Businesses in Florida and across the nation have been impacted by the current health situation. Financial concerns, downsizing and weighing options has been ongoing for much of 2020. Still, it is important to be aware of real estate trends and to take advantage of beneficial terms and alternatives when they are available. In Southwest Florida, the commercial real estate numbers have shown a reasonably strong market. Also, people are benefiting from good interest rates and refinancing their properties. This could be a sign that people considering a purchase, an expansion or a sale could benefit. With any transaction of this kind, it is beneficial to have legal advice throughout the process.
Anecdotal evidence conflicts with projections
There were ominous signs for commercial real estate as the health crisis advanced and fluctuated. According to Forbes, commercial sales were expected to decline and the number of vacancies would spike. However, local brokers in the area have pointed out that many people are relocating to the area. The number of vacancies is believed to be due to the increase in construction of commercial properties that could not be rented due to the health challenges. This explains the high rate of empty properties.
Businesses have sought to streamline their operations with smaller spaces due to a growing number of people who are working at home. This has led to more businesses considering industrial purchases and warehouses to store goods in lieu of conventional storefronts and offices. Refinancing has been on the rise as well. This is true for commercial and residential property owners. Interest rates of currently low, but people need to be cognizant of the fees that accompany refinancing and the possibility of a sudden increase in their rates in the future.
Legal assistance may be critical with real estate transactions
Regardless of the landscape and the goals when buying, selling, financing or refinancing commercial and residential property, there are legal issues to consider. To be fully protected, understand all the terms – including the fine print – and take the necessary steps for a positive outcome, it is wise to have legal assistance from the start. A firm with experience in all aspects of Florida real estate may be able to help. Calling for a consultation is the first step.