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Commercial leases to increase in number with new projects

There has been a push for development in and around the city of Los Angeles during the past several years. One of the newest planned developments is the mixed-use Park Fifth, which is slated to break ground in April. With these kinds of developments come many more opportunities for businesses to take advantage of commercial leases in the Golden State.

The first stage of Park Fifth will involve the building of a tower featuring more than 300 apartments. In addition, retail space spanning a whopping 7,000 square feet on the ground floor will also be created. In the second stage of the project, a tall building spanning 460,000 square feet will be erected. This building will provide nearly 350 luxury apartments, underground parking, restaurants, retail space, a pool and a rooftop terrace and kitchen.

Yet another project is planned for construction soon in the Los Angeles area: the mixed-use Grand Avenue Project. This billion-dollar project will feature residential units that are both for rent and for sale. The project will also include restaurants and retail space.

As the Los Angeles area continues to build up, now appears to be an ideal time for businesses to seek out commercial leases in prime retail locations. However, the leasing process can be complicated, and one's bottom line may be negatively affected if caution is not taken when signing a lease. A California real estate attorney can help review a potential lease as well as negotiate one so that a business owner's best interests and rights are protected long term.

Source: constructiondive.com, "Construction begins on massive North Hollywood, CA mixed-use development", Kim Slowey, April 11, 2017

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