Commercial real estate is a large, important industry, and according to a recent analysis, it is especially important in the state of Texas. At a national level, commercial real estate development and construction made up $861 billion of the gross domestic product in 2015, and supported a total of 6.25 million jobs.
In Texas, commercial real estate development accounted for a total of 320,994 jobs in Texas and commercial property construction expenditures amounted to $18.5 billion. The study found that Texas actually ranked second in terms of construction expenditures, and that’s for the second year in a row. New York ranked first.
Given the high level of commercial real estate activity in Texas, it is particularly important for businesses and real estate developers to work with an experienced attorney to manage the various aspects of real estate projects or endeavors. A skilled attorney is able to help with planning and development of the project, due diligence, negotiating and drafting purchase agreements, lending and financing, zoning, insurance, tax issues, environmental matters, leasing and management of property, and so on.
One area where Texas led the country, according to the study, was in retail and entertainment real estate spending. With the growing trend in retailtainment, and other emerging trends in the commercial real estate industry, it will continue to be important for businesses to work with experienced legal counsel to protect their businesses interests and protect their legal rights. Our firm is committed to providing the best possible advocacy for our clients, and giving them the best chance to financially succeed in a competitive industry.