Seattle is Washington State’s largest city, and boasts a large tech industry. The home of corporate giants like Amazon and Microsoft is renowned for attracting top talent, all of whom are looking for high-paying jobs. As a result, it also leads when it comes to commercial real estate investment.
Moreover, the increasing number of tech companies and high-paid millennial workers in Seattle has increased the demand for multifamily homes and duplexes. In this article, we’ll discuss some CRE investment tips that can help investors in Seattle maximize their returns. Let’s get started!
Tip#1: Prepare your CRE—consider millennials to be your target audience
Tech companies emphasize a great work environment, so they’re always on the hunt for modern commercial spaces with amenities like parking, spacious meeting rooms, fitness centers, functional outdoor space, robust security, and eco-friendly options.
Therefore, it’s essential to inspect and prepare your property to meet these requirements—or at least some of them.
You should start by inspecting the roof, plumbing, and electrical system of your property. Moreover, security and fire safety features are non-negotiable.
Moreover, proper cleanup—followed by a fresh coat of paint and staging—can make your space stand out. It also allows you to negotiate higher rents in the lease agreement.
Tip#2: Market your property—don’t sell the property, sell the experience
Let’s face it! Your commercial property isn’t the only property in Seattle, and potential tenants are likely to inspect several spaces before making a decision. Hence, it’s crucial to stand out from the rest of the competition. So highlight the unique features of your property that add value for commercial tenants.
For instance, if your commercial space is situated in a geographically desirable area, emphasize the benefits that potential tenants are likely to enjoy. Similarly, talk about landscaping, security measures, and other amenities to draw the attention of high-paying tenants.
Tip#3: Choose your tenants wisely—the key to success in the CRE industry
If you want to generate good returns on investment and maximize profitability in the long run, you must do your homework and pick your tenants wisely. From bad reference checks to rental history verification, you should leave no stone unturned in ensuring that you’re selecting a suitable business to lease your commercial space to.
This will minimize the chances of property damage and non-payment issues. Ideally, you should prepare your office for commercial tenants who can afford to pay high lease amounts. Typically, law firms, insurance companies, and tech companies are among the top-paying commercial tenants.
Cities with tech innovation-oriented cultures are great for those investing in CRE, and Seattle checks all the boxes.
In the end, just remember to play your cards right and maintain a good business relationship with your commercial tenants to ensure success and maximize ROI.
About Global Capital Partners Fund
Global Capital Partners Fund is a reputable private lending firm that provides hard money loans to commercial real estate investors in Seattle, WA, to fund their deals.
The flexible terms and quick processing times enable investors to capitalize on CRE opportunities and maximize profitability and return on investment.