Florida Considered to be a 'Hotspot' for Commercial Real Estate Development
Date
2/26/2020 2:06:24 AM
(MENAFN- iCrowdNewsWire) Feb 25, 2020
If you're considering delving into the commercial Real estate market in Orlando, FL, you aren't alone. Just last year, Business Observer cited that Florida 'ranked fifth in the U.S. for all commercial real estate development. That statistic came from an annual survey conducted by an affiliate of the National Association of Industrial and Office Parks, says Business Observer. The fact is, Florida has much to offer to those seeking to enter the commercial real estate market despite the threat of climate change.
According to Business Observer, commercial real estate projects brought in $20 billion into the state's economy in 2018 which produced more than 161,000 jobs. The source also cited that 'although Florida ranked 10th in office development, it was No.2 in the nation—behind only Texas—in retail growth. The state also ranked third in industrial development.
Aside from Orlando's increasing population, another reason why the city has become a prime location for commercial real estate development is the high amount of traffic the city sees each year. In 2018, the City of Orlando saw an estimated 75 million visitors, many of which come for the various attractions the city offers including Disney World [Source: U.S. News & World Report ]. Now, although Orlando is thriving and might be considered an ideal place for a commercial real estate developer to invest in, you must remember that location among other things must be taken into account before purchasing any land or leasing any commercial property.
Tips to Consider When Purchasing Real Estate Property in Orlando, FL
If you have already found a location for your development or are thinking about leasing out a space in Orlando, FL, there are a few things you will want to consider before making any decisions. For instance, Bank of America recommends that you take into account these six tips we have provided for you below that can assist you as you look for a location for your next business venture.
Think about the type of property you are looking for. Ask yourself this, is the space going to be utilized for your own business, or will you be renting it out? Perhaps you might want to use the space to build equity. What part of Orlando do you consider to be an ideal location for your development or to purchase commercial real estate? What's your risk tolerance? How much are you willing to put into it? What skills do you already bring to the table? What skills do you need to hire for or contract out? Commercial real estate development can be a risky business to get into, but you can reduce the risk when you go into it with an experienced Orlando, FL real estate lawyer working on your side. Legal Counsel, P.A. is a real estate law firm in Orlando that provides a range of legal services that center around commercial real estate. To be sure your investment is the right one to make, contact this firm at 407-982-4321 to speak with a lawyer in your area.
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Contact Information: 189 S. Orange Avenue, Ste. 1800 Orlando, FL 32801 (by appointment only)
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