Negotiating Your Commercial Lease
When moving into the world of commercial real estate, you’re likely to deal with more complicated leases than you’ve ever experienced before. It’s easy to get caught up in the lingo and feel overwhelmed, leading you to potentially make a poorly educated decision. If you learn how to negotiate your commercial lease, you can come out knowing you’re getting the best deal for your needs. Here are five things to remember when you’re negotiating your lease.
1. Include a Lawyer
Negotiating a lease alone can be intimidating, so it’s important to have an experienced legal team on your side. Finding a South Florida luxury real estate attorney who is knowledgeable in the field and is familiar with the market is vital to getting the agreement you want.
2. Understand the Terminology
There are several different types of leases available to you, all with varying coverages. A gross rent lease will typically cover your rent itself as well as all incidentals, while net leases usually have you directly paying some incidentals. Percentage rent leases involve a base rent payment as well as a gross sales percentage. Be sure to ask what options are accessible to you.
3. Know Your Comps
Learning about comparable rents in your area will help you determine if you’re getting a good deal. Check in with commercial realtors to get a full picture of the market so that you can be prepared with figures when you’re negotiating.
4. Check Renewal and Termination Conditions
Be sure to ask what circumstances warrant termination so that you aren’t caught off-guard if you run into some trouble down the road. Also ask how long the lease will last and what your options are as far as renewing when the time comes.
- Evaluate Your Needs
Truly think about what you want and need for your space. Only pay for what you truly need, but if expansion is in your future, consider that as well. Stick to your budget and location preferences, and don’t sacrifice the aspects of the property you really desire.
Your Best Commercial Lease Ahead
All of these tips can help you craft the best lease for your business. Mark Schecter is one of the most experienced and respected lawyers in South Florida, so you can rest assured knowing your case will be in good hands. Contact Mark today for more information about how he can help you negotiate your commercial lease.
Commercial Real Estate: What You Need To Know
The world of commercial real estate can get complicated and overwhelming if you’re just entering the business. Having a lawyer on your side is crucial, but you want to make sure you find an attorney that truly has your best interests in mind. Taking the time to choose the right lawyer can prove instrumental in helping your business grow beyond your wildest dreams. Here are a few things to keep in mind when searching for a commercial real estate lawyer in South Florida.
1. Find Someone Who’s Well-Rounded
Of course, you’ll want to find an attorney who specializes in commercial real estate, but you also want to ensure that their skill set will meet all of your needs. Be sure your lawyer is well-versed in contract negotiation and remedies, tenant issues, lease review, and renewal terms. If there’s a specific need that’s important to you, ask about it!
2. Ask for References
When you apply for a new job, you are often asked to provide references. You should be asking for references from the potential lawyers you’re speaking with as well. Many attorneys will connect you with former clients, but be sure to research for yourself into what the lawyer has achieved.
3. Make Sure You Have a Connection
Even if someone looks perfect on paper, you need to have a genuine connection with them to form the best relationship. You’ll be working with your attorney on a regular basis, and you need a good match if your business is going to succeed. Be sure to meet with them in person more than once to establish your relationship.
4. Understand Your Costs
Price is obviously a big consideration, but don’t skimp on the services you really need. Ask for a quote, and inquire into exactly how you will be billed. Consider if you will need to pay a retainer, a flat fee, or simply hourly. Every attorney is different, so be sure to compare and find exactly what you need.
Commercial real estate is a complicated world, but finding the perfect attorney for your needs can make the journey easier and more enjoyable. Mark Schecter is one of the most experienced and respected attorneys in the field, and he has helped countless business owners get off the ground. Contact Mark today for more information about how he can help your commercial real estate venture.
Florida Is Popular Commercial Real Estate
It’s no secret that Florida is a favorite destination among many, whether moving for retirement or simply getting away. South Florida is a particularly great place to be, and starting a business here can prove incredibly lucrative. If you’ve ever considered investing in commercial real estate, now is the time! Here are some of the top reasons why South Florida’s commercial real estate scene is thriving now more than ever.
- Growth in Population: While South Florida has always had a sizable population, it’s currently on the rise and isn’t expected to stop any time soon. Experts estimate that by 2030, more than 26 million people will call Florida home. Miami, just 30 minutes down the road from Fort Lauderdale, currently has almost 3 million residents with the 6th fastest growing population in the U.S.
- Business Incentives: Florida is ripe with incentives for business owners. It’s easy to see why the Sunshine State is ranked #2 in the nation for business, with its lack of estate tax, personal income tax, and inheritance tax. It’s estimated that 20% of America’s businesses that export products are located in Florida.
- Growth in Retail: Recently, retail growth in South Florida has been simply exponential, at around 4-5% from year-to-year as opposed to 1-2% in the rest of the nation. More than 2 million people work in Florida’s retail market at over 270,000 stores, so it’s easy to see the potential for your commercial venture to thrive.
- Stability: Everyone strives for financial stability, and Florida is the place to obtain it. The state consistently ranks in the top 10 states in Fiscal Stability and Economy from US News & World Report. Job growth and venture capital funds are also on the rise, giving more people good reason to relocate here.
Launch Your Real Estate Business
South Florida is the place to be to launch your commercial real estate venture. To get off on the right food, it’s important to work with a Fort Lauderdale commercial real estate attorney to help you negotiate your lease and ensure you’re getting exactly the deal you want.
Get Help From An Experienced Attorney
Mark Schecter is an authority in South Florida commercial law, and his years of experience in the field will guide you to reach your business goals. Contact Mark today for more information on how he can help you grow your company.
Owning a rental property can be an opportunity to secure some extra income and step closer to financial freedom. However, a venture like purchasing an apartment complex can seem overwhelming. While it may seem too much to try to figure out the ins-and-outs of commercial real estate, it can be much easier by taking things one step at a time. Here are your four basic steps to buying an apartment complex in South Florida.
Get Familiar With Real Estate
It may seem obvious, but you’ll need a little background on real estate itself before you jump into the commercial world. You likely already have a bit of this information at hand, but you may find it helpful to turn to a real estate broker or appraiser to help you with your purchase. Especially if this is your first venture in commercial real estate, having professionals on your side is vital to making sound financial decisions.
Understand Your Potential
The rental income you can accrue from an apartment complex is clearly far greater than what you can achieve with a single rental property. Be sure to fully review the profit and loss statement of the building to give you an idea of the historical income. This step is where an attorney can truly come in handy, as they can make sure you are reading these documents with an unbiased eye and not simply taking the seller’s word at face value.
Have an Appraisal
Appraising an apartment complex can be completely different than appraising a single family residence, so hiring a professional is key. You’ll be able to calculate the net operating income of your building and compare the sales price to ensure you are making a smart business decision, and your appraiser can help you make sense of the numbers.
The vast majority of the time, those purchasing an apartment complex will need to take out a loan. Shop around and see what interest rates are available to you, and negotiate if you are approved by multiple banks.
Commercial real estate is an exciting and fast-moving world, and it’s a great space to expand your portfolio. To make sure you are financially sound every step of the way, turn to a Fort Lauderdale commercial real estate attorney. Mark Schecter at Schecter Law is dedicated to helping you navigate buying the perfect apartment complex. For more information, contact us today at (954)-779-7009.
South Florida Commercial Real Estate
Getting into the world of commercial real estate can seem daunting. Maybe you have started your portfolio with single-family rental properties, but now you’re ready to take the big leap.
Hiring a commercial real estate lawyer in South Florida can be crucial for your move into the commercial sector, ensuring you the highest chance of success to put you on the path to financial freedom.
Here are our top three reasons why you should hire a lawyer when you’re entering the commercial real estate world.
Reduce Your Risk
Commercial real estate is a whole new ballgame compared to standard leases, so you’ll need an experienced lawyer on your side to help you navigate these more complicated contracts. Your real estate lawyer can help you run through the contract with a fine-tooth comb, avoiding any unfavorable conditions. Since you’re investing so much money into this property, you won’t want to skimp when it comes to a lawyer. They will reduce your risk of signing a contract that is unfair.
Help with Negotiations
Real estate lawyers are used to cases like yours, so they are able to effectively negotiate on your behalf. While this may be your first commercial property, a real estate lawyer is accustomed to this field and will be able to represent you in the most positive light and get you the best deal for your dollar. Lawyers will also have a more level head in the negotiation process, as you may be likely to get caught up in emotions in the midst of such large amounts of money.
Help with Smaller Details
Purchasing a large commercial property can come with unexpected issues if it’s your first time in this area. From environmental issues to tenant claims and everything in between, a reliable real estate attorney can help you solve these problems. Issues may arise that you have never even considered, but your legal team will be able to send you in the right direction and help you handle these complicated problems.
The world of commercial real estate can be exciting, and having a good lawyer on your side is key to making the most of your experience. Hire an experienced commercial real estate lawyer in South Florida as a valuable asset to your journey. For more information, contact us today.
Steps to Buying an Apartment Complex
Purchasing commercial real estate in South Florida can make for a great investment. With a warming real estate market, a thriving economy and increasing housing demand, owning an apartment complex in Fort Lauderdale can be a smart asset and profitable business, whether it be your main income or a side gig.
If you’re new to the world of residential buildings, read on. Consulting with a South Florida commercial real estate attorney before your purchase is a good idea to shed some light on the process of buying an apartment complex in Fort Lauderdale.
Choose the Type of Investment
Do some research to determine your options. Are you looking for a single-use building with apartments or a mixed-use building that has both retail space and apartments? Alternatively, you may be interested in purchasing a building that you can convert to apartments. Either way, ensure you understand the investment – financial and time – involved in the investment. You’ll also want to check with your Fort Lauderdale real estate lawyer about permits and zoning for commercial properties before you decide.
Determine Key Amenities
Think about the building’s facilities and the amenities – fitness center, pool, or party room, for example – that are important to renters today. Who is your target market? What do they expect in an apartment building? What are they willing to pay for? If you can answer these questions with relative accuracy, you’re off to a good start.
Scope Out Neighborhoods
The location of the building matters just as much as the building itself. An inexpensive building in a low-demand neighborhood is likely to be a worse investment than a pricier building in a trendy neighborhood. Buy where people want to live for higher rental income, consistent occupancy, and lower turnover rates.
Talk to Current Owners
Interested in a building? If you’re able to, meet with the current owner and ask a few questions about the building, occupancy rates, and why they are selling. This will paint a picture of what it’s like to manage the building, and whether or not it’s a good investment.
Do the Math
At the end of the day, it comes down to dollars and cents. Estimate your profitability by weighing income potential and costs associated with the property. The rental price of each unit and occupancy rates will give you a sense of gross profit. But what about property taxes and operating costs? No matter what the current owner says, make sure it’s profitable for you.
A South Florida commercial real estate attorney can help you know where to look. From projections on hot neighborhoods to details on commercial regulations, an industry professional offers valuable information when it comes to major investments like an apartment complex. To learn more, call Schecter Law today at (954) 779-7009.
In the age of Amazon and other e-commerce giants, the real estate landscape is changing rapidly. While the demand for brick-and-mortar retail space has declined over the last few years, online retailers have a new need for physical space.
Multi-Purpose Buildings For Retail
Multi-purpose buildings that support e-tailers’ online activities have made way for a new niche market. And, as online purchasing continues to increase, so will demand. This is just one driver of change in the sector – one that’s causing architects and construction companies to quickly adapt their practices.
Your Fort Lauderdale real estate attorney is well-positioned to advise you as you consider designing, constructing, or investing in a contemporary retail building.
What is a Multi-Purpose Building?
Multi-purpose buildings are spaces that serve as storage, customer support, distribution, and even office space. Physical locations may no longer be the point of sale for the customer, but they are still necessary for the functioning of e-retailers.
These buildings are designed to serve many, if not all, the behind-the-scenes functions of our online shopping experience, and are usually constructed as close to the customer base as possible.
Creating Multi-Purposes Spaces
Contrary to popular belief, the evolution of the retail sector may not slow construction. But it will have to mature as demands change. Spaces once used for a single purpose (often warehouses for storage) are being repurposed as multi-use buildings, and new structures are being erected.
An important factor to consider when building a multi-purpose building is the value for usage combination. Companies are looking to get the most bang for their buck while having all the necessary amenities. This can present a challenge in building design, as in conventional buildings the different elements had been very separate in the past.
Residential developments are also moving along the same trajectory, changing the formerly distinct areas of living and working into mixed-used, live/work spaces. The world is no longer divided into downtown and suburbia. The dividing line between downtown and suburbia is melting, creating demand for innovative planned spaces that bring amenities to communities and neighborhoods.
Mixed-use development is a space that integrates different functions necessary to life, including residential, commercial, institutional, and cultural. Generally, homebuyers prefer a neighborhood that has variety, allowing them to walk to get groceries, go to the dentist, and even to work.
The distinction between professional, residential, and suburban warehouses is slowly fading.
Whether you’re investing in a planned multi-use residential development or a multi-purpose commercial building, these contemporary spaces will put you ahead of the curve. Not sure where to start? Consult with our South Florida commercial real estate attorney on opportunities and the challenges that come with innovative designs.
Office Buildings and The American Disabilities Act
In the United States, nearly one in five people suffer from some sort of disability. This means that the vast majority of workplaces have disabled persons on their team.
The American Disabilities Act (ADA) requires companies to comply with certain guidelines, but these days expectations outpace the law. Companies are pulling out all the stops to accommodate those with disabilities, and one of the ways they’re doing this is by ensuring office space is accessible and inclusive.
Here are a few ways to ensure your building will suit every company’s needs:
Have an Accessibility Expert to Audit Your Building
Getting a professional to evaluate your building is usually a good first step. An assessor can tell you what you need to change to be both ethical and competitive in the real estate market. They can also help you determine which changes will get you the highest return on investment as a building owner – after all, the ultimate goal is profit.
Have an expert audit your building regularly, as regulations and standards change often and you might not be up to speed. When it comes to accessibility, outside support is key.
Prioritize Facility Access
This is the element of accessible workspaces you have the most control over, so be sure to prioritize it. From accessible parking spaces to proper lighting to unobstructed paths and ramps, there are plenty of ways you can make the last few minutes of an employee’s commute hassle-free.
Inside, avoid putting steps to divide levels of the same floor, and ensure there is an elevator in multi-storey buildings. Passageways must be wide enough to accommodate a wheelchair or other mobility aid. Counters, switches, and doorknobs should be low enough for both employees and clients to reach. If you already have built-in offices or cubicles, make sure the square footage is sufficient for a wheelchair to move around with ease.
Ask Your Tenants for Feedback
Ask your current tenants for feedback on the accessibility of your building. What improvements would they like to see? Offering spaces that lend to inclusivity boost your overall competitiveness.
By making accessibility features an integral part of the space, building owners can play a role in normalizing inclusivity in the workplace. While there are some features that are non-negotiable, flexible, customizable spaces are key to marketing a building.
Our South Florida commercial real estate attorney can also offer feedback on the accessibility features you should – or are legally required to – include in your building. To learn more about our services, give us a call today at (954) 779-7009.
It’s evident that one of the most significant office trends of the 21st century is just beginning to unravel. Employee wellbeing is no longer a trivial workplace “bonus,” it’s become the new standard. It is essential to creating an effective, productive, and happy team. This office design trend used to be seen as a lofty benchmark, it is now expected by the emerging workforce.
Why Consider Employee Wellbeing in your Commercial Investments?
Ensuring your property investment lends to a physically and mentally work environment is important for all parties involved. From building owners to company management to employees, all serve to benefit from designing buildings and workspaces that prioritize wellbeing.
Employee retention, as well as the recruitment of new staff, is directly affected by the workplace environment. Generally speaking, if employees are happy, they’re likely to stay longer. New recruits, many of whom joined the workforce when wellbeing was already common, have already developed this expectation.
A growing sense of – and obligation to demonstrate – corporate responsibility has also given way to increased standards of wellbeing in the workplace.
Finally, it has been shown to financially benefit the company, for a variety of reasons. Excellent environmental conditions tend to attract great employees, reduce staff turnover and boost productivity through improved physical and mental health.
How to Design Your Building for Workplace Wellbeing
Back in the day, workplace wellbeing might have meant replacing uncomfortable chairs and giving your eyes a break from the screen. Now, however, the standard for office wellbeing is much higher. Here are a few ways to ensure your office building meets 21st-century standards of workplace wellbeing:
- Natural light: large windows let sunlight, which goes a long way to improving mood, among other things.
- Plants and outdoor space: bringing the great outdoors inside can be an easy and effective way improve workplace morale. Have a few houseplants at reception, a few tables outside in a shared courtyard, or install a green wall in the building for all your tenants to enjoy.
- Choice: create a space that encourages choice in the workplace. Whether it’s sitting at a desk to write a report, generating ideas over coffee with coworkers, or having a private, one-on-one meeting, teams tend to function better when their employees have regular changes of scenery. It also encourages people to move around more, giving them an opportunity to partake in physical activity throughout the day. As a property manager, you can help make these spaces reality by encouraging designs outside the closed-doors and cubicles of the past.
If you’re looking to invest in or build office spaces, hire our South Florida commercial real estate attorney services to help you along the way. From building design to dotting the I’s and crossing the t’s, an attorney can help as both your consultant and paper filer.
Are Physical Retail Spaces Coming Back?
It’s true what they say: the pendulum always swings back. And, believe it or not, physical retail spaces may already be on that trajectory.
Brick-and-mortar stores that reigned for decades have slowly been closing their doors across the U.S. It’s becoming evident that retail in the traditional sense can no longer, but that doesn’t mean the storefront is dead. Studies predict a turn in this trend – one that will change but not phase out the commercial retail real estate landscape.
Here are some of the reasons why things may be looking up for commercial retail real estate:
E-commerce Is Becoming More Difficult
E-commerce is generally becoming more competitive. Certainly, there is a battle waging at the multinational level (for example, between Walmart and Amazon), but competition is growing among smaller, independent retailers, too. This means higher advertising costs on social media and more labor involved in selling your brand or product. With quantity and quality available these days, it’s easy to get lost in the shuffle. On top of this, the rise of shipping costs – UPS, for one, is restructuring their price model – is a burden on vendors across the board.
Higher Vacancy Are Causing Lower Prices
While the rise in newspapered storefronts may seem daunting, it could actually be an opportunity for buyers. Because of the increased inventory, and therefore reduced value, this shift in the supply-demand may actually breathe new life into commercial retail real estate. Investors and entrepreneurs see this period as a previously unavailable opportunity to purchase real estate or start a business. South Florida real estate lawyers continue to work with retail building buyers determine the best investment opportunities in the area.
Retailers Are Getting Smarter
At the same time, retailers are getting smarter. Businesses are starting to realize that single-channel sales won’t cut it. In the case of the multinationals, this means might mean opening more or different retail locations as well as selling online. This might be best exemplified by Amazon who recently begun to open its physical retail spaces for books, devices, and other popular merchandise.
While it’s unlikely brick-and-mortar will ever dominate in the same way it used it, there are sure-fire signs of incremental recovery that could offer promising opportunities for prospective investors. If you’re considering investing while the average property price is growing at a slower rate, hire a Fort Lauderdale real estate attorney at Schecter Law at (954) 779-7009 to help you navigate the process.