Commercial Properties Move Slowly to the Internet

Realtor.com announced this month its intent to launch an on-line, commercial real estate search site, but thus far there’s no MLS for commercial real estate, explains Michael O’Brien of O’Brien Realty.

The MLS, Multiple Listing Service of the vast majority of residential properties for sale, transferred smoothly into the age of the Internet. It is now accessible to nearly anyone house hunting. But for commercial real estate, you need a broker.

Buying or leasing space for even small commercial activities demands a more nuanced approach to contracting and zoning than is typically involved with residential real estate and often a great deal more market knowledge than do-it-yourselfers may be able to muster their first few ventures out.

Mr. O’Brien rattles of a half dozen variables that can impact any commercial deal: square footage rates from one building to another; parking regulations; leasehold improvements; landlord versus tenant controls on the property; zoning conditions. And he says that is just the beginning.

“And you can’t find them online,” he further cautions about seeking the right commercial property. “Only 30 percent of commercial properties appear on the Internet.”

As farfetched as that seems in an electronically connected world, Mr. O’Brien offered more variables and shrugged. Too many moving pieces in a commercial deal to be able to capture them in the way residential real estate has migrated to the World Wide Web, he says.

Nevertheless, O’Brien Realty lists 250 properties on its website, displaying an array of properties for business owners or investors to get started in the still growing Southern Maryland market.