Since the great recession, the commercial property market has steadily recovered here in California and elsewhere. Many factors have contributed to the rebound of the market to this point, but 2020 could break commercial property development records. According to CBRE Group, investments could range between $478 billion and $502 billion.
As most people in Southern California are aware, the region does not have enough affordable housing to go around. In an effort to combat this situation, the Southern California Association of Governments recently approved a plan that would provide around 1.3 million new homes over a 10-year period. This could provide an opportunity for some developers.
The price of real estate and its value after purchase often depends on a variety of factors whether it is here in California or elsewhere. For this reason, many developers keep up to date on current events, financial trends and more. Some foresight and research could help identify the factors that could influence commercial real estate in the near and distant futures.
Finding the right tenants for a project is not always an easy task. For this reason, many Orange County developers choose to work with a leasing firm to help. Finding the right company could make the difference when it comes to signing up quality tenants both during and after the construction process.
Not every project goes smoothly. Orange County developers could encounter obstacles to the completion of their projects due to some sort of dispute. While the knee jerk reaction may be to file a lawsuit, the situation may be better handled through the use of mediation.
Anyone who has lived here in Orange County for any length of time knows that the traffic can be heavy and chaotic. Bumper-to-bumper travel is more the norm than anyone would ever like to admit. When planning a new development in the area, how it will affect already congested traffic patterns is often one obstacle that requires addressing before moving forward.
When Orange County entrepreneurs decide to get into real estate, they may find themselves deciding between residential and commercial property. Understanding the differences between the two could help make the decision. The disparities in how such a development would be handled could affect the bottom line for these entrepreneurs.
Every time you start a new venture, you take certain risks whether the project is here in Southern California or elsewhere. You may rely on the legal groundwork you laid prior to the beginning of this new development in case anything goes wrong. When something does happen, you will need to find out if the steps you took were enough to protect your rights.
In addition to taking steps to protecting the environment, the state of California also took steps to increase energy conservation. The goal of Title 24 Lighting Control Acceptance Testing is to help ensure that lights are not using energy at times when they are not needed. A new development would need to ensure it complies with this energy code.
California is one of the states that has a shortage of affordable housing. Accommodating all of the residents who need a place to live could be hindered by the debate over impact fees. Typically these are fees imposed by a local government on a proposed or new development and are meant to cover the cost of all of the public services to be provided to the new development. A development could be delayed or even scrapped because of these fees.