Denver’s office and industrial real estate markets have been as healthy as the state’s residential real estate sector, posting quarter after quarter of unprecedented growth. In fact, according to the Denver Post, “Of the three major commercial real estate segments, industrial remains the strongest in metro Denver. Tenants have absorbed more space than they have let go for an unprecedented 29th consecutive quarter, with no signs that it’s about to end.”
With commercial inventory getting snapped up as soon as it is built, builders and developers have to race to keep up with market demand. That rush can lead to hastily built commercial properties. Rushed projects often come with defects in design or construction. If you are a commercial property owner and you have discovered problems with your building, contact us right now to schedule a confidential consultation with one of our Colorado construction defect lawyers at 303-792-5595 or fill out our FREE CASE EVALUATION form.
The issues involving commercial property owners are often more complex and fact-specific than those involving residential property owners. For example, claims of negligence could be barred by the terms of one or more contracts between the property owner and the contractor, design professionals, and/or subcontractors through the application of the “economic loss rule.” The economic loss rule generally prevents recovery for negligently caused economic losses when the duty breached is part of a contractual duty and the harm suffered is the failure of the contract itself. Economic losses are defined generally as damages other than physical harm to persons or property (such as lost profits or returns on investment), although courts have applied the economic loss rule in the commercial property setting to the cost of repair and replacement of property that’s the subject of the parties’ contracts.
Most states, along with the U.S. Supreme Court, have adopted some type of economic loss rule. Each jurisdiction’s rule must be carefully analyzed to determine the extent of its applicability to a particular commercial property owner’s situation. For example, the Colorado Supreme Court enforced the economic loss rule in 2004 against a subcontractor who wasn’t a party to a network of interrelated contracts regarding a commercial construction project. On the other hand, several well-recognized exceptions provide that a contractor could be liable to a property owner based on negligence even though the economic loss rule might otherwise apply.
In addition, the parties’ contracts might severely limit the property owner’s recoverable damages. This requires a detailed analysis and consideration of the contracts and their potential impact on the claims that can be pursued and the owner’s recovery before suit is filed. States’ pre-lawsuit notice of claim or right to repair statutes also might apply differently to commercial properties.
Even if you are not the original buyer of your building, you might still have recourse if you discover construction defects on the property.
The economic loss rule, other contractual limitations, and pre-lawsuit notice/repair statutes are just a few examples of the complex, fact-specific issues that have to be addressed at the outset of every commercial property construction defect case. We have extensive experience with these and the many other specific issues related to commercial real estate that are important to each case and can effectively represent you as a commercial property owner.
If your commercial property is riddled with construction defects, call Burg Simpson’s Denver construction defect attorneys at 303-792-5595 to help recover the compensation you deserve.
Normally, we work on a contingency basis. The fee we earn is established as a part of whatever recovery we secure on your behalf. In other words, we only get paid if we are able to secure compensation for you. If we do not win your case, then you do not have to pay us a thing. If you work with us on your claim, everything will be detailed in a written fee agreement. You can go over all the details of our Fees and Costs.
It is also important to point out that you can’t depend on anything you read – here or anywhere else – as legal advice. To understand your legal rights, and have them adequately protected, you need to talk with a lawyer about your situation. Read our complete disclaimer.
CONTACT BURG SIMPSON CONSTRUCTION DEFECT LAW FIRM NOW
Every client – and property – is unique. The law related to commercial property is incredibly complicated. And the laws governing this area of real estate is changing constantly. This is not the type of case you can handle on your own. You need to speak with an experienced construction defects lawyer as soon as possible.
Fill out our FREE Case Evaluation Form or call us today at 303-792-5595 for a no-cost, no-obligation consultation with one of our Colorado construction defect attorneys.