August is usually the slowest month of the year for commercial real estate transactions in California and around the country. This August has been different, however. So far, the summer as a whole has been very busy for commercial real estate and has enjoyed more brisk sales than those of previous years.
Transwestern reports that companies have leased 2.4 million square feet of office space in the last 90 days in the Bay Area. During the first quarter, only 700,000 square feet of office space was leased by businesses. New York has enjoyed similar volume increases. In July, sales and leases were up by 2.2 percent over June and by 10 percent over July 2016.
Los Angeles has also seen an uptick in commercial real estate business. Companies that were initially hesitant to move forward with commercial leases and purchases because of the new administration are now trying to make up for lost time. Experts believe part of the uptick in business is the availability of technology, which allows people to work from anywhere 24 hours per day and seven days per week. This means that more commercial real estate brokers are able to work on transactions even while they are on vacation.
Businesses that are considering leasing or buying commercial property might want to work with experienced real estate attorneys who understand what the process involves and work to make certain that their clients get good deals. They may research the properties, analyze their values and make projections that their clients can use to determine whether or not to move forward. They may negotiate the terms of sales or lease agreements to make them more favorable for their business clients.