Before the coronavirus hit, the outlook for commercial real estate was strong. Many experts were predicting another year of record growth. Others, at the end of 2019, couldn’t even pinpoint a near-term recession.
The familiar saying “failing to plan is a plan for failure” is spot on, especially for construction companies facing a transition in leadership. Without enough time to plan for the owner’s exit, any of the following scenarios can easily lead to a construction company in chaos.
As the leader of your construction company, how much time have you spent envisioning your retirement, or the process leading up to it?
Within the multi-billion-dollar CARES Act legislation, there are numerous other provisions aimed at supporting different aspects of the economy, in addition to the well-known Paycheck Protection Program.
Energy-efficient building design has been gaining more traction in recent years. When sourcing renewable materials or designing for sustainability, there are more ways than ever for building owners and designers to save money on taxes and offset construction costs.
Springtime normally signals the start of the busy season for country clubs. Golfers eager to take advantage of nicer weather and club members who enjoy other facility amenities will have to wait longer.
The effects of the coronavirus can already be felt in nearly every sector of the real estate industry.
There are around 40,000 mid-size businesses employing 35 million Americans, but as of yet, financial relief measures have been targeted to small businesses and self-employed individuals.
Sudden business disruptions, closures, and stay-at-home orders are becoming common across the United States. Real estate is getting hit hard, and from different angles.
The language in real estate contracts has always been important. In normal circumstances, poorly worded contracts or contracts that don’t address the specifics of the project or lessor/tenant relationship can end up costing parties time, money, and frustration.