Leasing Commercial Real Estate in Fort Lauderdale, Florida
Posted on February 27, 2019, by Genet Group
Fort Lauderdale is indeed a dream-spot for many property owners in Florida. With its rich history, attractive lifestyle and various entertainment venues, it’s undoubtedly a quality place to live. Taking the time to lease commercial property in Fort Lauderdale will be an opportunity you shouldn’t pass up!
Staying Active with Tons of Entertainment
Fort Lauderdale has great year-round weather with sunshine most of the year. With an island abundant of trees and exotic scenery, the Hugh Taylor Birch State Park is perfect for family outings and excursion trips. For water sports enthusiasts, Las Olas Marina and Fort Lauderdale Aquatics bring a range of activities such as scuba diving, snorkeling, rollerblading, water surfing and much more.
The place also has some great commercial areas such as Galleria Mall and Broward County with more than 100 specialty stores in each one. Fort Lauderdale also has Broward Center of Performing Arts which is a great cultural center and is home to loads of entertainment; concerts, comedy shows, and dance performances. There is something for everyone within this city, and if you’re looking for the next location to invest in real estate, stop your search now!
Fort Lauderdale started as a military fort and a trading post. Until 1900, the city was bounded by nature and a rural area. The only roadway at that time was Las Olas Boulevard. Later, real estate developers were contracted to transform the East Fort Lauderdale swamps to Las Olas Isles. The city real estate has a unique condo-style to it which resembles mid-century architecture and is quite recognizable now. With such an in-depth history and quality development, the city attracted multiple tourists to the destination.
Why Fort Lauderdale for Commercial Real Estate?
Fort Lauderdale is transforming into an urban landmark offering high-end living without the hurdle of long commutes or the busy metropolitan city. It provides the perfect work-life balance; therefore, millennials are quite attracted to the quality of life here. By buying real estate in Fort Lauderdale, you will be getting the necessary amenities and luxury of living in an urban environment.
Rooftop terraces and spacious floor plans are becoming quite popular in the region. Therefore, you would have plenty of options to choose from when investing in real estate. Buy something that would suit your requirements and would come within your budget so you can enjoy the luxuries of this paradise land. Genet Group can help you find exactly what you need and want to fulfill your needs.
Commercial Real Estate Miami, Florida
Posted on February 27, 2019, by Genet Group
Miami is undoubtedly a dream place for millennials and older generations alike. With amazing cultural spots, varied cuisine, enthralling nightlife, and multiple entertainment options, the city is always bustling. Whether you’re a commercial real estate buyer, seller, owner, or tenant, Miami is your ideal place for real estate activities giving you access to the global economic market through the vast global network of investors in the region.
Multiple Entertainment Avenues
Compared to New York and other metropolitan cities, Miami offers a range of activities for families of any size to enjoy. With over 800 parks, you can have an excellent outdoor excursion whenever it pleases you. Everglades and Biscayne National Park surround the city giving it a scenic and pleasant environment. Miami never always offers alternatives to staying home and has events going on throughout the year. South Beach Wine and Food Festival, Winter Music Conference and Art Basel are just a few of the hundreds of annual events.
World-Class Healthcare Facilities
In 2008, Forbes Magazine announced Miami as the cleanest city in America. It’s considered one of the healthiest towns due to healthcare affordability and quality. The availability of food and amenities coupled with a healthy lifestyle makes Miami an attractive haven for health care enthusiasts. Miami is home to well-reputed health care providers such as Jackson Memorial Hospital, Miami VA Hospital, Holtz Children Hospital, Mayo Clinic and more. When considering leasing a property, you’ll have peace of mind knowing you’re locally placed near excellent healthcare facilities.
Real Estate in Miami
As a transportation node throughout the US, Miami has diverse cultural influences and possesses great economic diversity and business opportunities for investors. With tax-friendly laws and steady population growth, Miami is an active and enticing market of real estate activities attracting businessmen from all across the world. If you’re moving to a new place, money is the critical factor in influencing this decision. Also, if you’re someone that wants to save up and take home more of your earnings, Miami is the place to start. Invest in the future of your business with our help, today!
Commercial Real Estate of Miami Beach, Florida
Posted on February 27, 2019, by Genet Group
Having a commercial property in Miami Beach is almost considered a social status due to the immediate culture and nature of the vicinity there. Connected to mainland Miami by a bridge, this island city hosts luxurious houses and apartments. If you’re a real estate investor, the best time to invest in South Florida was roughly forty years ago. The price of virtually everything has skyrocketed in the past couple of decades and rightfully so.
Best Places in Miami Beach
Miami Beach hosts a plethora of different restaurants and locations which are based on niche markets. Being a cultural hub, you’ll find a wide variety of restaurants and shopping malls there. Restaurants such as Puerto Sagua are visited frequently by tourists and have a history that goes back fifty years. Furthermore, beachside activities are also a trademark in this region. All these factors combine to relay high desirability of life in Miami Beach, which is what mainly attracts people to this city.
Why Choose Miami Beach?
If you’re looking to spend a little money to acquire a commercial spot in one of the most diverse places in the world, then look no further. The location of this city and its ever-growing tourism industry means that Miami Beach is a safe market where you are likely to see your profits grow by the day. The risk factor is minimalistic which means that even if you don’t land on your predicted numbers, you’re still likely to make a decent profit.
Acquiring real estate in Miami Beach can be a long and arduous process that needs meticulous attention to detail. The upper threshold is generally undefined due to the variety of real estate present throughout the city. Since Miami Beach is an established city, you’re less likely to find empty plots, which is why roughly $200,000 is the starting price. Although the prices can be steep, you’re getting your money’s worth in this melting pot.
When it comes time to lease a property in Miami Beach, give us a call! We have over 30 years of experience to help you find the space that is perfect for your business. We provide a hands-on approach that is more effective than any of our competitors. We’re dedicated to offering expert services to our clients for many years to come.
What is the difference between commercial and residential lease?
Posted on January 30, 2019, by Genet Group
Although the principle of investing is the same, there are significant differences between the residential and commercial lease and each type has its own merits. Various factors determine the differences between residential and commercial real estate including; property value, cash flow, financing, leasing documents, and tenants.
Purpose of Property
Residential leases are generally for apartments, houses, townhouses, and condominiums. Although some renters can run small businesses out of their homes, they’re most sought after for living spaces. Residential properties are generally paid every month and termination requires a short notice than a commercial lease.
The primary purpose of a commercial real estate contract is to provide a property to a tenant for running a business. The tenant can use the space for any commercial purpose like the sale of goods or services or provides a place to manufacture some product. The retail space is not meant to give a place to live, and it is often against local or state law to reside in an industrial area.
Value of the Property
The value of a residential property is calculated by comparing the market price of similar properties in that area. The commercial property, on the other hand, can be more expensive than residential properties depending upon its location, neighborhood, facilities, etc.
Length of the Contract
Commercial lease contracts tend to be lengthy in contrast to residential leases as there are a large number of lease terms that are negotiated between commercial lease parties and tenants that may not be necessary for residential contracts. For example, business concerns include security of the space, signage on the building’s exterior, and access to communication equipment.
Furthermore, as the residential property can only be used as a place to live, commercial property can be used for multiple purposes. Therefore, it requires to be discussed in detail what the permitted uses of the commercial property are. Commercial leases usually run for several years whereas residential leases typically expire after one year. However, in both of the features, you have the option to renew the contract.
Benefits of Residential Leasing
Residential landlords often take care of things like keeping the premises pest-free and providing necessary maintenance including sewage, etc. Commercial tenants are usually not accommodated with the same benefits; they’re often asked to do their maintenance for the portion of the property that they’re renting.
Payment on Installments
Most banks are willing to offer more loans for the residential property, and you can buy a residential space with a small down payment and getting 90 percent or more mortgage financing from the bank. On the other hand, banks do not provide many loans or installments commercial leases.
Overall, both residential and commercial properties tend to have their strengths and weaknesses, but you should not conclude that one is better than the other because both serve different purposes for different requirements. Depending on your personal or business needs, finding the right property is possible with the help of Genet Group.
Commercial Leasing: Industrial & Office
Posted on January 15, 2019, by Genet Group
Having a lease that benefits both the landlord and the tenant is imperative. There are various types of leases in the real estate industry, therefore, being accustomed to them all is crucial while you’re choosing any party. You might end up in hard negotiations, but if you’ve done your homework, then you won’t be intimidated. Take the time to get a brief rundown of commercial and residential leases, so you’re entirely knowledgeable beforehand.
It’s quite simple, and most people don’t have trouble understanding it, either. Tenants usually need to pay their rent and utilities which comprise of water and sewer exclusively. You would settle the amount with the landlord, and an agreement would be drawn without many complications. However, commercial leases are a bit more complicated, and several other factors need to be considered. Your business type often determines the type of contract that you would be paying the landlord.
Most retail stores that are seasonal tend to have fluctuating sales that depend on various factors. Ask any Christmas or Halloween store, and they’ll tell you what their particular peak season is of the year. Therefore, lease arrangements need to be made with these commercial stores accordingly. The landlord should devise a plan by talking with the tenant to ensure low lease payments during slow months. These sorts of leases are generally known as Percentage leases to offer the retailer a solid option to maintain their rent and business when traffic is slow.
If there is an office space with a steady income flow, then a gross lease would be best suited for these conditions. The tenants would prefer a residential type of lease agreement where there is a fixed amount every month, and they’ll also be responsible for their utilities. However, the building maintenance and repair charges aren’t included in these agreements; the landlord would be responsible for them.
Firstly, the buildings that are given to these heavy-duty industries must be robust and should withstand maximum wear and tear. As these industrial spaces are machine intensive and would cause significant strain on the structure, the lease agreement should be pinned down considering all the contributing factors. Most landlords would prefer a Triple Net Lease in these situations as the maintenance costs are quite high and they’ll want the tenants to do their fair share.
In the Triple Net Lease, the tenant is bound to pay a significant share of expenses of operation, insurance, and taxes for the rented unit. This works best for both parties as the landlord can keep maintaining the structure more appropriately, and the building withstands the operations of the business. It does cause a strain in the backs of tenants as they have to pay more. However, if they choose the right building with the proper structure and age, this can efficiently work for both parties.
Lastly, you must devise an excellent leasing agreement with your lawyer in the room so both parties are crystal clear on the terms and no ambiguities are left. If you do your homework before, then you won’t end up in problems later! Keeping our customers informed throughout the time of their lease is our top priority. We manage over 1.8 million square feet of properties, and to continually do so, we stand by our word when conducting business.
Things to Consider Before Leasing Storage Space
Posted on January 15, 2019, by Genet Group
When you are looking for a storage space to rent, make sure you find the right one where all your belongings will be safe, secure, and protected. Of course, finding the right retail space takes time, effort and patience. The location is crucial as well, and you have to consider lots of factors before settling on a final spot. The more research and planning you do, the more are the chances that your business would grow exponentially and transform your visitors to customers. Nonetheless, every customer has his list of priorities when it comes to renting a storage space.
Security is the most important factor while leasing storage space to rent particularly if you have to store some important files and records, sensitive data, monetarily documents, and valuable items. Go for a storage space that offers adequate security measures like gated access codes, surveillance cameras, state-of-the-art lighting, and individual unit protection. If you’re able to have a security guard on the property, take advantage of the opportunity.
2. Climate Controlled Storage Unit
If you are planning to save some climate and temperature-sensitive belongings or items such as electronics or wood furniture, choose a climate-controlled unit that provides maximum protection to your belongings from extreme weather conditions. Such storage units do cost a little more, but they offer great peace of mind making sure all your items won’t be subjected to any severe and unfavorable climate conditions.
Location is another important factor that needs to be taken into account when choosing a storage unit because you will have to consider how far you want to travel to reach the storage unit. If you want it to be close to your home or office, then choose one nearest you. Having a storage facility in your proximity would be more convenient and beneficial for regularly checking on your belongings.
4. Travel and Storage Insurance
In case of any loss or damage, opt for insurance for the items you store while you are traveling or moving away. Figure out your current policy guidelines to identify if any additional protection is needed when you rent your storage unit. Make sure your policy covers all your belongings that are stored off-site in a long-term storage unit.
5. Required Amount of Space
Figure out how much space you need to store all your belongings including furniture, electronics, equipment, and other official records. Go for only those storage units which have enough space to accommodate all your belongings safely and securely. If you know that you are going to store more substantial items, consider that as well.
Nonetheless, by considering these factors and more, you will be picking a reliable and safe storage facility making sure that your belongings are correctly and safely stored. Depending on the type of industry or personal items you own, choosing the right storage space can make or break your experience. With Genet Group, you can rest assured that you’re in the right hands.
Leasing Office Space
Posted on December 17, 2018, by Genet Group
Are you planning on expanding your business and looking for a bigger space for your office or company?
Finding an area that supports your team and allows your business to grow and thrive, is not an easy task, but with the help of Genet Property Group, anything is possible. You’ll need to consider several factors before leasing office space, so keep these pointers in mind, and you’ll get along just fine.
– Finalize the place where you want your working space. Ideally, your office should be located at a convenient location that’s easy for your clients, employees, and partners to commute frequently. Additionally, the selected area should have access to sufficient security, parking spaces, and food options. Furthermore, make sure your surroundings adequately portray professionalism and have access to public transport, if needed by employees.
2. Facilities and Resources
– Make sure your office space has sufficient facilities to carry out your official activities efficiently like a good internet connection, multifunctional areas like conference, training and meeting rooms.
Moreover, employees generally prefer to work in those places which provide numerous amenities to offer either inside the office premises or someplace close by. These amenities can include restaurants, parking spaces, high-speed internet connection, a gym, kitchen, cafes, and other areas. These could also benefit you when you want to conduct a meeting session outside the office.
– In today’s’ digital age, there is the utmost need for reliable and high-speed internet connection, landlines, and postal service facilities to get in touch with your partners and clients. Before leasing office space, make sure you’re getting all these connectivity facilities. Other things to consider are high-quality cabling, fax and photocopy machines, air-conditioned rooms and a refreshing office design with furniture and décor that portrays an official look and reputation of your office space.
– It is highly relevant to choose an office space that is under some surveillance and has proper security arrangements. Make sure your office space has deployed one or two security guards or law enforcement officers to monitor any illegal activity surrounding the building. Keep in mind, you and your team will be spending a big part of the day at the office space, so make sure the vicinity is a secure and safe place.
– The cost is probably the most important factor you consider while choosing a new office space. An affordable area can help you save the right amount of money that you can spend on other activities like hiring a new employee or buying new equipment. Check the local market rates for similar properties and then make a final decision on which will work best for you.
Genet Property Group
We have over 30 years of real estate experience in leasing, sales, acquisitions, and property management. We currently manage over 1.8 million square feet of space including residential, commercial, retail, and warehouse properties. With our expert staff, well-sustained properties, and flexible lease contracts, Genet Property Group is the premier location for office and warehouse space in South Florida. Management can make or break the leasing experience, and that’s why we make it a top priority.
Common Types of Commercial Real Estate Lease Agreements You May Encounter
Posted on December 17, 2018, by Genet Group
There are basic types of leases revolving around net or gross rent calculations. More often than not, the gross lease option is when a tenant pays a one lump sum for rent, and the landlord pays for expenses. The net lease option is when the renter has a lower base rent with costs paid by the tenant. However, a modified gross lease is the best of both worlds.
Typically, the gross lease is where the rent is all-inclusive. The landlord is responsible for all or most expenses included with the property like taxes, insurance, and maintenance. If negotiating a gross lease, one of the more important topics should be focused on janitorial services. Inquire about how often they are provided, how extensive the services are, and if the company has a good reputation. Ultimately, the tenant is gaining a massive benefit with this type of lease because they can focus on growing their business, while the landlord assumes all responsibility for the building.
Lower base rent is calculated here along with the added expenses of real estate taxes, property insurance, CAMS, and more. Several different kinds of appeal to tenants and landlords alike:
• Single Net Lease – Pay base rent and portion of the building’s property taxes based on the amount of space being leased by the tenant. Landlord covers all other building expenses.
• Double Net Lease – Everything included in Single Net Lease, now including property insurance. The landlord will cover the costs for structural repair and CAM.
• Triple Net Lease – Tenant is responsible for rent, property taxes, insurance, and CAMs. It’s one of the more common agreements for freestanding buildings and retail space.
The gross lease is more geared in favor of the tenant, and the net rent for landlords. The modified gross option offers a one lump sum option while also including any or all nets like property taxes, insurance, and CAMs. It is sought after less often than the agreements mentioned above, but it provides the advantage of keeping the lease rate the same even if the net costs increase. However, if they decrease, the landlord will see the benefits more so than the tenant.
Whichever option you choose, be sure to educate yourself on the expenses you can afford. Many factors like location, size of space, etc. go into the cost of renting the unit, and growing businesses need to keep their eyes on the prize when signing into a new lease.
Everything You Need to Know Before You Start Leasing a Commercial Property
Posted on December 17, 2018, by Genet Group
Before committing to leasing commercial space, consider all the possible roadblocks you may encounter. Don’t sign on the dotted line without asking yourself a few questions about the kind of lease you’re getting involved in. Of course, there are several more, but starting with these essentials will put you on the right track.
Have I Read and Understood Everything?
Although it may seem a bit redundant to say, reading over every paper in the packet is crucial. Most landlords may use general terms and conditions, but if you have specified specific negotiations, you need to make sure they’re accounted for within the documents. Keep an eye out for any contradictions within the contract that could negate what you’ve tried to negotiate.
Do I Understand Terminology?
If you haven’t acquired a lawyer to look through the documents for you, be sure to understand exactly what you’re reading through. The Common Area Maintenance portion of the papers is one of the most confusing, and without the proper knowledge, could have you in a whirlwind. Be sure to note that the percentage of which you pay the CAM is based on the size of the building rather than how much of the building is being rented.
Is My Lease Assignable? Can I Obtain a Sub Lessee?
If you sell the business and are looking for someone else to take over the lease, then be sure to clear the air before the landlord terminates your contract. Typically, it would be another business working in your leased space under your terms. Although you will pay the lease, the lessee will pay a portion to help out with the costs. If you haven’t discussed it with your landlord but are looking to make that decision in the future, speak to your landlord to attempt negotiating those terms.
Does the Lease Have an Arbitration Clause?
This piece of the lease states that any disputes between parties will be settled in arbitration versus litigation. Most landlords will insert this clause for some reason. It is much more cost-effective to resolve issues arbitrarily rather than with lawsuits and to pay hourly for a lawyer. Although there are pros and cons to both sides, consider which option will work best for you long-term.
With over 20 years of real estate experience in South Florida, Genet Group knows how to negotiate, so everyone wins. Our goal is to ensure that our clients are receiving the best possible agreement for their business to succeed. We instill a hands-on management approach to how we conduct business, that’s what has kept us as one of the leading property groups in South Florida. If you are in the surrounding area and are looking for expert property managers, give us a call at (954) 572-9159.
A Sudden Increase in Rent
Posted on October 15, 2018, by Genet Group
Over time, neighborhoods grow and change. Take for example the Meatpacking District in New York City. Though it’s had a history spanning far before the industrial revolution, its name comes from the time in which it was a large industrial powerhouse of a neighborhood, filled with factories and warehouses. Now? It’s become a much more diverse and bustling spot for commerce and residence. Any neighborhood on a similar path would likely be dubbed “up and coming,” with new restaurants moving in, new real estate developments, and an influx of people with money to spend at these new spots. Case in point: the entire landscape of a location can change in a matter of years.
Naturally, as neighborhoods change over time, so do the prices of renting property within them. When the Meatpacking District was still filled with factories the cost of living there was marginally low. Now? Definitely not.
If you currently lease property in a commercial lot that’s had an influx of business, or in a neighborhood that’s recently had a real estate boom, you might come across the dreaded notice from your property manager: an increase in the price of rent. What should you do when faced with this change?
First off, assess your financial situation. Can you realistically afford this increase in rent? How much more will it cost you over time and what could it mean for your business to incur this increased cost? It can be expensive to move, but the one-time cost of a move to a cheaper location might be less than the long term cost of an increase in rent.
Consider the increase in business that might come from a neighborhood that’s “up and coming.” If your business is a storefront, would it be beneficial to stay in an area that is rising in popularity even if it costs a little more than you initially intended it to?
Most importantly: speak to your landlord or property manager about the reasoning behind the increase in rent. If there’s nothing that can be negotiated, your best bet is to assess the financial pros and cons to determine if you should stay or if you should go.