Some people in Texas who work in construction or development may be familiar with contract disputes over buildings. In California, such a dispute has gone to court as the contractor that built the Salesforce Transit Center and Transbay Transit Center, Webcor/Obayashi Joint Venture, filed a lawsuit in the San Francisco Superior Court on Oct. 17 for $150 million against the Transbay Joint Powers Authority.
The city of Galveston, Texas, has been ordered to pay a housing contractor $15 million due to breach of contract. The suing party was a company overseeing some of the federally insured recovery efforts in the area after the devastation caused by Hurricane Ike in 2008. The decision to award judgement to the contractor was made by a jury on Sept. 25.
An entrepreneur in Texas may find that owning the building in which their business is housed can be beneficial in many ways. However, someone interested in buying a commercial building should take time to consider their options and ask pertinent questions.
In some Texas cities, it's not too difficult to find plenty of commercial real estate space occupied by some type of tech-based company. A new report issued by a leading global commercial real estate services company suggests the tech industry is indeed dominating the commercial real estate market throughout the United States. In fact, according to the report, tech companies now account for just over 40 percent of the square footage within the top 100 leases in North America.