How many people living in or visiting Orange County live with some type of disability? Someone may have those numbers, but if there is even one person here who needs accommodations in order to frequent a certain commercial property, it must comply with the Americans with Disabilities Act. Few people would argue that a development needs to be in compliance, but it can be easy to miss something unless the property owner is familiar with what the Act requires.
People no longer want their lives as segmented as they used to be. Living in the suburbs, shopping on its outskirts and working in the city may have made sense decades ago, but not as much anymore. Now, whether living here in Orange County or elsewhere, many people want to be able to take a short walk from their home, to the grocery store and to work, which means a mixed-use development would be ideal.
During the construction or renovation of an Orange County commercial space, one of the primary goals is to ensure that everyone can gain access to as much of the building as possible with a minimum of effort. This means making the appropriate accommodations for individuals with disabilities as well. In fact, every commercial development must meet the standards of the Americans with Disabilities Act.
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.