Year end review finds Philadelphia’s real estate market strong
12/22/2015 | Real Estate Blog
As 2015 winds down, many people are looking back and reflecting on the year. This is not an uncommon practice and people do it for a variety of matters, including real estate. A reporter for the Philadelphia Business Journal recently did this for real estate in the Philadelphia area.
It is probably not a surprise to those who follow real estate in Philadelphia to hear that the year was a good one. While most years, it is good if two of the four main real estate sectors are doing well, this year all of them are concurrently enjoying success. The sectors are multifamily, industrial, office and retail.
In all of these sectors, properties sold for prices that were sometimes records. In addition, as vacancies in the office sector declined, leases were signed and rents throughout the area rose. In addition, the funding for construction projects is available and projects are popping up all over the place. These projects further strengthen the financial outlook as a result of the contractors hired to complete new structures or update old ones.
To make sure real estate deals are completed correctly, it is vital that businesses have a lawyer on their side who thoroughly understands commercial real estate. This is true whether the deal involves the lease, sale or development of a particular piece of property. In addition to helping to craft deals, an attorney can be of assistance in resolving disputes, should they arise. In many cases the faster this is accomplished, the sooner it is resolved leading to less financial expense.