Investors throughout the United States, including New York, are increasingly searching for authentic and unique offices in buildings that are older. After all, these commercial real estate properties have architectural character. However, the challenge with these buildings is that incorporating cutting-edge technology into them can present a challenge.
Investors these days have a tendency to gravitate to older properties that they can develop into modern offices. This includes retrofitting the properties with monitoring, smartphone security access and even facial recognition technology. However, converting these properties to modern spaces can be a logistical challenge.
This is an enigma that investors have especially faced in New York, with over 75 percent of buildings in New York City being erected over half a century ago. In light of these challenges, newer spaces — such as large steel-and-glass towers — are starting to attract major tenants as well as media companies and startups that originally wanted loft buildings. The benefit of newer spaces is that employees do not have to wait as long to use the bathroom or the elevator, which are things they may have to do in older buildings originally designed for smaller workforces.
Of course, whether investors end up purchasing older or newer commercial real estate properties, the process can be complicated for those who have never been through it before. It can be just as daunting for individuals who have purchased properties before, as no two transactions are alike. Fortunately, an attorney in New York can walk investors through the process so that their best interests are protected from start to finish.