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Commercial Real Estate Archives

Pop-up stores taking over malls

Large malls in Pennsylvania and other areas of the country look forward to the Halloween season. It usually means more stores opening for a short time to fill a void left by larger companies until a permanent tenant is in place. It can take several months to complete the paperwork for a tenant to get into a mall, so pop-up stores like Spirit Halloween are a good way to bring customers to the mall. The popular Halloween store started in 1983 and is now known as one of the leading pop-up stores across the country.

Due diligence and commercial real estate purchases

Ensuring that short cuts are not taken during the due diligence process can save commercial real estate buyers in Pennsylvania and around the country both time and money. The inquiries performed during due diligence may raise questions about the condition of a building or its suitability for a particular purpose, and buyers sometimes back away from the table or demand more attractive terms when property inspectors or attorneys make discoveries that shed new light on pending deals. Accountants are also called upon during due diligence to study financial documents, bank records and projections for inconsistencies and irregularities.

Commercial real estate vacancy rates continue to fall

Commercial real estate vacancy rates in Pennsylvania and around the country are expected to fall to below 12 percent by the end of 2017 as the nation's economy continues to grow and add jobs. Economic growth during the last quarter was a robust 3 percent, and the National Association of Realtors believes that even the beleaguered retail sector will benefit as a result. Retail vacancies are expected to drop by 0.4 percent by the end of 2017 while the amount of industrial space available is set to fall by 1.1 percent.

Work with experienced legal counsel to address issues in real estate development

Previously, we looked briefly at ongoing efforts by the Wilkes-Barre school to secure a location for a new high school. As we noted, the school district has taken steps to obtain a plot of land owned by Pagnotti Enterprises, but the property presents environmental issues and has yet to be approved by the Department of Environment Protection. At this point, it remains to be seen what the outcome will be for the development project.

Work with experienced attorney to effectively navigate natural gas permitting process

Wilkes-Barre readers may be aware that plans to build a natural gas pipeline across southern Pennsylvania have been in the works for some time. The project, known as the PA Pipeline Project/Mariner East 2, will transport natural gas liquids from the southwestern part of the state to Marcus Hook county in the southeast.