Real estate investors in Kansas City, Missouri, may be able to expect positive growth in the upcoming year. Across the board, real estate markets are more stable than they were a few years ago. Investors may be concerned about how changing trends could affect real estate prices in the near future.
Demand for commercial space is expected to increase based on projected growth in the e-commerce market. The types of commercial space that are most in demand are expected to change. Warehouses and shipping fulfillment commercial spaces are expected to become increasingly desirable. Malls are expected to change their stores from an average mix of 70 percent retail and 30 percent entertainment centers and increase display centers for products that are expected to be purchased online.
Technology is also expected to change the demand for office space. Many people are now allowed to work from home and telecommute, which may decrease demand for traditional offices.
Investors who are looking at the real estate market may benefit from speaking to an attorney with experience in this area. Local land use laws may restrict the types of developments that an investor is wanting to build. For example, zoning laws may prohibit a certain type of commercial space like a mall to be built near a subdivision. An attorney may be able to assist clients in acquiring necessary permits and planning commission approval for their investment projects.
An attorney may also be able to help clients draft, review and edit documents needed for their real estate transactions. Contracts are an essential part of any real estate transaction for commercial property. An attorney may be able to help clients in the negotiation stage to ensure that favorable provisions are included in the final draft. A carefully drafted contract might protect clients from liability and hold other parties accountable for their end of the bargain.
