OFFICE CONSTRUCTION BOOMING IN SAINT PETERSBURG AND NEARBY AREAS
Dec. 24, 2020
Owning commercial properties in Saint Petersburg and the surrounding areas of Florida requires great attention to safety, aesthetics and efficiency. With that, it is not uncommon to see ongoing construction projects. Some locations are considered up and coming and are trying to bolster their appearance and amenities to draw tenants and customers. Toward that end, it is necessary to build and refurbish. To have comprehensive construction contracts and be prepared for every eventuality, it is wise to have experienced legal advice.
Large Percentage of Office Buildings in Area Have Been Renovated
According to statistics, Tampa-St. Pete has been a hotbed of office building improvements in the past 20 years. Businesses and construction companies who are benefiting should be legally protected to serve their interests. Since 2000, an estimated one out of every 20 local office buildings had some form of renovation. This puts the area near the top across the United States for this type of work. The areas of construction ranged from improving aesthetics, add-ons, structural repairs, updates, and mechanical improvements.
Saint Petersburg has not had a great deal of new building projects. Owners have instead chosen to add amenities and make their properties more appealing to bring in tenants willing to pay more rent. Nearly 5% of buildings of at least 25,000 square feet had a full renovation in those two decades. One building downtown was purchased six years ago with the owners promising that spend $10 million to enhance it. When it was bought, it was half full. Now, it is at 95%. The area is also categorized in the top-10 of medium-sized markets.
Owners and Construction Companies Should Be Protected with Legal Help
It is of great benefit to the local area and Florida in general to be perceived to positively for its commercial construction and business friendliness. Still, these projects can be complicated and challenges are often unavoidable. Disputes can come up, delays can arise, deadlines can be problematic and unexpected issues can occur. A comprehensive contract can address finances, disagreements and more. Consulting with a firm that is experienced in crafting contracts and helping to solve problems is a vital step with commercial construction.