Considering Commercial Real Estate? Here’s What You Need To Know

Commercial Construction

Will historic landmark status limit you from alterations? What kinds of businesses are off limits? What are the plans for parking? Pay a visit to the city’s Department of Housing & Economic Development (HED) and the Planning & Zoning Bureau online or in person. Sourced From: Saturated areas will naturally yield more profit.  The main problem, however, is that there are too many competitors.  It will be very hard to establish a profitable commercial real estate due to the competition, and the main reason for this is the law of supply and demand.  The higher the supply, the lower the price will be. Therefore, it is recommended to establish a commercial real estate business in less saturated areas, like minor cities and municipalities. Zoning laws and development plans naturally affect the prices of commercial real estate.  The observation of most experts are the more strict the zoning law, the lesser commercial real estate properties available.  This may not always be true, but majority of the commercial real estate prices are affected depending on the aforementioned zoning laws and development plans and the prices will usually go up due to the scarcity of the said properties. Risk Management Finally, from a risk management standpoint, counsel needs to work with the client to determine the responsibilities of the parties on a variety of sticky topics.  

 Over the course of several years, topics such as compliance with law and building codes, maintenance and repair of the premises, and other general liabilities (such as parties getting injured on the premises, what happens in the event of casualty or eminent domain) can and will become someone’s problem. Sourced From: Risk management is present in almost all kinds of businesses