When you are involved in commercial real estate, it helps to know the four main types of commercial real estate. They include retail, office, industrial, and multi-family properties. Getting involved in developing, acquiring, leasing, or selling these properties can be complex and require understanding and complying with the laws in your state.
A commercial real estate lawyer can help you make well-informed decisions at each step of the journey. You do not have to navigate intricate commercial real estate matters on your own. A lawyer near you can help you handle all aspects of commercial real estate projects, including permits, codes, and other legal and financial matters.
Buying, Selling, or Leasing Commercial Real Estate
Commercial real estate involves property that will be used for income-generating purposes. Getting involved in commercial real estate typically involves large financial outlays. It can also involve business partnerships.
When you work with an attorney who focuses on this area, they can:
- Ensure partnership roles are clear
- Read and review loan documents
- Provide financial clarity where needed
- Provide clarity on leases and sales
When you look for an attorney to assist with your commercial real estate venture, choose one who is familiar with the law in your state and who understands the different requirements and demands of each type of commercial space.
Retail Space
Commercial real estate spaces can range from small mom-and-pop storefronts to big box stores to multi-retailer shopping malls. When you invest in this type of property, a lawyer can help you create an occupancy plan and select the best tenants to occupy your space.
Your lawyer can also ensure your investment is sound, oversee lease agreements, and make decisions when retailers decide to change locations. Your lawyer can also help you ensure parking and common areas meet applicable security standards.
Office Space
Office space can include a surprising number of locales and uses. When you venture into commercial office spaces, it can include:
- Corporate offices
- Small business offices
- Shared and co-working spaces
In some cases, this can even include standalone offices, high-rises, and other unconventional business settings. Discuss your intended use of any office space you acquire or invest in with a commercial real estate lawyer. They can also help you understand and negotiate long and short-term leases and rental agreements.
Industrial Space
Industrial space can have a wide range of uses. In addition to traditional warehouses, the term can also include:
- Storage facilities
- Industrial plants
- Delivery stations
- Trucking facilities
Zoning restrictions in industrial spaces can vary greatly depending on the property’s use and the substances and material that may be housed in a storage facility. A commercial real estate attorney can help you understand the use of any industrial space you invest in and possible zoning restrictions.
Multi-Family Rentals
The commercial real estate market often involves multi-family dwellings that produce income for the owners and investors. Multi-family rentals can include:
- Condominiums
- Duplexes
- Apartment buildings
- Apartment complexes
- Co-living spaces
- Townhouses
A commercial real estate lawyer can help you manage your multi-residential property, ensure leases and rental agreements are clear and ensure adequate security measures are in place.
To consult with an experienced real estate lawyer today
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Do I Need a Lawyer to Buy, Sell, or Lease Commercial Real Estate?
A commercial real estate venture is not an ideal situation for a buy or sell by owner transaction. It can be far more involved than the purchase of a single-family dwelling and mean multiple partners and investors are involved.
To help you make the best decisions for you, a commercial real estate attorney will:
- Read, review, and clarify all documents and contracts
- Negotiate the transaction’s intricacies on your behalf
- Ensure you understand your rights and responsibilities
- Save time by ensuring your transaction flows smoothly
The lawyer who represents you can also clarify zoning laws that ensure your property can be used as intended. They can also prepare you for any issues that arise after you buy the property, including tenant, environmental, and safety and security issues.
Commercial Real Estate Investments
A commercial real estate lawyer can provide guidance and direction in ways a commercial realtor cannot. They can support you in your legal matter if you are a commercial:
- Builder
- Contractor
- Developer
- Landlord
- Lender
- Tenant
- Title company
You can also benefit from the legal support of a commercial real estate lawyer if you are developing on land that requires new infrastructure installation or need assistance understanding and complying with state and local ordinances.
Contact Our Commercial Real Estate Team Today
Are you planning to buy, renovate, or invest in commercial property? If so, our law firm will explain everything you need to know about the four main types of commercial real estate and how your choice of property affects your investment.
Find out how we can help you and your team by calling one of our Bogin, Munns & Munns commercial real estate team members today.
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