Are We In A Price Correction?
Greater Boston Sales Trends to Watch: Q1 2023
Have you been wondering about the market? We’re going to cover Rockingham, Essex, and Middlesex counties for retail, office, industrial, and flex properties. The big theme of this update is about a 20-minute video, that is going to be what I call the pause, and I will explain that to you as we get into the data. The key thing to keep an eye on is the average price per square foot for the trades that have happened year to date, in contrast to prior years.
VIDEO INDEX TIME STAMP:
Market Overview 0.01-14:01
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Frequently Asked Questions about Top Commercial Real Estate Companies
- What are your qualifications?
I am a Certified Commercial Investment Member (CCIM). The certification is designated for those recognized as experts in the disciplines of commercial and investment real estate. With over 19 years of successful experience as a broker, I have brokered the sale of over 1,000 properties.
- How do you find a buyer?
I utilize a variety of strategies to bring buyers to the deal. I have access to a strong and vast network of industry professionals. I have relationships with buyers and others who refer clients to me. Additionally, I use LoopNet, MLS and Costar and other online resources.
- Do I need to hire an attorney when selling my property?
We are commercial property agents and do not provide legal advice. We do, however, work with skilled and experienced real estate attorneys and seek their counsel as necessary.
- What do commercial property brokers needs from their clients to expedite the process?
Commercial property brokers need information from their clients. For example, a commercial broker will ask their clients to provide important details about the history of the property and other facts crucial to its sale. Open and responsive communication makes selling a commercial property much easier.
- How long does it take to sell my property?
The length of time it takes to sell a property is dependent upon many factors, like the amount of due diligence required to get the property ready to sell. A sale typically averages 6-12 months in the bidding process.
- What is a 1031 exchange?
A 1031 exchange is a swap of one investment property for another that allows capital gains taxes to be deferred.
- How are you determining the sale price for my property?
Your broker will consider many factors such as the location of your property, the year it was built, the type of property, and the size of the property. Your broker should be taking a market approach, which means they are looking at recent sales of other properties that match many of the characteristics of your commercial property to determine the sale price.
- Does the grade of my office space matter?
Properties are broken down into three classifications. Each property classification reflects a different risk and return because properties are graded according to a combination of geographical and physical characteristics. These letter grades are assigned to properties after considering factors such as age of the property, location of the property, tenant income levels, growth prospects, appreciation, amenities, and rental income. There is no precise formula that dictates which properties are placed into which class. Grade A space is the most expensive and presents the least amount of risk. Conversely, Grade C is the least expensive but has the most amount of risk. In most instances, it would be cost prohibitive to try and invest enough money into your property for the purpose of moving it up a grade.
- Why do I need a commercial property broker? I can sell it myself.
There are important benefits to working with a commercial property broker. An experienced and astute broker will have strong relationships with other industry professionals to help locate buyers, will thoroughly understand market trends, and has tried and true marketing techniques and resources.
- How do commercial property agents get paid?
Agents get paid by the property owners via commission. An agent’s commission does not affect the purchase price.
Links to greater Boston real estate market trends:
- Schedule a consultation with a top commercial real estate broker
- Get an office market update for Greater Boston
- Find out the top 5 questions to ask your commercial real estate broker
- Sales trends to watch in the Boston commercial real estate market