In an article published on April 24, 2015, Sun Sentinel reporter Paul Owns found that, “Sustained growth in jobs, population, and consumer confidence are driving expansion for contractors, building supply companies, food distributors and other businesses in need of industrial space across South Florida.” Palm Beach County’s industrial vacancy rate in the first quarter of 2015 was 5.2 percent, down from 6.3 percent a year earlier.
The Sun Sentinel reports that vacancy is falling and rents are rising in the field of commercial real estate. If you are a landlord with a large industrial property, now is the time to up your rent costs and get the most bang for your buck, especially on a long-term lease.
Since the economy is recovering, we are seeing much more construction in the area which requires raw materials to get to job sites. Aside from construction, the area needs more food distribution, household goods, and other types of raw materials to get to an end user. Finally, large retailers save money by keeping a small store space backed by a much more affordable warehouse storage space off-site. Warehouses and industrial real estate is essential in keeping our area running. There is a significant opportunity for landlords of these sprawling properties to make money off of their otherwise empty warehouse space.
Palm Beach County’s industrial vacancy rate in the first quarter of 2015 was 5.2 percent, down from 6.3 percent a year earlier. In this same amount of time, the vacancy rate for Broward County’s warehouse dropped from 7.7 percent to 6.2 percent. These are at a five-year low of vacancy rates. There is no time like the present to take advantage of the financial opportunities available for commercial landlords in the area.
Protecting yourself legally, especially as a landlord, it is important to seek the services of a real estate attorney. A real estate attorney is able to draw up or assess an existing lease you have in place for your property. Commercial properties regularly have extensive leases with significant contingency clauses which could open you up to liability. The only way to feel confident when entering a lease agreement is through seeking the services of a professional able to help you sift through the legal jargon and get to the facts.
Contact West Palm Beach Real Estate Attorneys
If you need to protect yourself concerning a potential industrial lease, contact West Palm Beach real estate attorneys at the Law Office of Kelley & Fulton. We are available by phone at 561-491-1200 or online at www.staging.kelleylawoffice.com. Our attorneys make sure your lease defends the rights of a landlord and protect you in the long-term. Let us help you understand the complex language of leases and include any useful stipulations to protect your interests. Don’t risk liability when you can have a professional on your side with every commercial real estate lease.