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Blog & News - Rakow Group | Rakow Group - Part 3

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office space real estate

Selecting the Ideal Commercial Office Space

Getting the corner office is a dream that pertains to the vast majority of people in the business world. It’s a symbol of power and success. However, the sign of a truly great business owner is someone that sees office space not as a status symbol, but rather as an opportune location to build something great.

It’s a place that can house your team so that they can build the future your business deserves. Whether you have found the perfect industrial space for rent, or have just been handed over the keys to your new office space real estate, you will have some important decisions to make in order to get the most out of your space. Below you will find a few valuable tips and ideas that will help you make the most of your commercial office space real estate lease.

  1. Do Some Homework

When seeking out commercial property for rent, there will be a large assortment of options, prices, and locations to choose from. It pays to do extensive research by examining the market and thinking about what type of amenities and location are ideal for your business in its current growth stage. Additionally, the more knowledge that you can gain about current market conditions prior to making the deal can lead to towards finding the perfect commercial real estate opportunity.

  1. Keep Your Clients in Mind

If you are planning to have clients come in for meetings in your office space, it’s important to think about the first impression your office space will give. Do you want your clients to be picking up their jaws off of the floor after they see your modern, large, and refreshingly inspired office? By keeping your ideal clients in mind, you can choose office space real estate that works as a powerful selling tool for your brand and business.

  1. Consider Sharing Space

Sharing office space is not just for lean start-ups looking to cut costs. It can be a great option for bigger companies that are looking to accelerate their growth and potentially have offices in multiple locations. Saving money on your leasing costs directly impacts your balance sheet, which means you will have more money to spend on research and development, marketing, etc.

Finding office space real estate is an important aspect for every business. We hope the tips above have provided you with some great ideas on how to locate the ideal space for your business. For more information, call Rakow Group now at (914) 758-0220.

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industrial space for rent

Practical Uses for Industrial Space

Leasing or buying industrial space is a practical option for businesses looking to set themselves up in a physical location without having to construct a building from the ground up. Why pay to purchase a plot of land and construct something when you can lease or purchase an existing property that is undervalued? This mindset definitely makes sense for a lot of business owners.

In today’s industrial space real estate marketplace, there tend to be quite a few industrial spaces for rent that can provide great opportunities for you and your business. The trick is determining how to get the most out of the space and while also covering all bases for your business needs.

Below, we will discuss a few of the practical uses for industrial space that you can apply to your own business plans.

Warehouses

One of the most commons uses of industrial space for rent is using the property as a warehouse. If your business involves creating, shipping, and transporting lots of goods, materials, and physical products, you will most certainly require a space to house them all. Choosing a great location that allows the goods to be easily transported is also key. Industrial spaces are ideal for warehouses.

Manufacturing Facilities

Industrial spaces are usually quite large, making them perfect for setting up a place to manufacture goods. If your business demands lots of space to house large machinery and physical materials, seeking out industrial space is an excellent idea. Additionally, these spaces tend to be ideal for shipping the goods out after they are manufactured because they often contain large garages and transport bays.

Office Spaces

Sure, industrial spaces don’t have the fancy amenities and luxuries that commercial office spaces typically provide, but using industrial space as an office can save you tons of money. It’s fairly easy to convert an industrial space into an office for your business. These spaces provide lots of opportunity for customization as well. You can have the space function as both a warehouse and an office to get the maximum value from your lease or purchase.

Creative Opportunities

Perhaps the best thing about industrial space is the versatility that they provide. There have been spaces repurposed for residential use, middle schools, sports complexes, and art museums. The possibilities are nearly endless. With a creative mindset, you can transform an industrial space from an empty warehouse into a practical and low-cost, revenue-generating powerhouse.

For more information about our industrial property for rent and industrial property for sale listings, call Rakow Group at (914) 758-0220.

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commercial property for sale

Benefits of Leasing versus Buying Commercial Property: A Breakdown

If you’re searching for commercial property that will perfectly suit the needs for your business, it’s important to start things off by narrowing down a very important aspect. Are you seeking commercial property for sale? Or perhaps commercial property for lease is the correct route to take? Leasing versus buying commercial property each require entirely different approaches. A lease can provide more flexibility and the opportunity to leave after the duration of the contract. For some business owners, this option is priceless. On the other hand, purchasing commercial real estate can be an investment in the future that can provide fantastic returns on your initial investment if the property value increases over time. Alternatively, things can go south quickly if the value of the property diminishes and you are stuck paying off the building.

Rakow Group can provide assistance and guidance for either option you decide to choose. We’ve prepared a brief synopsis below detailing why leasing or buying commercial property might be the right decision for you.

Benefits of Leasing Commercial Property

Signing a lease on commercial property or an office space real estate for your business might be a decision that takes your company to the next level. There are quite a few benefits to be had from leasing. One huge benefit is the fact that you will be able to spend more money on your business rather than on the property housing your business. Leasing requires less capital than buying. With more working capital freed up from foregoing a property purchase, you can use those dollars to grow and reinvest. Additionally, leasing can provide the opportunity to set your business up in a great location for a fraction of the cost that purchasing would in that same area. Lastly, you won’t have to deal with the trials and tribulations that owning a property requires. Your landlord or leasing company will have to handle that, which means more time for you to focus on your business.

Benefits of Purchasing Commercial Property

Buying commercial property for sale can require a lot of capital and due diligence. It’s an option that can be extremely rewarding as well. One huge benefit is the tax deductions you can claim after the purchase is complete. Paying less taxes allows you to use that money for other business-related activities, which might make sense for your business. Additionally, after you have your mortgage rate set for a long-term period, you have a clear picture of what your costs will be in the future and can budget accordingly. No need to worry about rent increases. If you purchase a large office space real estate property, you can make some additional income by leasing out spaces in the building to other companies in need of space.

Perhaps the most compelling benefit of purchasing commercial property is the opportunity it provides for you to build equity. Instead of paying monthly rent that is a sunk cost, each month you are actively decreasing the amount of debt you owe on the property and getting closer to owning it outright. You can also be building equity if the value of the property you purchased increases. Building equity provides you with the opportunity to sell, use the equity to finance other property purchases or take out a loan for your business if necessary.

As you can see, there are a variety of benefits for both leasing or purchasing commercial real estate. Determining the right choice for your business depends on your current situation and future goals. Remember, Rakow Group is always ready to help you make the best decision for your business.

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commercial property for sale

The Three Most Important People You Need for Buying Commercial Property

Purchasing commercial property for sale is an endeavor that requires careful planning and strategy for success. You might have found what you consider to be the perfect opportunity, but if you don’t surround yourself with the right people to help out during the purchasing process you might be setting yourself up for failure. There is a variety of issues you might run into during the process of buying office space real estate, like having a misunderstanding of local environmental issues, lacking knowledge of tax implications from the purchase, and problems with contractors during renovations. We, here at Rakow Group, can help you avoid these problems with our broad range of services and connections in commercial real estate.

We’ve created a list of the three most important people you need for buying commercial property to give you some additional insight prior to making your purchase.

  1. An Accountant for Tax Information and Number Crunching

When you purchase commercial property for sale, it’s going to be a large monetary transaction. By setting yourself up with a quality accountant, you can determine the funds needed for the purchase and how to allocate money accordingly in your business. Also, it’s very important to realize that there will be large tax implications from the purchase. The last thing you want is problems with the IRS just because you weren’t aware of commercial property tax code. An accountant can definitely help to ensure you are well prepared prior to the purchase.

  1. A Banker for Securing a Loan

Typically, a large office space real estate transaction requires some sort of financing from the bank in order to make the deal happen. You’ll have to provide quality financial statements to the bank to make sure they give you the best interest rate on the loan. It’s extremely helpful if you are working with a banker you can trust. If you have a long-term relationship with a banker, it’s even better. Choosing the right banker to help with the financing can be one of the most important decisions you make during a commercial property transaction.

  1. A Commercial Real-Estate Expert to Handle Everything Else

Sure, bankers and accountants are important in any commercial real estate purchase, but wouldn’t you like to have someone with over 30 years of experience helping you out during every step of the purchase? Rakow Group’s commercial real-estate experts can guide you towards making great decisions and help you avoid common pitfalls. A commercial real-estate expert is someone who can answer all of your questions and provide priceless guidance during the purchase of a property.

For more information or a consultation, call us now at (914) 758-0220.

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industrial space for rent

Renting Industrial Space: The Sooner, the Better

Imagine the following scenario: you have six months remaining on your current lease, you know you need to move your business operations elsewhere, and you have yet to locate a single viable industrial space available to rent. Stress, pressure, and time are all working against you as you seek a legitimate solution. In this type of situation, you are likely to end up leasing space that is far from ideal for your business needs. Unfortunately, procrastination is a common reality for many people. Don’t let it impact your business when seeking out industrial space for rent.

Many people do not start the process of looking for industrial space early enough. Consequently, they end up settling for a space that does not meet the necessities of their business. There is a real possibility that they will be forced to pay an inflated or premium price on the space due to inadequate time available for assessing all options. Getting the ideal industrial space for rent is easy if you align yourself with professionals and provide yourself with ample time to make the right decision.

The Benefits of an Early Search                                                                                             

When you are looking for an industrial space for rent, experts recommend that you start looking at least 12 months before you have to vacate your current location. Ideally, the search should start 2 years in advance. There are a variety of reasons for this:

  • If you wait until the very last moment, you might find a shortage of properties with the qualifications you need. You could very well end up settling for a sub-optimal industrial space out of pure necessity.
  • You will not have enough time to properly negotiate the deal. Rushing into a lease is never a good idea.
  • You might have to do some remodeling before moving. This can be a time-consuming endeavor. Consider the time it takes to do the actual remodeling as well as the time it takes to get legal and regulatory permissions. Obtaining these permissions can sometimes take several months.

In addition to starting your search for industrial space for rent early, experts also recommend having a real estate agent available to sit down with you every six months or so to help evaluate any real estate needs your company may have.

Throughout our more than 30 years of experience, Rakow Group has helped countless business owners at every step of their industrial space for rent endeavors. If you’d like to know more about us or need assistance, please call now at (914) 758-0220.

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office space real estate

Office Space Real Estate: 3 Different Classes of Buildings

There is a wide variety of office building types to choose from in today’s real estate industry. A broad array of prices, special building features, and additional options exist to accommodate every type of customer and/or industry. Due to this sizeable range of options, there is a general classification of office buildings that exist in each market in order to help establish some consistency in the office real estate industry.

Standards may vary according to each specific market, but there are typically three different building classifications which provide clarity in terms of what specific type of office space someone might be looking for. Additionally, these classifications make the office space real estate search process much more efficient. We have prepared a brief summary of the 3 different classes of buildings below in order to help you start your search.

Class A Buildings

Buildings that are considered “Class A” are the newest and highest quality buildings on the market. They normally have amenity packages such as gym, cafeteria, etc., and also offer high-quality standards in buildings such as elevators, lobby, etc.  The location and accessibility are usually great for Class A buildings. In terms of the actual building, they are considered to have a quality infrastructure along with solid construction. Class A buildings also tend to have high-quality tenants and management. As you might have already guessed, the rent for Class A buildings is the highest out of all three classifications.

Class B Buildings

These buildings are typically a little more dated than buildings you would find in Class A. That being said, Class B buildings are still of high quality. Their systems, management, and tenants are good in general, but not quite on the same level as that of a Class A building. Rent for these is lower than Class A buildings, which means that you can find great value in the Class B building market. Many Class B buildings are highly sought by investors because they tend to have a good location along with the opportunity to be upgraded to Class A after renovation.

Class C Buildings

Class C buildings are the oldest buildings of the group. Their locations are typically not very good. Additionally, the infrastructures, amenities, and technology of the buildings are likely to be outdated. For these reasons, rent for Class C buildings tends to be the lowest out of all three building classifications.

As stated above, the classification of buildings is a general basis for evaluating different office spaces. The standard by which each classification is sorted is subjective to their respective market. You might find that a building considered to be Class C has features that work better for your business rather than a Class A building. The opposite is also a possibility. That is why it is paramount to work with a real estate agency that possesses extensive knowledge and experience.

At Rakow Group, we aim to assist our clients during every step of their real estate experience. Call us now at (914) 758-0220 for any of your office space real estate needs and receive the highest quality professional assistance in the market.

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industrial space for rent

How to Have a Good Relationship with your Landlord

If you are a business owner that has been seeking industrial space for rent or commercial property for rent and you finally find the perfect property, it may feel like a giant weight has been lifted off of your shoulders. There are so many factors in today’s commercial real estate market that probably influenced your decision.

One thing that many people overlook when selecting industrial space for rent is their future landlord. It’s important to consider the fact that your landlord will be a part of your life throughout the duration of your lease. Dealing with landlords is mandatory when renting commercial property or industrial space. We have prepared a guide below for helping you have the best relationship possible with your landlord in hopes that it will make your life easier and allow you to focus on growing your business.

Understand your Lease

This might seem rudimentary, but reading the lease can go a long way towards avoiding conflicts with your landlord. You should always read the entire lease prior to signing any contract. Taking it a step further and really making an effort to understand the lease will definitely help ensure that you are on the same page as your landlord. You can guarantee that he or she knows the ins and outs of the lease.

Pay on Time (or Early)

Paying rent on time is another crucial aspect of having a good relationship with your landlord. If they have to reach out to you and ask for rent, you could be losing trust and respect from your landlord. This can have a lasting impact and even influence the terms of any renewals. Also, paying early is a small gesture that will surely mean a lot to any landlord.

Communicate Clearly

Often times, the main reasons for having issues with a landlord come from a simple lack of communication. If you are proactive in communicating with your landlord and developing a professional relationship with them, you can avoid lots of time-consuming issues and disputes. A little effort goes a long way here.

After you find the perfect commercial property for rent or industrial space for rent, remember the importance of maintaining a good relationship with your landlord. Understanding your lease can go a long way towards making sure you and your landlord are on the same page. Paying rent on time, or even paying early, will certainly help you and your landlord stay on good terms. Finally, communicating clearly with your landlord will help you connect and develop a great professional relationship. Remember, any and all issues you have with the property will go through your landlord!

If you need assistance finding the perfect industrial space for rent, call Rakow Group now at (914) 758-0220.

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commercial property for sale

Finding Value in Today’s Retail Commercial Real Estate Market

The retail commercial real estate market is undergoing dramatic changes with every passing year. This can largely be attributed to the growing E-commerce marketplace and the shift consumers are making towards shopping online. Amazon and other large online retailers are causing major disruptions in the marketplace. The retail sector took some significant hits in 2017, and many investors are fearful of this trend continuing.

Major retailers are shutting their doors, but that doesn’t mean you should necessarily be afraid to invest in retail commercial real estate. This could signify that there are undervalued commercial property opportunities for rent or for sale that you can take advantage of today. There will always be a need for retail space that allows consumers and business owners to have a physical location for their goods or services. We have prepared a few tips below for finding value in today’s unpredictable retail commercial real estate market.

Seek Underpriced Property in Recently Reinvigorated Areas

Often times, finding the perfect retail commercial property for sale is all about finding value in areas that are up and coming. Thinking about the future of the area and what type of demographics you can expect in the coming years can give you a great indication of whether or not a property has a lot of potential and is undervalued.

Find Spaces with Currently Successful Tenants

If you can find a property with at least a few tenants who are currently bringing customers in, you might have a great opportunity on your hands. Locating a center or retail space with several struggling tenants but one or two very successful tenants will allow you to purchase the property at a discount and revitalize it for the future. Having a few anchor tenants can provide a great foundation for building a commercial real estate powerhouse.

Shopping Malls Are Not Dead

Shopping malls have taken a big hit in recent years as we mentioned earlier, due to Amazon and the exodus of consumers that have moved their shopping habits online. That being said, there are some incredible values to be found across the nation by exploring shopping malls available to purchase. These staples of retail commercial property still bring in significant amounts of people and money, and most owners are highly motivated to sell.

Without a doubt, there is a lot of value to be found in today’s retail sector of the commercial real estate market. If you can overcome widespread fears that are affecting the sector as a whole, there is the great potential to be found. We strongly suggest keeping retail space in mind when seeking out commercial property for sale.

For more information, call Rakow Group now at (914) 758-0220 and team up with the best in the industry.

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Upsides and Downsides of Commercial Property Investments

If you are considering investing in commercial property for sale you are putting yourself in a position to make fantastic returns on your investment. Purchasing an office building, apartment building, retail building, industrial building, or warehouse can provide you with ample opportunities for income.

There are caveats with each type of commercial property purchase, but they all have unique advantages as well. It’s a long term decision that will most certainly have a lasting impact on your business and financial goals.

We have prepared the below breakdown comparing the upsides and downsides of investing in commercial property in order to ensure you are aware of the huge potential and related risks of commercial real estate prior to making any decisions.

Upsides of Investing in Commercial Property

The upsides of investing in commercial property are nearly limitless. Obviously, if you are a business owner in need of lots of commercial space you can end up saving thousands of dollars in rent by purchasing the property outright.

Lots of savvy business minds look at commercial property as an investment that will generate income every month. Purchasing commercial property such as an office building or warehouse provides the opportunity for multiple income streams throughout the duration of ownership.

Owning commercial property also provides a lot of flexibility with regards to usage. You can take pride in the fact that owning office space real estate provides many business owners the opportunity to succeed and make an impact in the world.

Downsides of Investing in Commercial Property

Investing in commercial property can be an incredible opportunity. However, there are certain risks and downsides that prospective buyers should be aware of. Location is key with regards to any real estate, and commercial real estate is no different. If you purchase property in an area and plan to own it for decades, there is a possibility that property values in the area can decrease over time.

Additionally, dealing with the concerns and needs of multiple tenants can be a burden for some. Buying commercial property for sale requires a significant cash outlay in order to make the purchase, which can deter many potential investors. Investing in commercial real estate is not without risks.

Commercial property investments continue to provide those willing to deal with the downsides a lot of opportunities to make significant gains. We believe the upsides tend to outweigh the downsides in most scenarios and hope to help with any of your commercial real estate needs. For more information, call Rakow Group now at (914) 758-0220.

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commercial property for lease

What Tenants, Owners, And Buyers Can Expect From Rakow

The Rakow Group offers a range of services in the field of commercial real estate. We pride ourselves on our ability to exceed the expectations of our clients. The longevity of our presence as a business in the competitive market that is Westchester County commercial real estate speaks for itself. No matter whether you’re a prospective tenant, owner, or buyer, we can help. Here is what you can expect from us with regards to our commercial property for lease, to buy, to rent, or to sell in the counties of Westchester and Fairfield.

Tenant Representation

Many people do not fully recognize the extent of their rights as tenants. Sometimes property owners will take advantage of aspects of a lease that put tenants at a disadvantage. That’s why it’s important to always read the fine print of a lease before signing. Moreover, once a lease expires and the time comes to either move on or renew, there’s always the opportunity to renegotiate the terms. Rakow will guide you to establishing terms for your lease, whether it’s for a renewal or a new lease. With our help, you and your business can flourish. Whether it’s part of a relocation process or the opening of a new business, our consulting services for lease negotiations will help save you money and headaches with your landlord.

Owner Representation

Just as we believe that tenants deserve professional guidance, such is also the case for the property owners. Landlords must place a lot of faith in their tenants. At the end of the day, landlords have every right to want to establish certain terms that create incentive for their tenants to do their part in maintaining the property. In order to do so, owners must know the intricacies of what is and isn’t plausible and fair to include in their lease. Rakow Group will consult property owners and also accelerate the process of finding prospective buyers and renters with our top of the line commercial real estate networking services.

Buyer Representation

There’s a lot of weight that comes with the purchase of commercial property. Poor research and a lack of background could leave you deeply in debt with no sign of leasing or reselling for profit. On the other hand, with the right team working with you, you can find the perfect property for your company. Whatever your commercial property acquisitions may be, our 30 plus years in the business leave us well equipped to respond effectively.

If you’d like to learn more about the Rakow Group’s services in commercial property for lease, to buy, to rent, give us a call today at (914) 758-0220.

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