Tips For Buying An Office Condo
South Florida Business Journal | By: Brian Bandell
Buying or converting office space only works “in the right building, for the right person, in the right location,” said Kenneth Weston, who has been developing and brokering office condos, mostly for the medical industry, since 1978.
In the past two years, Weston has sold out medical office buildings in Coral Gables, Doral, Miramar and Pembroke Pines. Three others in southern Miami-Dade County are at least 50 percent sold.
Weston offered these tips to businesses considering office condos:
- What is the developer’s track record?
- Does the location work?
- Is there the right mix of tenants?
- Is there enough parking?
- Don’t invest unless you are a user.
- Don’t buy if you expect considerable growth or plan to move.
- Have an exit strategy