Today's commercial property market continues to evolve. However, not everybody has managed to keep up. Those who fall under this category may unfortunately end up missing out on what the current market has to offer. Here is a look at an especially common myth regarding commercial real estate transactions today in New York and elsewhere in 2018.
A major misconception concerning the real estate market is that office locations in suburbia are no longer attractive, as employees and employers do not desire to be there. Some believe this because, for years after the Great Recession of 2008, urban centers increasingly became the go-to, hip and frequently desired office destination in the eyes of many companies. This trend certainly continues today, but that does not necessarily mean that employers who are looking for talent are ignoring suburban offices.
Suburban office locations offer many valuable perks that employers like, including public transit access and walkability. They also tend to feature lower costs than a central business district does. These are all reasons that many employers and especially young professionals have been turning to suburbia more recently.
For those interested in purchasing commercial real estate, this summer may be an excellent time to engage in real estate transactions either in suburban locations or city spots. The sooner a buyer can purchase these types of properties, the sooner he or she can begin to generate revenue from them. Of course, not every commercial real estate transaction goes smoothly. Fortunately, an attorney can provide buyers with the guidance they need to seal the deal successfully in New York.