Even though the United States is dealing with an economic slowdown, one sector that has not been as affected is the commercial real estate industry. Both construction and real estate sales have continued even though there has been a slowdown in other sectors.
According to a report from mid-October, there are all kinds of construction and real estate projects happening around central Kentucky. Moxy Hotel and the new colonnade at Churchill Downs are just two of the major changes in Louisville.
In Lexington, construction has been almost nonstop with new construction in Hamburg and with the “The Offices at City Center, a new Lexington Marriot City Center and 199-suite Marriott Residence Inn. Home2Suites was also constructed in Hamburg, and it has a planned opening on November 1.
Since March of this year, many businesses have floundered, and the economy has taken a major hit. Fortunately, the dip in the economy has actually been helpful to the construction industry. Some developments were able to complete construction earlier than projected due to business closures and lower traffic.
If you’re planning to start a construction project or are interested in investing in commercial real estate, now could be a good time to start talking to your attorney about the opportunities you have. In volatile economies, it’s very smart to have solid contracts in place and to have a plan for completing projects and getting the titles transferred once they are ready. Our website has more information available, so you can learn about zoning, contracts and other factors that may affect the creation, purchase or sale of a property.