With the new year, many like to make predictions about what to expect as the culture, laws and popular influences change. Those predictions are worth more when they are based on experience and observations. When Ohio investors look at the upcoming year for real estate trends, they may be able to make more educated decisions if they know what some analysts are expecting to see in both commercial and residential transactions.
Yes, eminent domain still exists and can happen. The government may come in and attempt to take possession of an Ohio resident's real estate, whether it is residential or commercial. Fortunately, it cannot do so without giving the property owner notice and the opportunity for a hearing.
Many who are looking to diversify their portfolios are discovering the benefits of investing in real estate. While it is common for those new to the Ohio real estate world to consider residential properties, more experts are encouraging investors to look at the flexibility and stability of commercial real estate. In addition to tenants who typically remain in place longer than residential tenants, commercial real estate offers multiple options for getting started with investing.
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?
Location is key in the success of many Ohio businesses. In most instances, similar types of businesses congregate in the same general area. Thus when a company is looking to invest in real estate, it often looks for property in the same general area as like-minded businesses.
Many in Ohio and beyond are discovering the benefits of owning commercial property. Real estate as an investment can add diversity to a retirement plan and offer an interesting and flexible source of income. However, there may come a time when a commercial property owner decides to place one of his or her investments on the market. When selling a commercial property, it is a good idea to be aware of some common mistakes in order to avoid them.
Location is key in most Ohio business ventures. The right location can be essential to the success of the business. For this reason, the acquisition of the desired property is often the first step in business development and/or expansion.
Location is key to many Ohio businesses. The location often sets the stage for the clientele the business will attract. A business located in an industrial setting does not lend itself to everyday consumer traffic; however, the same business in a more retail setting might. The actual real estate occupied by the company plays an important part in the business's growth and development.
Technology is likely responsible for another distinction in real estate that is now creating a blurring of the lines between commercial and residential real estate. Residential and commercial real estate brokers are entering onto each other's turf in Ohio and nationwide. The two realms of real estate transactions are now beginning to increasingly overlap, with various hybrid models now creeping into the mainstream of commercial and residential real estate sales.
Ohio investors may be watching with envy as the ownership of Quay 55 changes hands again. Once a warehouse for receiving cars shipped from auto manufacturers, the building situated on the shores of Lake Erie underwent a $28 million renovation project to convert it into apartments in 2002. For years following, the real estate was labeled distressed because of mortgage defaults and many vacancies. However, now boasting a 94 percent occupancy, the purchase may be considered a wise investment.