Southern California, including Los Angeles and the surrounding areas, remains a hot spot in the commercial real estate world. One area that is particularly drawing interest when it comes to commercial building purchases and commercial leases is Orange County. This information comes from Ten-X, an online real estate marketplace.
According to Tex-X’s most recent United States Office Market Outlook, investors may benefit from purchasing office real estate in Orange County. The southern part of the state is a popular area for real estate transactions at the moment due to the growing economies in the area. Consistent job growth and strong demographics are contributing to the vigorous demand for office spaces.
Outside of Southern California, other areas of the country that are drawing investors include Miami and Palm Beach in Florida, and Portland in Oregon. On the contrary, investors may want to sell properties in Milwaukee, Memphis, the suburban areas of Maryland, Houston and Cleveland. Labor markets in these areas have weakened, thus decreasing the demand for office spaces and subsequently undermining the commercial real estate markets in these parts of the country.
Investing in office spaces in Los Angeles and other parts of California can be a challenging process due to the inherent complexities involved in these types of commercial real estate transactions. Likewise, negotiating and drafting commercial leases as well as reviewing them can be challenging, with the potential for errors a significant risk. A real estate attorney can offer guidance in efficiently completing even the most complicated commercial real estate transactions in the Golden State.
Source: San Juan Capistrano, CA, Patch, “Business Real Estate Market Booming In Orange County“, Feb. 8, 2017