Investors in Los Angeles and other parts of the United States might understandably be interested in purchasing older properties. The reason for this is that some tenants may view older properties featuring commercial leases as being more authentic and having more architectural character. The main obstacle that investors face with these types of properties, though, is that updating them from a technology standpoint can be difficult.
Retrofitting older properties to turn them into state-of-the-art office spaces is a popular move right now. However, not all properties can be made to feature some of the latest technologies. These technologies include, for example, those associated with monitoring parts of buildings that are not used very often, as well as facial recognition and phone security access technologies.
As a result, it is likely that many investors and tenants will start to shift away from older properties and toward newer ones. Startup companies and media businesses are especially interested in these types of spaces. These spaces not only make it easy for businesses to incorporate technology into their operations but they may also be more convenient for workers. For instance, workers may not have to wait in long lines to use the restroom in a newer building as they would in older properties that were created for smaller workforces.
Both older and newer properties featuring commercial leases have their pros and cons. However, no matter which types of properties investors choose, they can both be difficult to buy if investors are not familiar with the commercial real estate transaction process in today’s competitive market. An attorney in Los Angeles can provide investors with the guidance they need to navigate their transactions successfully.