In order to predict future development constructions and evaluate the industry as whole, we must remain up to date on the latest news within the industry. The commercial real estate industry is on a continuous and steady upward movement in the market, but in what realms?
While office vacancy numbers continue to slowly decrease, it becomes increasingly more important that we acknowledge the increased demand for Class A office space. Many office users are competing for these prominent office spaces that trump quality over price. Although Class A office spaces typically cost more than average buildings in a given area, the prestige level of quality and market presence make it well worth it for the average business individual. Many organizations searching for these Class A office spaces are finding it especially challenging in downtown areas that they are interested in.
Improving market conditions typically mean industrial construction development. These construction projects are typically easiest to complete due to their simplicity in nature. In addition to the industrial market, construction projects for the medical-office sector are also on the rise. This may be attributed to the recent implementations of the Affordable Care Act. Under Obamacare, health care providers are now required to hold more health records than before by the year 2015, meaning the need for more space. Additionally, with more people seeking health care now than ever before, the demand for medical office space is on the rise.
Contact Ed LaCivita or Craig Sullivan at Parkwest General Contractors for all of your commercial and hotel construction needs. We can guide you in your construction projects and make sure that your hotel is secure in the Western U.S.
