Office sector of commercial real estate set to grow

Commercial real estate investors in Illinois may benefit from purchasing office property at this time. Office space has been slower to recover from the recession than other sectors of the real estate market, but with several indicators in place that suggest it will be expanding soon, now may be a good time to make an investment.

According to one expert, the slow recovery in the office sector was because job growth as the economy improved filled companies' existing spaces. Professional and business services are predicted to grow throughout the rest of 2016, and since overbuilding did not occur after the recession, demand will rise as well.

While it is true that office space overall is being reduced for workers, since the sector did not overbuild, this shrinking of needed space should not create a problem for investors. Rents are expected to rise as well. The expert also said that investors interested in retail should not be put off by the struggles of department stores because other types of retail establishments are thriving.

People who are interested in commercial real estate might want to work with an attorney. An attorney may be able to help at every juncture of the process from purchasing to handling issues such as contract disputes. An investor who plans to lease the property to a business may also want to use an attorney for the lease agreement and any problems that might arise in that context. In some cases, an investor may purchase a piece of commercial real estate with an eye to development. This may involve looking into zoning issues and hiring contractors, and an attorney may also be able to assist in these areas.

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