Top Areas For Commercial Real Estate Development
April kicks off one of the busiest months of the year for real estate, so commercial investors have been lining up their resources to search for the best places to invest their funds to make a significant profit.
The first thing you’ll need to do is secure your financing. Choosing a hard money lender to get a commercial construction loan or a real estate development loan instead of a traditional mortgage lender can ensure that you have the funds you need to strike in these popular areas while the market is hot. See below for some of the best parts of the country for commercial real estate this spring.
St. Louis, Missouri. Boasting a growth of over six million square feet of commercial real estate development in the year 2016, this hot market is attracting technology companies from the big leagues. Microsoft just set up shop there, and the market doesn’t seem to be slowing anytime soon.
Jacksonville, Florida. Although this city was hit hard by the recession, it’s recently been trending upward. If you are looking into development for retail, trendy Jacksonville is the place to be. Homes are increasing in value, tourists are visiting more frequently, and the city’s nightlife is heating up to rival Miami.
Portland, Oregon. Portland gets its share of jabs due to its quirky nature, but the fact of the matter is that this city is attracting more people than ever before. The Meatpacking district is experiencing excellent rent growth and some new ventures. The industrial buildings are perfect if you are looking to renovate for startups on creative companies heavy in technology.
San Jose, California. Part of Silicon Valley, this area continues to attract more and more office growth while drawing in a millennial crowd. Big names in technology like Apple and Google are planning to expand, so it’s projected that an additional four million square feet will be developed in the coming years.
Austin, Texas. This youth-friendly city offers all of the attractions of a bigger area like New York without the hefty rental price tags. Startups and millennial-driven tech companies are now choosing to share coworking spaces instead of a short sub-lease. Not to mention that the area has one of the most educated workforces in the country, making it easy for recruitment.
Denver, Colorado. This laid-back city is named one of the hottest places for commercial real estate as it continues to break its investment sales records for over seven years running. What makes this city unique is its culinary opportunities. It’s already home to a large specialty food market and continues to attract those interested in refining their palettes and trying new things.