With its friendly tax regulations, low cost of living, and strategic location, Reno is an amazing place for businesses. That also means the city is a great place to own an office. As more businesses relocate to Reno, the demand for office spaces is expected to increase, presenting a great opportunity to capitalize on this trend by renting out office space.
Whether you’re looking for office spaces to call your own or an investment to rent out, NAI Alliance’s Office Team is here to guide you. Our team consists of many Reno natives who know the office real estate landscape inside and out, providing you with the best insight.
With decades of real estate experience, we deliver personalized solutions tailored to your needs, maximizing the value of your investments.
There’s a lot more that goes into buying office properties compared to homes. That’s why when you work with us, we’ll start by getting to know your requirements. Whether you’re an owner-user looking for a new home for your business or an investor looking to lease to other people, we’ll go over your needs. This includes the property’s preferred location, building size, office layout (private office or bullpen), and other important considerations.
Most residential mortgage brokers probably don’t provide office real estate loans. To help you find the best lender for your office purchase, we’ll connect you to our trusted commercial lenders for underwriting and get you pre-approved before continuing with the process.
Similar to buying a home, your office’s area is as important as the building itself. However, instead of checking school ratings and potential neighbors, you’re looking at business tenant demand and rent vacancies. We’ll utilize dedicated commercial real estate reports platforms to obtain reports on key office rental statistics and identify the submarket that best suits your needs. Whether it’s walkable and high-density Downtown Reno or the developing South Reno area, we’ll help you find the right area for your office.
Where residential property searches use Zillow and MLS, we use dedicated commercial property listings to find the perfect office property for you. Our team will also look into our pocket listings and contact potential property sellers to expand your search pool even further.
Once you’ve created a shortlist, we’ll draw up some financial predictions for your chosen properties. We’ll provide you with pro formas containing NOIs, cap rates, expense recoveries, and other important financial data to ensure you know what you’re getting into.
There’s a lot more ground to cover in office tours compared to home tours. We’ll guide you through each tour, showing you the office’s lobby, private office suites, meeting rooms, parking spaces, and other locations. You’ll also receive an inspection checklist to help make sure everything is in order.
A Letter of Intent (LOI) is like a Purchase Agreement when you’re about to buy a house. However, LOIs usually have more conditions because the due diligence process takes longer and there are more contingencies to consider, like environmental and zoning contingencies. If you’re new to the process, you don’t need to worry because we’ll walk you through it.
When you buy a home, you need a home inspector to ensure it’s safe to live in. When you buy an office, there are lots more to do than just ensuring it’s inhabitable. We’ll organize environmental inspections, ALTA (American Land Title Association) surveys, ADA (Americans with Disabilities Act) compliance inspections, and all other necessary steps to ensure the office fulfills all its regulatory requirements.
Once the office building is ready, we’ll work with the lender to deliver the due diligence reports and satisfy their appraisal conditions to close on the loan. We’ll also help you sign up for the relevant insurance policies to ensure your investments are well-protected.
Once everything is in order, we’ll assist you in organizing a deed signing with the relevant Washoe County authorities. Similar to when you receive your keys when you buy a home, we’ll transfer all relevant access privileges to you, including service contracts and building manuals. We’ll also introduce you to the property manager or facilities team, who’ll help you settle into your new office.
Whether you’re a first-time tenant or an experienced landlord, the Office Team at NAI Alliance can help you plan and execute the next best step for your business.
Companies are increasingly shifting their focus towards a holistic approach that considers their workplace as one of many components that contribute to employee satisfaction, productivity, and ultimately, revenue growth. Your office’s proximity to important stakeholders such as customers, competitors and partners may be critical.
Many factors will determine if an office is right for a company. The opposite is also true. Over 50% of businesses will fail within four years of founding, and 70% will fail, be acquired, or otherwise dissolve within 10 years. A realistic assessment of a company is critical when representing a buyer, and even more so when considering a leasing contract. It’s never about just filling the space. It’s about obtaining and retaining long-term, successful tenants.
Our advisors have closely monitored the shifts in Reno’s economy over the past few decades and continue to help both tenants and landlords find the right fit.
We leverage our extensive market experience to deliver customized solutions that attract the right partners, enhance your business strategy, and maximize the value of your investment.
You don’t have to get help from real estate agents to find office real estate, but they can help find properties that you otherwise wouldn’t find on your own. Real estate agents can also guide you through the purchase procedure to ensure it goes smoothly.
Reno is a good place for office property investing because its economy and population are experiencing growth. Thanks to the strong economy and influx of potential workers, more businesses are considering setting up shop in Reno. As businesses look to relocate to the city, office property owners may secure lucrative tenancies with companies.
You should consider investing in office properties because, compared to residential properties, the rental yield is typically higher. Additionally, most businesses outfit their offices according to their specifications, which can be expensive. That means moving out can be more expensive, leading to lower turnover and potentially longer lease periods.
Some key challenges of office property investing include the higher startup costs, the lasting impact of COVID that led to the rise of remote work, and stricter real estate lending policies.
Many factors make a good office property, but as a potential office real estate owner, some of the most important considerations include the property’s location, facilities, and nearby amenities.
