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Is space the next frontier for commercial real estate in California?

On Behalf of | Jan 13, 2022 | Business Law, Commercial Real Estate |

There is a new space race brewing amongst some of the wealthiest companies in the country, and that may create fascinating new opportunities for commercial real estate developers. These opportunities stem from factors unique to the southern California real estate market.

With the proximity of the Vandenberg Space Force facility and a few other factors, the prospect of an aerospace technology boom looks pretty likely. In the face of such opportunities, it is natural for property developers to have some vital questions.

What kind of facilities are needed?

There may be a need for research and development facilities, manufacturing, and, perhaps, launching facilities. The unique needs of aerospace engineering are well known, but there will likely be new firms seeking to innovate. New firms may have significant capital to invest and demand new, state-of-the-art bases of operation and represent an intriguing partnership opportunity.

Are there legal obstacles for aerospace facilities?

An aerospace facility will face the same sorts of legal obstacles that any other commercial development would. You will have to compile an environmental impact report. You may need to secure local or federal permits for certain properties.

Additionally, building a facility that may eventually launch rockets could create difficulties with air space authorities. You must ensure your project is well researched and supported before moving forward.

What kind of environmental restrictions may apply?

Again, the answer here depends on the type of facility. If there are to be environmentally hazardous materials on-site, you will have to develop proper disposal methods. You will have to account for any restrictions on material disposal. There may even be restrictions on where you can even build a facility.

Craft your bids with thoughtful legal insight

Likely, you will not be working on a speculative basis but seeking to secure contracts. However, the preparation that goes into a bid, one that demonstrates your thoughtful, professional review of circumstances, may give you a leg up on the competition.