3 Things to Know Before you Rent Your Commercial Building  

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When you’re in the market for a commercial building, there are numerous factors to consider before moving forward with your investment. Going into your purchase with a proactive strategy will help you in the long run when you begin eyeing the property that’s right for you. Please see below for 3 things you need to know before you rent your commercial building.

1.)    Price – make sure that you are priced competitively within your market. Be prepared for the fact that a tenant will likely be calling on several options. A qualified commercial real estate agent will help you set a price that is competitive. Although most brokers and owners will give the per square foot annual amount, if you are discussing directly with a tenant, be prepared to give the number in terms of monthly base rent, as calculation of rent may not be something they have a lot of experience in.  

2.)    Configuration – Tenants and landlords alike will both prefer spaces that are the closest fit to what they are looking for. This will minimize the amount of time and expense that goes into a build-out and often leads to a deal that is better for all. For example, does your tenant need 4-5 private offices, a breakroom, and two restrooms? Then it may not make sense to show them a space with an open floor plan. Understand what your tenant is looking for, and be prepared to either pass, deliver another space, or incur some additional expense in the form of rental abatement or a tenant improvement allowance to be competitive with other spaces in the area that match the configuration they are looking for.   

3.)     Marketing – Now that you have an idea of the price and the suite configuration, you need to get some eyes on it! A commercial broker will be able to post the information where thousands of people looking for commercial rentals. Several of these sites and cost-intensive, and unless leasing is a part of your day-to-day business, it can be hard to justify the expense. A broker can also help you to understand where to target your marketing, as to most likely reach the type of businesses that can utilize the space in its current or close to the current configuration. If you’d like to have your property in front of the most candidates, please consider reaching out to our team!

Tampa Continues to Surge in National Survey

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Tampa Continues to Surge in National Survey

The Tampa/St. Petersburg market continues to track as one of the best in the country both for over economic opportunity and investment and homebuilding prospects, according to an annual presentation by the Urban Land Institute that features a survey by consulting giant PriceWaterhouseCoopers (PwC). Tampa/St. Petersburg ranked 11th in PwC’s 2020 “Emerging Trends in Real Estate” listing that ranks cities based on employment and population growth, real estate investment and other factors. The metro area was down from 10th last year, the first time in the history of the PwC survey that it had cracked the Top 10. Austin, Texas, came in at No. 1 in the PwC survey, which relies on replies from 2,200 respondents nationwide, followed by Raleigh/Durham; Nashville; Charlotte, N.C.; Boston; Dallas/Fort Worth; Orlando; Atlanta; Los Angeles; and Seattle. The Tampa Bay area also ranked 10th nationally for homebuilding prospects, according to PwC. Meanwhile, the Cape Coral/Fort Myers/Naples metropolitan statistical area (MSA) ranked eighth in the U.S. for homebuilding prospects, though it came in at just 45th nationwide for “Overall Real Estate Prospects.” Despite Tampa/St. Petersburg’s decline, key economic statistics show that the region continues to outpace most of Florida and numerous other area around the country.

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Q4 TRANSACTIONS: ICORP Realty Reps Buyer in Mixed-Use Transaction

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Q4 TRANSACTIONS: ICORP Realty Reps Buyer in Mixed-Use Transaction

On November 21st, 2019 Brady Ledet, Senior CRE Consultant of ICORP Realty, represented the buyer in a favorable acquisition of an office / warehouse asset located on Belcher Road in Largo. Acquired at 69% of original list price, with minimal seller financing, this investment’s price per SF landed at well below market at $49.22. Through substantial capital improvement, capturing market-rate rents and professional management services, the return on this asset should outpace market standard.

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Retail Investment Accelerating Across North, Central Florida Markets

/ ICORP Realty LLC/
Retail Investment Accelerating Across North, Central Florida Markets

Florida’s retail markets benefit from some of the nation’s strongest population and job growth rates, which, along with significant tailwinds from robust tourism, generate high levels of personal consumption and retail demand. Retail investors are attracted by the region’s strong demographic trends and retail market capitalization rates that are typically above the national average.

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Top 10 Markets for Office Rent Growth

/ ICORP Realty LLC/
Top 10 Markets for Office Rent Growth

But this is another city in which office rents have gone up primarily because new construction has remained so low. Financial industry growth has boosted employment but "developers have remained wary of the Tampa market, which has been one of the lowest construction metros in the nation this cycle," according to a CoStar market report. Of the Top 10, Tampa has the lowest percentage of total office space under construction at .7%.

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