Law Office of Henry B. LaTorraca Civil Trial Attorney

Solid economic growth good news for commercial market

According to forecasts from the National Association of Realtors, commercial real estate vacancies are expected to fall about 1.1 percent to 11.9 percent. The industrial sector is also set to experience a 1.1 percent fall in vacancies to 7.8 percent over the coming year. Vacancy rates are also expected to fall in the retail and multifamily sectors of the commercial real estate market as well.

The chief economist for the NAR suggests that the decrease in vacancy rates is related to increasing economic health. Consumer confidence and increased spending are likely to keep demand strong for commercial real estate space. However, it is also likely that prices are not going to increase much in the near future. Hurricane Harvey may also cause a temporary slowdown in the market with the apartment sector taking the hardest hit in the short-term.

Purchasing commercial real estate may represent an opportunity for an individual to earn a positive return on investment capital. However, there may be many variables for a person to consider before making an investment. Some of these variables are related to the property itself. For instance, it may be wise to first see if the property is properly zoned or if it has any title issues that need to be dealt with prior to close.

An attorney may be able to help an individual investigate title and other issues related to a commercial property. Legal counsel may also be able to help review any purchase contract to increase the odds that it is in the client's best interest.

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