The commercial real estate market has enjoyed robust growth in recent years, and rising demand in California cities like Los Angeles, San Francisco and San Diego has been a major contributor. However, several industry experts believe that overlooking the Southeastern United States could be a mistake for developers, and they point to surging economies in Miami and Atlanta and record demand for industrial space to back up their claims.
If the Southeastern United States were an independent country, it would have the world’s sixth largest economy and a higher rate of growth than any of the top five. Atlanta and Miami account for more than half of the region’s international commercial property investment, but smaller markets like Tampa, Charlotte and Nashville are also attracting foreign money due to their resilient economies and educated work forces. The Southeast is also highly accessible thanks to several major airports and thriving port cities such as Savannah and Charleston.
Many commercial real estate analysts believe that office construction will soon soar in the Southeastern United States as a growing number of Americans relocate to the region in search of jobs and lower living expenses. However, this may not be good news for landlords who have been able to raise rents considerably due to rapacious demand and dwindling supply. The area is also a popular vacation destination, and hotel capacity in the region is expected to rise sharply in the years ahead as continued economic growth provides consumers with higher levels of disposable income.
Commercial real estate opportunities are often fleeting, and developers can be left wanting when their projects are delayed and the moment is lost. Attorneys with a background in real estate law may be able to prevent unnecessary holdups by ensuring that regulatory and legal issues are addressed prior to ground being broken. Attorneys could also seek to resolve zoning and land use disputes quickly to keep projects on schedule and prevent work grinding to a halt.