One of the strongest features of our economy is the retail sector. However, after a series of disruptions—think: shifts to online shopping, national health and economic crises, ongoing climate migration—retail companies large and small have struggled to redirect their sales models and stay afloat. Underlying it all are the investments many have in retail real… Read more »
Year End 2019 Commercial Activity: 2019 was the second best year for commercial real estate in Western North Carolina, trailing only 2018. The four-county MSA reported just over $595 million in 2019 sales. In contrast, the region experienced only $92 million in closed transactions a decade ago. In 2019, all sectors reported strong sales, with… Read more »
According to most economic experts, a recession is likely to occur in the next 12–24 months. 47% of those experts predict a recession in 2020. If those words send you running toward your safe room, you’re not alone. After the losses many people took in 2008 and its aftermath, it’s understandable to fear the “R”… Read more »
Q3 2019 Commercial Activity: The sale of two apartment complexes in Asheville accounted for almost $125M of the $278M in commercial transactions for the third quarter. The District, located on Fairview Road near Biltmore Village, sold for $71,500,000. Skyland Exchange, located off Long Shoals Road in Arden, sold for $52,750,000. With 309 units, The District… Read more »
Q2 2019 Commercial Activity: The bullets below tell the story: All categories were slightly off in Q2 2019 as compared with Q2 2018. The one exception was land, which was up 10%. There were 124 closings in all sectors in quarter two for $121.8 million, compared to 186 sales for $181.2 million in Q2 2018…. Read more »
Q1 2019 Commercial Activity: Commercial sales transactions were sort of a mixed bag in Q1 2019. We saw 160 closings in the first quarter for $197 million compared to 160 closings in Q1 2018 for $290 million. In contrast, our median year-over-year sales price was very similar ($102/ft versus $107/ft). That tells us that there… Read more »
2018 Commercial Activity: According to CoStar sales data, 2018 was the best year for commercial real estate in Western North Carolina. Our four-county MSA (Buncombe, Henderson, Haywood, and Madison) saw just over $700 million in sales last year. That bested 2016’s previous high-water mark by $100 million! In comparison, the region only saw $92 million… Read more »
Q3 2018 Commercial Activity: We witnessed some significant swings in commercial real estate for Q3. The industrial sector was off 80% from the second quarter. But office business was up 34%. Retail transactions were up 71%, but multi-family was down 70%. And land closings were off 35% from what they were in the spring. Luckily,… Read more »
Q2 2018 Commercial Activity: The second quarter was solid, steady, and consistent—nothing extraordinary or flashy, just solid. Four out of the five sectors (industrial, office, retail, multi-family, land) were not up by much, but they were up. In the Central Business District (CBD), 48 Biltmore Avenue (home to Chestnut restaurant) and 26.5 Battery Park Avenue… Read more »
Beverly-Hanks President Neal Hanks, Jr. has delivered the first quarter 2018 Market Report. Watch the video below for his short report, or continue reading for a summation. Q1 2018 Commercial Activity: It was a strong first quarter for commercial real estate in Western North Carolina. 96 properties closed for approximately $192 million, compared to 127… Read more »