Finding Prime Commercial Real Estate in West Palm Beach
According to a recent consensus forecast, analysts expect to see steady growth in commercial real estate fundamentals over the next few years. This latest collaborative report by Ernst & Young and the Urban Land Institute may well give added impetus to West Palm Beach commercial real estate investors: the sampling of sentiment among economists and analysts predicts nation-wide growth rates rising to 3.1% by 2015.
That kind of rebound could well have this summer’s investors eyeing commercial real estate in West Palm Beach with renewed enthusiasm. To begin taking advantage of this rapidly improving market sector, reviewing the basic ground rules is a good starting point:
1. Setting Parameters
When buying commercial real estate in West Palm Beach, wise investors set their parameters with precision. Whereas residential real estate sector activity doesn’t necessarily hinge on detailed short and medium-term planning, commercial real estate is the opposite. After identifying financing sources, plotting capital and other costs against rental income will be needed to show how worthwhile the investment will be.
Commercial real estate in West Palm Beach becomes increasingly popular when returns warrant. Since different areas offer differing characteristics, recognizing those that can affect performance is vital. One approach focuses on parts of West Palm Beach where further commercial development may be restricted — it could favorably or unfavorably impact demand there. Likewise, areas trending toward higher consumer affluence and spending power are locations that may hold promise for attracting premium future tenants.
2. Selecting Your Agent
There’s certainly no harm in being picky when it comes to choosing your commercial Realtor®. Examine their portfolio — is it strong? Are they well-connected, or relatively new to the field? You’ll want to explore your investment possibilities with someone who knows the West Palm Beach commercial real estate market inside and out.
Directing your money carefully always reaps superior returns. If you are interested in exploring commercial real estate here in West Palm Beach and are looking for well-connected representation, contact me today!
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