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Warehouse space in Columbus, Ohio and throughout the United States is disappearing as it’s becoming scarcer and pricier. However, thanks to the continuing popularity of e-commerce and online sales, the demand for warehouse space for rent is rising. This is particularly the case in the major population centers.
The pandemic created a spike in e-commerce sales and the need for data centers, transforming the industrial real estate market nationally and locally, in Columbus, Ohio. The demand for industrial space for lease has increased exponentially. Industrial real estate investors and developers can’t add new properties to the market fast enough. Almost one-third of new warehouse space for lease is snatched up before the construction project is complete. This is why we are seeing record-breaking low vacancy rates for warehouse space for rent and lease, as well as warehouse space for sale.
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Are you searching for office space for lease in Columbus, Ohio? The region certainly has a lot to choose from, providing you understand the best methods for your search for office space. Once you find that dream office, though, you have to rely on your preparations and negotiating strategies to get the best lease price and terms of the space. You’re likely here because you want to learn some tactics. The best thing you can do is strategize, research, learn, and ask plenty of questions; doing so will ensure that you understand the lease well and level the playing field when negotiating. This comprehensive guide, packed with 52 top tips, will help you fully prepare so you enter the negotiation with confidence.
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When selling commercial real estate, the favorite phrase, “A little bit goes a long way,” holds much truth. Before listing and showing your property, a wide range of tasks can, and should, be undertaken to increase the chances of a sale and boost the potential ROI.
A study by the Florida Nursery Growers and Landscape Association found that something as simple as landscaping can potentially increase a commercial property’s resale value by 14 percent. And, even more surprisingly, landscaping can also increase the time it takes to sell commercial property by as much as six weeks.
With some as straightforward as cleaning up, and others requiring an investment of a few thousand dollars, each recommendation is aimed at increasing the profit of your commercial property. Below are 24 practical tips to improve any of the five major types of commercial real estate.
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When it comes to property management – and property management companies – a great debate rages on. Which is better: 3rd party on-site property managers or an in-house property manager? In some sense, it’s a debate as old as the commercial real estate industry itself; a profession that started unofficially in the 19th century. (Consider that it was only a few short decades after Founding Father, elder statesman, and successful businessman Benjamin Franklin passed into history.
No stranger to offering business-related sage advice, Benjamin Franklin was fond of reminding us all that “death and taxes” were the only two certainties in this world. While Franklin knew that death and taxes were guarantees, how those taxes are paid, and who’s managing the properties taxed is anything but certain. Then, as now, there are two schools of thought: third-party on-site property management companies vs. in-house property management (or “self” management).
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What sets a business apart from others often stems from the location where they searched for commercial real estate listings. Columbus, Ohio is a diverse city with various areas that appeal to many people. As a result, choosing the area that is best suited for your business takes careful consideration. Though choosing may seem easy enough, as there are a lot of great locations to choose from within the Columbus metro area, it takes much research and due diligence to decide on a location that is the most ideal for your business. After all, location is one of the most critical elements that can affect your business’s success. The right location is essential if you expect foot traffic. Below are some points to consider, before beginning to search for the future location of your business.
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Considering an investment in commercial real estate? Want to build a successful portfolio with an attractive rate of return? Investing in multifamily properties for sale may be a solid option for you.
The U.S. multifamily real estate market enjoyed a record-breaking year in 2021, according to CBRE. This sector set multiple records that year with a total investment volume of $335.3 billion, an absorption of 617,500 units, and the national vacancy rate falling to 2.5 percent (a decrease of 2.2% year-over-year). While the multifamily investment volume in 2022 decreased by 19% year-over-year to $278.8 billion, it was the second-largest annual total recorded.
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With recent headlines focused on politics, protests, and international disputes, Ohio commercial property owners may have overlooked or forgotten that a statewide property tax reassessment (also referred to as a reappraisal) is underway.
Ohio law stipulates that a comprehensive property reassessment is completed every six years, with an update at the three-year midpoint. Auditors from across the State spend years evaluating a select list of criteria to determine a property’s value and, thus, its new tax rate. As Ohio business owners know, a lot can change in that time. For some, that means they can expect a tax hike. For others, it might mean a decrease. Lastly, some commercial property owners will see a negligible difference, regardless of the appraisal.
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Over half a century ago, the United States inaugurated a special day, April 22, as Earth Day. As we commemorate the global phenomenon, The Robert Weiler Company is excited to announce that the green movement is alive and well in the commercial real estate industry.
What began in 1970 as a localized, American movement, is now celebrated by 192 countries. The goal is simple but profound: raise awareness regarding humanity’s impact on the global climate and how, collectively, we can affect positive change. Commercial real estate developers are ensuring that the goal of Earth Day is being met, as evidenced by widespread initiatives in green design and sustainable building.
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As an investor, you know that income-generating properties can bring a reliable monthly cash flow and build long-term wealth. You’ve also learned that much time and effort goes into managing investment properties. To maximize your return on investment, you must hire a licensed property manager company in Ohio to oversee the daily operations. Hiring the wrong property manager can result in missed rent, vacancies, poor maintenance, tenant dissatisfaction, and financial loss. However, hiring the right person or company can greatly enhance your finances, free time, and your property’s reputation.
So, how do you find the best property manager companies in Ohio? This guide will help you find the perfect candidate for your requirements.
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In commercial real estate, buyers and sellers must be knowledgeable to make informed decisions. Are you familiar with a commercial land contract in Ohio, as well as the state-specific requirements? So, what is a commercial land contract in Ohio? Essentially, a land contract is an alternative financing option if you’re investing in:
- Farmland or raw land
- Multifamily housing
- A commercial building
- A home or condo
While a commercial land contract might be ideal for you, there are important details you need to know, first. So, what is a land contract agreement, and how does it work? Let us give you a lay of the land (pun intended)! Learn how you, the commercial real estate investor, can avoid the bank and make an agreement directly with the seller.
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What’s the worst-kept secret this year? It could be that commercial space for rent in Columbus, Ohio, is booming.
Why? Thanks to a confluence of factors, namely an influx of younger residents, robust institutions of higher learning, a fortuitous location smack dab within a few hours’ drive of the bulk of the U.S. population, and a lower cost of living as compared to the coasts. And, let’s not forget the acceleration of the e-commerce/digital economy transition, leaving many Americans flush with cash! So, why not consider a commercial space for lease or even invest in commercial space for sale? It is a hotter commodity now than in the Columbus Region’s recent past.
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Commercial property management is a year-round task as weather changes can bring unexpected complexities throughout the seasons. This is the case for any property manager, from off-site property management companies to professional on-site property managers, and especially for inexperienced property owners. Every season poses a unique set of challenges. The commercial real estate investment property you oversee must be ready for any weather condition, regardless if you’re encountering winter snow or summer winds. Managing apartment buildings, or an office, retail, or warehouse space? Get out your calendar and start jotting down these property manager maintenance tips to follow during each of the four seasons.
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Did you know that April is known as Fair Housing Month in the Central Ohio real estate community and nationwide? This year marks the 55th anniversary of the landmark celebration that is a commitment to equal opportunity for every community. Each year, we recognize the importance of this event and reconfirm our commitment to upholding fair housing laws through our property management services; we accomplish this through our commitment to offering equal CRE services to everyone throughout their commercial real estate journey.
As you look at prospective investors of residential and multifamily properties (as well as commercial properties), join us in taking fair housing in our great region seriously – not just this month, but every month. Learn more about Fair Housing and what you can do to get involved, below.
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Owning commercial property is a huge responsibility. Most building owners and multi-family real estate investors don’t realize that property management companies can completely relieve them of the day-to-day administration of property, prospects, and tenants. The ability to outsource oversight and stewardship of commercial property removes a considerable burden of responsibility, allowing CRE owners more time to focus on generating ROI on current and future investments.
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If you own several properties (or even just one), the chances are that you don’t have much time on your hands. A property management company is the perfect solution for commercial real estate owners like you!
Owning commercial property is a considerable undertaking. As an investor, you must ensure that your real estate appreciates by making smart improvements. The day-to-day property management can include everything from picking up the phone for a tenant complaint to contacting a local vendor for a maintenance request. The list of property management tasks can seem endless.
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As experienced Columbus property managers, one thing is for certain: you are always looking for ways to better the lives of your clients. One of the ways you do that is by enhancing your experience and qualifications. While there are various licenses and certifications that you can obtain, some stand out among the rest as the best of the best in Columbus real estate.
And you want to stand out, too.
Have you considered joining the National Association of Residential Property Managers (NARPM®)?
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If you’re looking to lease commercial space, it’s helpful to have reasons to negotiate. Negotiating a commercial lease is the most important aspect of renting commercial real estate for lease.
There is no “standard” commercial lease agreement. A commercial lease can be customized by both parties. Landlords typically provide their own leases to prospective tenants of their commercial real estate for lease. However, their lease is only essentially a proposal. There is usually much room to negotiate.
It’s important that you carefully review the commercial lease agreement before signing. Fully understand all terms, costs, clauses, and responsibilities of the tenant and landlord regarding the commercial real estate for lease. Since a lease agreement is legally binding, you should have a commercial real estate lawyer review the document first. An attorney specializing in commercial real estate law can help you understand the terms and make sure your interests and rights are protected.
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In the 2018 film Ready Player One, Columbus, Ohio, was depicted as the fastest-growing city on Earth in 2045. Why? Because it’s where fictional game developers James Halliday and Ogden Morrow of Gregarious Games launch the OASIS, a fully interactive immersive VR gaming environment where a growing percentage of the human population goes to escape.
While the well-received Steven Spielberg movie may have had thick overtones of a dystopic future, it is impressive that Central Ohio is so prominently featured. From a real-world natural and societal resource perspective, however, it also makes a lot of sense. Even without a mid-century dystopia (fingers crossed), Columbus, Ohio has long benefitted from various advantages. The Arch City is on a trajectory of commercial real estate greatness that overtakes the coasts, robbing them of their long-held Atlantic and Pacific appeal.
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An Overview: What Is Industrial Space for Rent?
While not the most scenic part of any city, industrial space for rent powers the corporate infrastructure of America.
Before 1760, most Americans made their living farming and lived in widespread rural communities. The onset of the industrial revolution fundamentally changed the way that ordinary people interacted within society. With the emergence of factories, production efficiency, and mass manufacturing, industrial space for rent became the backbone that supports today’s modern cities. The great strides in production and manufacturing fostered our economic infrastructure, a system that provides more products with greater efficiency at lower prices.
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Are you looking to buy commercial buildings for sale in Columbus, Ohio? If you’re considering investing in Downtown Columbus, you have made a great decision! Are you familiar with the Columbus, Ohio real estate market conditions? What about the financial viability of the types of property in which you are looking to invest? Buying commercial property for sale can have an incredible outcome; however, it can also come with its fair share of challenges. Below are fifteen areas of focus and questions to consider.
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