Strip Mall Landlords in South Florida Note Largest Number of Vacancies in Years
The fact that South Florida remains one of the hardest hit areas during this economic climate is not much of a secret. Actually, local, state, and national level news sites have been saturated with stories from the state of Florida noting the crisis level of foreclosures, corporate closings, and commercial and retail vacancies since the downtrend began. Indeed, Florida evictions lawyers, as well as any Florida real estate law firm, has been inundated with requests for counsel and representation from individuals and companies seeking advice and solutions stemming from the high levels of delinquent lease payments, as well as with other legal considerations. Furthermore down the line, the reductions in lending rates and other financial maneuvers from the federal government have made refinancing, or simply obtaining financing if possible, some of the most fiscally sound options available in many decades. South Florida real estate attorneys have been abuzz with activity and in the midst of the crisis since its inception.
However, with so much disillusionment and despair among real estate business owners and managers, some clients of South Florida real estate attorneys are beginning to notice a high level of opportunity in the large number of vacancies in their properties, especially with regards to prime retail locations in the Fort Lauderdale area. Though businesses are leaving strip malls and closing other retail locations en masse, some property owners see these low tenant rates as the optimum time to reinvent the images of their plaza or strip mall, complete outstanding construction projects, and draw in more fiscally sound companies looking to capitalize on what is generally considered prime retail real estate in the state of Florida. Additionally, the rates offered by lenders at this time make loans, to those who are approved, some of the most attractive in recent years. Couple all this with the fact that many real estate property owners being glad to lock companies into favorable, long-term lease agreements, and there is the setting for another retail real estate boom in the making.← Back to All News