What Does the Improving Commercial Real Estate Sector Mean for Businesses?
Last month the National Association of Realtors posted an article on the improving commercial real estate sector. Overall, this is good news for business.
When the costs and rent for commercial properties rise, and sales increase, this indicates more job creation and decreasing energy expenses. It also leads to a higher demand for additional and bigger commercial spaces. However, the Federal Reserve is expected to increase interest rates, which could cause mortgage rates to increase. This likely means that either rent will increase or property prices will decrease.
Drastic economic change can also lead to property sales, bankruptcies, issues with credit or loans and business disputes, depending on the financial situation of the business in relation to the economic circumstance. In these events, operating without the proper lawyer can often be foolhardy.
How Can a Lawyer Help In Commercial Real Estate?
An area like Chicago’s northwest region is likely to see a lot of activity in a more robust commercial real estate sector. Therefore, local real estate attorneys will be in high demand. In the event that this economic activity affects your commercial property, an attorney focusing on commercial real estate can help in the following areas:
- Representation in commercial litigation. This could include disputes over business contracts, shareholder agreements, non-compete covenants, fraud or buy-sell agreements.
- Credit transactions, such as lending, borrowing or other transactions.
- Ensuring that IRS 1031 tax-free exchange timelines are met and restrictions are followed, so that the entire process can be completed smoothly. This exchange allows you to defer your capital gains tax on any profit from an investment property.
- Fulfilling land use and zoning processes. For instance, zoning may require variances, public entitlements, special use permits and amendments.
- Federal, state or local government attempting to seize the property through eminent domain. When this happens, an attorney can answer questions during the condemnation process and make sure the property owner receives a fair offer for the property.
- The sale or purchase of commercial property, including closing a commercial property. A lawyer can review contracts, make sure deeds and titles transfer correctly explain the dissolution process if the business is closing for good.
The business attorneys at Pluymert, MacDonald & Lee, Ltd. have committed themselves to resolving the legal challenges that businesses and individuals face in Des Plaines, Hoffman Estates and in the surrounding area.