The ancient Greeks taught us that nothing is constant but change. It’s a philosophy that’s true of life, society … and real estate, too.
That’s right. How individuals and communities utilize and relate to real estate evolves with time; failing to recognize and react to this reality can present a host of problems.
In particular, consider suburban and urban zoning laws regarding office space. These are generally quite rigid, to the extent that almost anyone purchasing a building zoned for office use – or leasing space in such a structure – may conduct only specifically defined activities there. Divergence from what is approved by municipal authorities will likely result in a fine, and could escalate to harsher penalties, including an owner or tenant being barred from entering the building.
So, no matter how logical such zoning laws may have seemed as recently as a decade ago, it’s obvious to many of us who earn a living in the corporate real estate sector that they now need to change. And quickly.