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Commercial real estate market looking good in 2017

A growing economy has lead to greater consumer confidence and higher levels of spending from consumers in Missouri and throughout America. Business spending and confidence are also high. In the last quarter, the economy expanded by 3 percent, and the belief is that it can continue to expand into the end of 2017. This was according to the chief economist of the National Association of Realtors.

This growth has caused a tightening in commercial real estate vacancies. Overall, the vacancy rate is projected to decline 1.1 percent to 11.9 percent. Vacancy rates in the multifamily sector are set to decline 0.5 percent to 6.1 percent. Decreases in vacancy rates are also projected to occur in the retail and industrial sectors. Despite the reduction in available space, prices are expected to remain flat. This may cause investors to look in smaller markets to find opportunities for steady returns.

Buying a commercial property may offer an investor the ability to make money in a variety of different ways. For instance, purchasing a multifamily property may allow someone to make money via monthly rent checks while also benefiting from appreciation in the housing market. If a building is has an established company as a tenant, it may offer long-term stability as companies generally choose locations based on their proven ability to generate revenue.

Those who are interested in buying property or investing in a building project may benefit by talking to legal counsel. This may make it easier to investigate zoning, environmental or other issues related to the property. It may also make it possible to investigate the property itself to ensure that there aren't any major structural or other issues with it. Legal counsel may also review a purchase contract or other documents before they become binding.

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Our condo association was faced with monumental construction issues thanks to the original developer of our complex. We were cash poor and in no position to get legal representation without a contingency fee arrangement. Luckily for us, Scott Long and Burke Robinson were willing to take us on as clients. Their work ethic, professionalism and knowledge of condominium construction served our association very well. Any association would be well served in hiring these gentlemen to represent them.

Board of Directors - Plaza Gardens on the Lake Condominium Owners’ Association Lake of the Ozarks, MO

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