It’s a great time for entrepreneurs and potential real estate buyers. Studies as of late, conducted in the U.S. show that more diverse businesses are starting up in the wake of the recession. Empty shelves and dark stores lining the streets are becoming a think of the past as landowners and building owners are becoming more inclined to rent or sell parts of their property to those who are eager to see their small or large dreams come into view. However, most Utah landlords would agree that in order to paper a deal that is favorable to them it is wise to hire a sophisticated lawyer in Utah to help out.
Studies have chalked this new revolution in renting up to the idea that less is more and specificity is even better. Large stores that found themselves eager to move into the small towns before the recession soon found that as people lost their jobs and their futures came into question, they were not so at ease about the large, all in one store market.
In the same vein of entrepreneurial spirit, small businesses have started taking up space in the big buildings. This mean commercial real estate law needs are at an all time high as small discount stores and specialty boutiques bring in rent to large buildings that once stood vacant. Many people are taking a lot of pride in their small town’s, and large town’s choice to embrace the small store feel, reminiscent of the 30’s and 40’s. Rent is at an all time low for small businesses, with renters choosing a small and diversified group of tenants as opposed to one or two large businesses. Perhaps, the recession is making renters reel a bit in fear of counting on the big business bucks. However, they are quickly finding that small stores can create big revenue. Gyms are one of the major retail sectors on the move according to many news sources along with quick service restaurants that specialize in on the go food in a dining atmosphere.
Utah is not exempt from the new growth as more and more small independent retailers are setting up shop in the once duty windows of warehouse relics and compact cubbies within the smaller art districts. One thing is for sure, the more renters that a commercial real estate owner has the more problems and investments he has on his plate. If you have questions that require the assistance of an experience lawyer in Utah, contact Shumway Van and Hansen. Contact our office at (801) 478-8080 or stop by 8 E 300 S #550, Salt Lake City, UT 84111 for a free consultation and further assistance with your commercial real estate needs.