No Days Off for the Commercial Real Estate Market
August, a month known for its relaxation and tapered turnaround pace, took an unexpected turn this year. The late summer month experienced more activity in the commercial real estate market than both the winter and spring seasons. Following a slow start to 2017, the leasing, absorption, and sales volume over the first three weeks of August took a turn for the better, and technology might be to blame. The rise of mass communication has made negotiating and closing deals more convenient than ever. Regardless of their vacation time and location, brokers are able to take their business with them wherever they go. The omnipresent influence of mobile phones has made real estate transactions more manageable, even during the peak of summer.
The unexpected rise in activity can also be attributed to the subsiding levels of anxiety triggered by the Presidential Election earlier in the year. Markets on both coasts experienced an increase in transactions in an effort to make up for the slow start. The growing level of confidence in the new administration, combined with the rise of the younger generation and their exploitation of technology, has redefined the market timing as we know it.