It seems that people across the country, including many here in California, are spending more time in hotels. In fact, Marcus & Millichap reports that as of the middle of 2018, the number of occupied rooms across the country has increased approximately 70 basis points. Since hotels seem to be performing well, developers may want to tap into this market.
Every investor, owner and developer's desire is to fill a building and have it become profitable. For this reason, the hunt for commercial tenants often begins before a particular Orange County building is even completed, if it is a new development. The problem sometimes lies in finding that last commercial tenant to bring occupancy to 100 percent.
Starting a new business is an exciting time for many Orange County entrepreneurs. The urge to get started can sometimes be difficult to deny, but with so many matters to attend to before opening the doors, patience may be a virtue even if it is not appreciated. This may especially true when it comes to signing a commercial lease since taking the time to ensure that it is ready for a signature may take some time.
When looking for a location for a new store here in Orange County, a business owner may want to consider several factors. For instance, just because an area sees a lot of traffic does not necessarily make it a good location for a particular retail establishment. Before committing to sign a lease, it may be a good idea to look at factors that could have a significant impact on the success of a business.
Without the ability to adapt, many projects here in California would more than likely falter. As the needs and desires of consumers change, so must the commercial and retail landscape. Many developers and landlords already know this, and are making adjustments to their visions in order to remain current and relevant in today's market.