that will be due each month on a specific date for the duration of the lease. It’s important to choose commercial property for rent that meets your budgetary requirements prior to signing any contract.

  1. Utility Bills

The business leasing a commercial property is typically responsible for the utility costs for the property. This can fluctuate from month to month, which means it’s important to do a little bit of research to determine what that range might be. You don’t want to underestimate what the utility costs might be. That can be a very expensive mistake to make with commercial property for rent.

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office space real estate

4 Tips for Touring Office Space Real Estate

If you are a business owner, there’s a good chance you will have to deal with finding office space real estate at some point. Finding the right commercial property for rent can be a launching pad for your entire business operation. The right office space real estate can be more than just a place to house your business. The problem is many business owners aren’t clear about their objectives for potential office space real estate and what they should be looking for when they are touring certain spaces.

Working with a great brokerage like the Rakow Group can mean gaining the perspective of an expert that has been in the real estate world for many years. Our brokers can help you find the best commercial property for rent and assist you in making the best possible decision for your business. Below, we will provide you with 4 tips for touring office space real estate.

  1. Pay Attention to Details

When you are looking for office space real estate, your tenant representative will typically provide you with many options that fit your detailed criteria. You can narrow things down with their help, but there’s no substitute for actually visiting the property yourself. During a tour, it’s vital that you pay attention to details. Take notice of things like the parking garage and traffic as you are entering and exiting the property. Look at the public restrooms to get a sense of how the property management is doing. Look at the fixtures in the halls and bathrooms to get an idea about when the last upgrades to the building occurred.

  1. Do Your Homework

In order to maximize your tour of office space real estate, you should make sure that you do your homework prior to stepping foot inside the space. Come up with a list of criteria that your ideal space would have. Have a set of questions that you can ask the leasing agent during your tour so that you make the absolute most of your time spent at the tour.

  1. Limit Yourself to 3 or 4 Tours per Day

You don’t want to tire yourself out when touring office space real estate. That’s why it’s a great idea to limit the tours to 3 to 4 per day. You can avoid losing an eye for detail and ensure that you are making a good decision by following this rule of thumb.

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commercial property for sale

The Necessary Steps to Take for Owning Commercial Real Estate

Owning commercial real estate is a dream for many business owners and investors. It’s an opportunity to purchase something that can appreciate greatly in value and provide businesses with the location they need to do great things. The decision to purchase commercial property for sale or office space real estate should not be rushed. You need to make sure you are prepared for the risks and work it will require to be successful. Working with esteemed brokers like those at the Rakow Group is one way to help get yourself prepared and make sure that the deal is a success. Below, we will discuss some of the necessary steps to take for owning commercial real estate.

  1. Determine Your Needs

Prior to starting a search for commercial property for sale, it’s important to ask yourself what you need. Simply stating that you want to buy commercial real estate isn’t going to cut it. Figure out what your budget is, locate an area that interests you, and determine what your ultimate end goal is for the commercial property. It’s also very important to decide what your risk tolerance level is.

  1. Hire a Broker

It’s possible to handle a commercial real estate purchase on your own, but it will help a great deal if you decide to hire a professional broker. Not only do brokers have lots of resources and knowledge, but they can also help negotiate a deal in your favor.

  1. Visit Lots of Different Properties

When you first start thinking about purchasing commercial real estate, you might feel overwhelmed at the sheer amount of properties that are available for you to choose from. It can be tough to narrow things down, which is why we suggest visiting lots of different properties. That way you can decide what works best for you and figure out the ideal location for your purchase.

  1. Finance the Deal

This goes without saying but figuring out the financing for a deal is essential. Make sure you are considering things like property taxes and depreciation. Create a budget that makes sense and don’t neglect thinking about the future as well.

  1. Make the Offer

It helps to have a broker and a lawyer to help out with this step. After you have found the right commercial property for sale and determined your financing, you might be ready to make an offer. This basically consists of signing a LOI, or Letter of Intent, and delivering it to the property owner.

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commercial property for sale

How Rakow Group Can Help You with Commercial Real Estate

The commercial real estate world can be very difficult to navigate if you don’t have any prior experience. With many different market prices to compare, tons of legal terms to understand, and the need for good negotiating tactics, many people are not able to adequately handle commercial real estate deals on their own. That’s why working with a professional brokerage firm like the Rakow Group can be such a valuable asset. With decades of experience, the Rakow Group can help you and your business find success in the commercial real estate market.

Below, we will take a look at a few of the ways the Rakow Group can help you with your commercial real estate needs.

Locating Industrial Space for Rent

Industrial space is a property type that typically includes locations such as warehouses, manufacturing buildings, and factory multi-use buildings. It can be complicated to find the best industrial space for rent, but not with the Rakow Group helping you out. Leasing industrial property is all about experience and relationships, both of which the Rakow Group can offer your business.

Finding Office Space Real Estate

Every single business is different. That means every single business has different needs for their office space real estate. The Rakow Group can help you find the ideal office space for lease that meets all of your company’s needs. We can assist you with negotiating a favorable lease and starting your relationship with your landlord off on the right foot.

Navigating the Commercial Property Market

The commercial property market is not easy to navigate without resources. It’s a relationship based business that can be grueling to traverse without the proper help. The Rakow Group can help you navigate the commercial property market and find commercial property for rent that meets your qualifications. We also have an extensive database of commercial property for sale if you are looking to purchase rather than rent.

Negotiating Leases and Deals

If you decided to work with one of our brokers, you know that you are getting an expert negotiator that can help you get the best possible deal. It doesn’t matter if you are renting or buying, you can rest assured that our brokers can negotiate their way into a favorable outcome. Contact the Rakow Group today if you are seeking commercial property for rent or commercial property for sale.

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commercial property for lease

How to Lease Commercial Real Estate

Leasing commercial real estate is no small task. You have to find the right commercial property for lease. You have to do research about the market. You have to negotiate and ensure that the property or space works financially for your business. There are a variety of things to watch out for, especially, when you are negotiating a lease. There are so many things you need to know in order to successfully lease commercial real estate that it’s worth every penny to hire a professional broker to help out. The Rakow Group can help you handle any commercial real estate lease and locate the best commercial property for rent. We’ve prepared a few tips below that detail how to lease commercial real estate.

A commercial real estate lease is a legal agreement between a landlord and a business. It allows businesses to rent commercial space and conduct business in that space during the allotted time in the lease. Commercial leases typically come in three forms: full-service leases, modified gross leases, and net leases.

One of the important steps towards leasing commercial property is understanding the different types of leases. A full-service lease is commonly used when leasing office building. The rent is all inclusive so the business won’t have to pay for things like building maintenance, janitorial services, and utilities. With a net lease, the business pays less than they would for a full-service lease. However, things like building property taxes and more will typically be added as monthly costs. A modified gross lease is a combination of both leases mentioned above; it’s a fixed cost that avoids charging taxes or unexpected costs.

Another big step in leasing commercial property is setting your parameters. That means deciding what your budget is, what kind of space you need, how much space you need, and considering any zoning restrictions that you need to be aware of. Ignoring any of these steps might come back to haunt you. The Rakow Group can help you every step of the way during the commercial leasing process and make sure that you find the best commercial property for rent.

Perhaps the most crucial step in leasing commercial property is finding a trustworthy broker. There are typically two types of brokers: leasing agents and tenant brokers. Both have their own advantages and disadvantages, but keep in mind that leasing agents work for the landlords. If you want any help finding the right broker for you, reach out to the Rakow Group. We can also help you find commercial property for sale at a great price if you are in the market to buy.

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