With all the interest in arresting the negative effects of climate change, it may not surprise California residents that government agencies and advocacy groups are attempting to institute new laws, rules and regulations that would affect new construction to make it more environmentally friendly. One of these initiatives involves transitioning new development projects from using natural gas to using all electricity. This would involve updating codes in the state's energy efficiency standards.
Finding a new plot of land on which to build a new project can be a challenge here in California. As cities continue to grow, developers look for new places that will suit their ideas and support a new development. Before settling on a place to build, it would be beneficial to make sure that future customers, clients and tenants have easy access to get onto and off the property as well as the utilities they need in order to live and work comfortably. The time needed to conduct any analyses and make any improvements needs to be worked into the cost and timetable for a particular development.
When beginning a new project here in Orange County or elsewhere, it will usually be necessary to enter into an agreement with a company to handle the renovation or build. Construction contracts can be long with a substantial amount of provisions and fine print. Two items to make sure to review -- in conjunction with everything else -- prior to signing and beginning work on the development involve the contractor's rights when it comes to collecting for non-payment.
Whether looking to build on or renovate a piece of Orange County property, it will most likely be necessary to hire a construction contractor. Depending on the size of the planned development, property owners and investors will want either an estimate or a bid for the project. What some newer developers may not realize is there is a difference between the two.
Funding a project is a primary concern for property owners and those they work with. Like many other places, construction costs here in California are not cheap, and finding the money for a development may require some searching and creativity, depending on the situation. In some cases, the land will need to be purchased before lenders will work with developers on funding the construction of the project in order to guarantee some collateral for a loan.
There is more to California's environment than just the air, water and soil. Developers may focus on these three factors as they obtain an environmental assessment. The problem is that if they forget to account for the potential impact on ecosystems and local animal populations, they could end up with expensive delays and could end up having to stop a project all together.
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.