One of the challenges Ohio commercial property owners are facing is the rise of the digital marketplace. Studies show that 96 percent of consumers do their shopping online, and more industries are hiring remote employees who work from home. This eliminates the need for brick-and-mortar retail and office space. How is a commercial real estate owner to thrive in such conditions?
Some of the top advisors in the real estate industry recommend flexibility and adaptability. This may include investing in properties that have multiple uses, such as strip malls, to avoid having the entire property become obsolete as trends fluctuate. Currently, tenants seem to be preferring smaller spaces rather than vast commercial enterprises. Property owners may also find more success if they are willing to repurpose buildings and seek out tenants who are the best fit for the space.
Above all, advisors recommend commercial property investors stay alert to the changes in the market and the current needs among renters. In the present retail phase, consumers expect an experience they will remember if they are going to leave their homes to shop. This is why some advisors suggest commercial real estate investors switch from retail space to multifamily properties, industrial space or entertainment and food venues.
No matter the vision for one’s investment, the buying, selling and leasing of commercial real estate is not something to undertake casually. There is much at stake, not the least of which is considerable capital. Obtaining the guidance and assistance of a skillful Ohio attorney is a step that can provide many benefits.