Exciting Developments: Asheville MSA Q1 2024 Commercial Market Report

160 & 164 Broadway Street, Asheville

Featured Listing (see below): 160 & 164 Broadway Street, Asheville

Commercial Real Estate Insights

With the new year underway, Asheville embraces change and growth with exciting developments that are transforming the city’s landscape and enhancing its appeal for both residents and visitors.

Three newly opened hotels in Asheville are breathing new life into the city’s historic buildings, creating unique experiences that connect guests to the area’s rich heritage. The Flat Iron, a 71-room Prohibition-themed hotel, pays homage to Asheville’s creative and economic heyday in the 1920s, featuring a rooftop bar and hidden speakeasy. Zelda Dearest, an ode to the city’s ties to author and artist Zelda Fitzgerald, connects three Victorian-style homes into a bespoke, romantic venue. These adaptive reuse projects not only preserve Asheville’s architectural legacy but also offer visitors immersive experiences that celebrate the city’s multifaceted past and present. 

Addressing the city’s affordable housing crisis, Buncombe County has made significant strides already in 2024. On Coxe Avenue, a $59.1 million development will bring 200 affordable units to the area, with a focus on attracting private investment, increasing pedestrian traffic, and maximizing the number of affordable apartments. Meanwhile, the Pentland Hills development, just off New Leicester Highway, aims to be 75% affordable, with at least 52 of the 69 homes sold at accessible rates. 

Alongside the city’s urban transformation, Asheville has also prioritized preserving its natural assets. The Buncombe County Open Space Bond, approved by voters in 2023, has had the first two conservation easements approved as of February 2024. According to AVLToday, “The first Open Space Bond conservation easements have gotten the green light. Buncombe County Board of Commissioners approved a budget amendment that established two areas to be protected using funds from the bond.” The Buncombe County Open Space Bond enabled the acquisition of several conservation easements, safeguarding valuable green spaces and wildlife habitats. These conservation efforts not only enhance the region’s ecological resilience but also provide residents and visitors with ample opportunities for outdoor recreation and connection with nature. 

As Asheville continues to evolve, these diverse initiatives—from innovative hotels to affordable housing and environmental conservation—showcase the city’s commitment to preserving its unique character while embracing a future that is inclusive, sustainable, and enriching for all who call it home. 

Info from: AVLToday, Asheville Citizen-Times, Explore Asheville, BuncombeCounty.org 

Download a PDF of the report.

Q1 2024 Commercial Sales Activity Review:

  • 9 Industrial Transactions for $5.4 million
  • 13 Office Transactions for $13.1 million
  • 19 Retail Transactions for $23.0 million
  • 8 Multi-family Transactions for $57.8 million
  • 17 Land Transactions for $29.0 million

Q1 2024 Commercial Lease Activity Review:

  • 9 Industrial Lease Transactions, Vacancy Rate of 5.3%
  • 42 Office Lease Transactions, Vacancy Rate of 2.4%
  • 36 Retail Lease Transactions, Vacancy Rate of 1.5%

All information represents 2024 data as provided by CoStar for the region.

Office Property Showcase: 160 & 164 Broadway Street in Asheville, NC

About the Featured Listing

160 & 164 Broadway Street in Asheville

MLS#: 4117997 | 29,660 SF | $47,433.00/month (NNN)

Listed by: Jim Davis

An incredible opportunity to occupy the longtime location of the Moog Music headquarters. These historic structures went through a significant renovation project and offer a highly flexible interior suitable for a variety of uses along with high visibility from Broadway Street, Merrimon Avenue, and I-240. 160 Broadway offers +/-17,660GSF on two levels currently being utilized for a combination of modern office and manufacturing. 164 Broadway offers +/-12,000GSF on two levels, the first floor being utilized as a flex warehouse and the second floor as a modern office. These spaces can be leased independently or together.


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