Commercial Real Estate

Navigating the Connecticut Commercial Property Market: A Guide for Prospective Buyers

Learn Your Local Connecticut Commerical Real Estate Market

Before diving into commercial real estate, learn the local commercial real estate market.  Wilkinson Real Estate Team will help you learn the local commercial and residential real estate landscape. Our expert team will provide information on current local real estate market conditions, such as demand for commercial space, rental rates, and vacancy percentages. Understanding current market conditions will help you make an informed decision in purchasing commercial real estate. 

Location is Everything

Location is a key to success. Many businesses have failed due to low car-vehicle traffic count.  Businesses needed a high car traffic count to attract customers.  Wilkinson Real Estate Team will help you find commercially zoned properties in Connecticut and provide a Department of Transportation traffic count.  When choosing a commercial property, consider the location's accessibility, visibility, and proximity to customers, suppliers, and employees. Consider the traffic patterns, surrounding businesses, and future area developments to attract and retain commercial real estate tenants.

Evaluating the Structure of the Property

Assess structural integrity, age, and the state of critical pieces of the real estate like roofing, electrical, and HVAC. Consider the costs of any necessary repairs or upgrades, as these can significantly impact your budget and the property's value. Environmental assessments are also crucial to identify potential contamination or hazardous materials.

Financial Considerations

Commercial real estate investments require a substantial financial commitment. Beyond the purchase price, consider operating costs, including property taxes, insurance, and maintenance expenses. Analyze the property's potential for generating rental income and its capacity for appreciation over time. Securing financing for commercial properties can be more complex than residential real estate, so explore your options and ensure you meet lenders' requirements.

Legal and Regulatory Compliance

Be mindful of legal and regulatory considerations, such as easements, covenants, and compliance with the Americans with Disabilities Act (ADA). These factors can affect your ability to use the property as planned. Seek legal counsel to navigate these issues effectively and ensure your investment is protected.