Commercial Real Estate Update: 2015 Recap

Web_HVL_Main_StreetCommercial Real Estate In The Asheville (MSA)

2015 was a good year for commercial real estate. As predicted, growth occurred in the hotel and multi-family sectors, and vacancy rates dropped for retail, office, and industrial properties. Sales soared from 2014’s 296 ($378.5M) to 350 transactions ($485.5M). Retail and multi-family properties led the way accounting for almost half of 2015’s sales volume. Many national analysts expect more improvement in 2016, and we concur. We expect modest growth for multi-family and robust growth in assisted living and continuing care facilities. Investment properties, while scarce, will continue to be in high demand. Retail activity remains strong as more firms tap into the region’s growing popularity with tourists and residents. For additional information on the commercial and residential real estate markets in the greater Asheville, Waynesville, and Hendersonville areas download a copy of our 2015 Quarterly Market Report.