As California relaxes the mask mandate in a post-pandemic world and the situation goes back to normal, businesses and restaurants in LA County can finally allow customers in their stores. Since businesses are opening up again, business owners are in search of commercial properties located in dense areas of the country. One such area is LA County.
LA has been a prime location for businesses for decades and now is the perfect opportunity for landlords to invest in a commercial property. Here are 5 reasons why.
Longer lease terms
Businesses use multiple marketing strategies to build their brand and increase brand familiarity among their audience. Hence, businesses prefer longer lease terms as they can focus on business development. The average lease period for commercial properties in the USA is longer at 3-5 years, as compared to a residential lease that is about 27 months. This makes things easier for you as a landlord as you don’t have to worry about finding tenants on a regular basis.
Better rent and maintenance
Commercial properties help you earn you more, as compared to residential properties. These days, businesses are willing to pay comparatively higher rents rather than changing their office address every two years, to develop their brand.
As a result, they pay their dues on time, ensure that they take care of property maintenance, and maintain the property in a good condition.
Better handling of the property (by the tenant)
As the tenant uses the property as a workspace, it can be assumed that customers will be visiting the place on a daily basis. Business owners are concerned about appearances and believe in maintaining the property well, as shortcomings in presentation can negatively affect their business.
For commercial properties, the tenant himself takes care of the sanitation of the place and timely maintenance of the amenities in the property, such as HVAC systems, unlike a residential tenant that calls the landlord or your property manager for every single issue. This reduces your maintenance costs to a great extent.
Better FDI & GDP
Owning a commercial property in LA county can directly make you a part of Foreign Direct Investment (FDI) and a contributor to the country’s GDP as there are several commercial opportunities looking to rent office spaces in LA Country.
Global tourist hub
More than 50 million tourists visited LA in 2019, which is a gigantic number. Tourist hotspots like Universal Studios, Hollywood, Hollywood sign, Griffith Observatory, and world-renowned beaches are spread all across the County. Businesses thrive on tourists and are looking for an outlet in such tourist-populated areas. Owning a commercial property in such a scenario, where you can turn it into a cafe, or a tourism office, can be very lucrative.
In today’s day and age, it is crucial to think outside the box. Post-pandemic, it is a great time to invest in commercial property, especially in LA County. Bell Properties can help you make a sound decision as you decide to invest in a commercial property in LA, contact us now.