One of the most important industries across the United States is that of the construction industry. While most people may scoff or roll their eyes at this state, that certainly does not make it any less true. When you take a look at your house, your workplace, or even a restaurant that you visit, understand these buildings all started as a construction project. Then, you will have an understanding as to why hiring a commercial real estate attorney is so important.
The United States is currently one of the largest construction markets across the globe. The expenditures of this industry have now managed to reach nearly $1,231 billion. With all of this money lying inside of the construction industry, the role of a commercial real estate attorney becomes clearly very important.
During the first half of 2018, private office construction projects had a starting value of nearly $6 billion. This means that it is by far the most valuable type of commercial property constructed during the first half of 2018. However, this high value means that there will be people looking to make themselves a profit through litigation and other laws. Anyone involves a construction project needs to work hard to get a talented commercial real estate attorney.
During the first half of 2018, new construction project stars for hotels and motels had a value of nearly $4.42 billion. On the other hand, construction starts for big retail projects were valued at just about $3.93 billion. All of these high numbers are going to easily show why hiring a commercial real estate attorney is imperative. Contract and small claims cases make up approximately 80% of civil dockets.
Nearly two-thirds of civil cased filed are contract disputes. This can potentially include debt collection at nearly 37%, landlord and tenant disputes at nearly 29%, and foreclosure cases at nearly 17%. Without a talented commercial real estate attorney, a construction project can be dangerous and costly if someone begins to get involved with a tenant or landlord dispute! Especially if they have a talented landlord tenant attorney.
A real estate law firm would be more than happy to help a construction project manager get help. So if you need legal advice or help then just look to real estate law firms that can provide you with great help. That way, you can get a talented commercial real estate attorney that will protect your interests.
In the United States, a commercial property typically falls under one of five categories. These five categories include industrial, retail, lodging, office, or amusement. While these are all in different categories, they could be liable or open for all of the same lawsuits. So get a talented commercial real estate attorney that will help with any kind of legal situation!
Federal court statistics show that civil case filings increased by 5% during the 2016 fiscal year. During the 2016 fiscal year, the median time from filing to disposition for civil cases was 9.2 months, an increase from 8.8 months during the previous fiscal year. This is a long time to be involved in the court of law and it is made worse without getting help from a commercial real estate attorney.
According to BTI Consulting, data from 2017 indicates that the number of organizations facing, bet-the-company suits, which are cases that could put the entire business in danger, quadrupled over the past two years. Do not put yourself or your company at risk in this type of situation. Just get a talented commercial real estate attorney or a talented business lawyer so that you can get the most out of your construction process.
In Conclusion
The United States Census Bureau estimates that from 2016-2017, the total value of new construction projects in the United States grew by $35.4 billion. This is an impressive amount of growth and should make anyone working in this industry quite happy. However, as this value proceeds to go up it can bode negatively. This will attract scammers who want to take advantage and game the legal system. Make sure that you get a talented commercial real estate attorney to help protect yourself, your company, and your construction projects.