The growth of the prices of nonresidential properties in the United States, including Los Angeles and other parts of California, appears to have cooled off during the summer. However, some sectors of the commercial real estate market continue to experience quick sales price gains in spite of already being at record price levels. This may be welcome news for those interested in selling properties featuring commercial leases.
Of all of the types of commercial assets, apartments experienced the largest monthly gains of a little more than 1 percent in July. In addition, they experienced the greatest year-over-year increases of 12 percent. Retail additionally saw a price increase of nearly 2 percent.
The sales prices of office properties also increased more than 7 percent. Office properties in suburban areas were especially in demand. Meanwhile, the prices of industrial assets decreased during the month, dropping 0.3 percent, although these assets were the only ones that experienced a decline.
With properties featuring commercial leases remaining hot, now might be a smart time to sell these properties for a profit. At the same time, investors may be interested in purchasing these highly valued properties with the goal of generating consistent income from them and eventually selling them for a profit. The challenge for many individuals, though, is figuring out how to navigate a commercial real estate deal — particularly when they have never been through the process. Fortunately, an attorney in Los Angeles can help both buyers and sellers to successfully complete their real estate transactions while ensuring that their best interests are protected each step of the way.