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The changing commercial real estate industry

The commercial real estate industry has undergone dramatic changes in California and around the country in the past few decades, transforming into an industry characterized by big investors and away from smaller operations. At the same time, technology hasn't quite caught up to the massive expansion, but new trends exist that promise to transform it again.

The availability of low interest rates has led to a highly competitive market. As demand has increased along with prices, the competition has resulted in lenders being much more selective in who they will approve for needed capital. Newer leaders are demanding the availability of better technology so they can keep up with the demand in more modern and innovative ways.

Historically, brokers have had to rely on outdated spreadsheet systems that require them to spend hours in the office. The reality of the modern market instead demands that brokers spend increasing amounts of time in the field. They thus have needs for access to data in real time rather than waiting for time to return to their computers. Mobile technology is available that allows them to access the data they need while out in the field from their smart phones or tablets. The availability of these mobile apps has resulted in brokers being able to conduct their business from any location.

While the commercial real estate industry has become increasingly competitive, the competition and demand has also led to real estate litigation over such things as alleged breaches of contract and other issues. People involved in the commercial real estate market may benefit by seeking the assistance of a business and commercial law attorney. While brokers, sellers and investors alike may all be hard-driving out in the field, making certain such things as contracts and leases are legally sound and followed is important for the ultimate success of the transaction.

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