Florida investors are likely aware that August is normally the slowest month for commercial real estate leases and sales. However, August of this year is different as is the summer so far as a whole. Commercial real estate has seen a strong uptick in business with more activity around the country than during the spring and winter as well as the summer months of prior years.
According to Transwestern, businesses in the San Francisco Bay Area leased 2.4 million square feet during the last 90 days. By comparison, companies leased 700,000 square feet during the first quarter of the year. In New York, July leases and sales were up by 2.2 percent and by 10 percent over the leases and sales in July 2016.
In Los Angeles, there has also been an increase in commercial real estate transactions. Some industry experts say that companies that were waiting to see what happened with the current administration are now moving forward to make up for the time that they've lost. Part of the increase in commercial real estate business may also be due to the ready availability of technology, which allows business to be conducted around the clock from anywhere. Brokers who are on vacation do not have to let their plans interrupt transactions that are pending.
When businesses want to buy or lease commercial property, they might benefit by getting help from experienced commercial real estate attorneys who can help research the properties and complete due diligence. This may help their clients to decide whether or not to go forward with a particular space or whether the clients should instead look at alternate locations.