The property industry across the country, including in New York, is going through constant change as a result of various factors. Some of the changes taking place are presenting challenges to today’s commercial real estate investors, whereas others are presenting opportunities. Here is a peek at what some of these changes are and how they might affect investors in the Empire State.
A major change impacting commercial real estate is the rising interest rate. With interest rates going up, the number of people showing interest in making property purchases is going down. However, the decreased demand for commercial properties is not necessarily a bad thing for investors who have been having a hard time breaking into the real estate market. Decreased demand translates to lower prices, which may help them to finally get their feet wet in commercial real estate.
Another change affecting the industry is e-commerce. An increasing number of people are opting to do their shopping online due to the convenience it offers along with the large selection of products available on the internet today. In addition, delivery times are faster than ever before. Although this trend is no doubt hurting the nation’s retail sector, it is driving up the demand for warehouses.
In light of the changes taking place in the commercial real estate industry across the United States, now may be a smart time to purchase properties, especially warehouses, in New York. Of course, navigating the transaction process can be tricky due to the inherent complexities of a commercial real estate deal. Fortunately, an attorney can provide real estate buyers with the guidance they need to seal the deal and to do so in the most personally beneficial manner possible.