If you have ever wanted to know more about the newest trends in commercial real estate, read on! In this business travel blog post, we’re going to discuss what it means when a property is labeled as upscale, the top reasons it’s such a hot commodity in today’s market, and give you some tips on how to spot an upscale property for sale.
Maybe you’re already considering this new type of commercial space for your own company; if not, after reading this post you may find yourself looking into these opportunities.
1. What is upscale commercial real estate?
Admittedly, the finer things in life include conveniences like high-speed internet, an ergonomic work space, a state-of-the-art kitchen, and perhaps a rooftop area. Although these gadgets and gizmos are commonplace today, in some circles they’re still considered “upscale.”
If you fall under this category of people with higher standards than most (we can tell when you read this blog!), you’ll want to know what it means when a property in your area is labeled “upscale.” First off: it doesn’t necessarily mean plush.
Although an upscale property may include certain comforts, amenities, and more, a good real estate agent will be able to make you feel like you’re in the top tier of your business even if the property is anything but.
2. What is an upscale property?
Beyond the “upscale” label itself, you’ll want to know what exactly it means when a real estate agent labels a building or neighborhood as such. The term “upscale” tends to be subjective; based upon whether the community is viewed with higher regard by those who are looking for properties, or those who already live there.
Within these circles, “upscale” can mean very different things. Some people may be looking for an apartment in the area because of the security and amenities offered; others may be more interested in the neighborhood’s school district or proximity to restaurants, a park, or transit. Whatever the objective of the buyer is, an agent will use their experience and expertise to determine which attributes are most important to them.
3. Why is upscale property such a hot item?
If you’ve read anything about commercial real estate at all lately, you’ll have noticed that notable investment dollars are beginning to pour into this property market.
According to a recent report from Commercial Property Executive , “Upscale” commercial properties have seen a 90 percent growth in value over the last three years within the U.S. market. Over the same period, the overall market grew at just 3 percent. In other words, these properties have been on fire!
It’s not hard to figure out why this is happening: historically, companies and investors have stockpiled cash; having accumulated too much of it, they’re beginning to look for investment opportunities beyond their regular portfolio of stocks and bonds . As they do so, they see commercial real estate as an appealing place to invest their wealth since properties tend to appreciate faster than other investments.
This isn’t to say that all commercial real estate is on fire, by the way…just that there are a lot of reasons why companies like yours may be interested in buying into a particular “upscale” property.
The Ideal Opportunity for Your Business
How do you go about finding your ideal upscale commercial property? There’s no better place to start than within these three criteria:
What’s the best location for your business? For starters, you’ll want to know what the surrounding area has to offer so it can make an appropriate contribution to your company’s success.
Whether or not it’s going to be close to your office, you’re going to want it to be accessible from the main roads in the area, whether you’ll need to drive, take public transportation, or even access via bike or foot. This may require some research and scouting on your part.
An upscale property is ideal if it’s centrally located within an area where potential clients are likely to frequent. Some people will drive a little further for great food and entertainment; others will travel a little because they value being located near quick access to their entertainment venues.
You’ll want a property that’s in demand. What does it mean when a property is considered “upscale”? We know that location is key, but before we get to that point, you’ll want to know what the market is looking for in terms of style and design.
In this ever-changing economy, the type of building tends to be somewhat different from one year to the next. If you’re an architecture aficionado, you can find out exactly what your potential upscale space will look like in advance by previewing it via web cameras or virtual tours.