General

Value of commercial construction projects up in 2014

December of last year proved to be a strong month where commercial construction projects in the Orlando area are concerned. According to a recent report the value of the projects for which permits were pulled was up 74 percent as compared to the same time in 2013. That translates into an increase in value of $25.9 million.

The increases recorded in December regarding commercial construction projects were mirrored in numbers throughout the remainder of the year. More specifically, commercial permit values were up by 5 percent in 2014 over the previous year. That increase brought the total permit value in the commercial setting to $3.4 billion.

Despite the high permit values in commercial projects, for the whole of 2014, construction permit values were actually slightly down, to $4.5 billion from $4.6 billion in 2013. These numbers include commercial as well as residential permits.

The development of commercial real estate is usually a complicated undertaking. For a variety of reasons disputes related to the construction can arise. It is possible that some of the commercial projects that permits will pulled for last year will result in a dispute of some type. When a dispute regarding commercial construction does arise, it is important that a business has a lawyer on its side working to protect its interests.

The way in which these disputes will be resolved varies. In some situations a settlement agreement can be reached. Other times however a case will proceed to trial before reaching a conclusion. In either situation a business lawyer who thoroughly understands the business and its objectives is a good way to proceed.

Source: Orlando Business Journal, “Orlando commercial building values jump 74% in December”, Anjali Fluker, Jan 29, 2015

Mon Aug 27, 2:22pm