Buying commercial real estate in Edmonton involves a series of careful considerations, steps and due diligence on your part. Hiring a REALTOR® who you trust and feel confident in will make all the difference in the world. Your real estate professional will be able to guide you through the buying or leasing process and hopefully secure you a suitable property that aligns with your business goals and objectives. Here are 3 things you need to know before you buy or lease a commercial real estate property in Edmonton.
Define your objectives
Defining your objectives is a critical initial step when considering the purchase of commercial real estate in Edmonton. Whether your goal is to generate rental income, achieve capital appreciation, or secure a space for your own business operations, having a well-defined purpose will inform the type, size, and location of the commercial property you seek. Understanding your long-term vision allows you to align property features with your strategic objectives. Once you’ve established your goals early on, you and your REALTOR® can begin financial planning, market research, and property selection, ensuring a more focused and successful real estate investment.
Carefully consider location
When considering a location for commercial real estate in Edmonton, it’s crucial to assess accessibility, visibility, and neighbourhood dynamics. Depending on what your commercial needs are, your location preferences will differ. For example, if you are operating your business out of an industrial warehouse, you may not need to be near daily amenities like shopping or restaurants; however, if you are running a dental office, you might want to be somewhere with ample parking and in suburban areas. A well-chosen location can impact your property’s value, demand, and overall investment return.
Research any zoning regulations.
Before buying or leasing a commercial property in Edmonton, it’s paramount that you do your due diligence and examine the current zoning classifications of the property, ensuring it aligns with your intended use. Your real estate agent in Edmonton should carefully research any upcoming changes or rezoning proposals that have the potential to impact the property’s value. It is very important to comply with zoning regulations to avoid legal issues or financial setbacks, so working with a REALTOR® and a lawyer can help you navigate zoning regulations to ensure your investment will not be affected by the city’s development plans.
Working with Realty Unleashed
If you are looking to buy or lease a commercial property in Edmonton, we would love to hear from you. Realty Unleashed has helped many clients secure commercial spaces for our clients, and we have a careful understanding of the Edmonton market, as well as the process of buying, leasing, and selling commercial real estate in the city. If you are ready to talk to one of our REALTOR®’s, please fill out the form below, and someone from our team will get back to you soon.