Missouri businesses that are considering purchasing or leasing commercial property might think that August is a slow period for these types of transactions. The first half of August this year has been different than in previous years. Sales and leases from coast to coast have been stronger than in previous years as well as in earlier quarters of this year.
According to a report in Forbes, hot markets across the country have seen major upticks in commercial real estate business this summer. In the San Francisco area, businesses leased 2.4 million square feet during the past 90 days. By contrast, businesses leased 700,000 square feet in the first quarter of the year.
Brokers in New York report that commercial real estate transactions were up by 2.2 percent over June in July. The July sales and leases were also up by 10 percent over those that happened in July 2016. Traditionally, business has fallen during August because of vacations. Experts believe that the uptick may be partly due to technology that allows brokers to conduct business at any time and from anywhere.
The increase in business is good news for developers. Businesses that are considering leasing new spaces might want to get help from experienced commercial law attorneys. who are knowledgeable about commercial real estate and who can help their clients with conducting due diligence. This may help their clients to assess whether or not specific leases or purchases are smart or if they should instead move on to other properties. Attorneys may negotiate the terms of proposed lease or sales agreements in order to make the agreements more favorable to their clients. They may also guide the entire process, draft documents and help with all of the transaction details up to and through closing.