Selling any type of real estate can be a significant challenge. Selling commercial real estate can be even more challenging, especially if it is being sold as a redevelopment property. This is what real estate agents and developers told a Michigan school district that recently proposed to sell ten of its school locations. Real estate experts cited the current economic conditions as a reason it could be a difficult sale.
Opening any type of business can be challenging. Developing a significant amount of commercial real estate can be even more of a task. However, a shopping mall development can be a gigantic undertaking for many developers in Michigan or elsewhere. This is what one $315 million construction project plans to initiate after it begins work in mid-October.
There are a variety of factors which could affect the local real estate market. Some of these factors could include recent economic fluctuations, unemployment rates and even natural disasters affecting the local areas in Michigan. However, one factor which many have forgotten about is a city's investment on infrastructure. A recent study on commercial real estate highlighted this factor by concentrating on the effects of city government's investment in smart grid technologies.