An empty Sears store in California is bracing for a major makeover that will transform it from a general merchandise retailer to a luxurious place to drink, eat and work. This piece of commercial real estate in Santa Monica will therefore soon feature offices available for rent. In addition, a garden will be created atop the building's roof, and a new market hall will allow vendors to sell items such as clothing, books, food, drinks and more.
Ten years ago, the Great Recession took place after the real estate market crashed. Fast-forward to today, and data show that the current residential real estate market looks a lot like the one that triggered the recession. Still, there are many differences between the pre-recession market and the modern market in California and other parts of the United States.
As California draws closer to legalizing marijuana, commercial land remains a premium item. In fact, commercial real estate that is cannabis friendly is now leasing for double or triple the amount that businesses have traditionally paid for them. This is good news for those who own such properties in the Golden State.