Featured Listing (see below): 701 Oriole Drive in Hendersonville
Commercial Real Estate Insights
Asheville’s 2025 commercial market was severely hampered by the lingering effects of Hurricane Helene, which hit the region in full force in late September 2024, as well as the wildfires that hit the region in January. As the year dawned, much of the business we saw was generated by local companies picking up and relocating thanks to the damages they sustained. As the year progressed, we saw tight financial markets across the region as businesses were strained with lower tourism volume and income.
But the nature of this year brought many fresh beginnings, as well. With rebuilding came a fresh approach to community organization. This is perhaps best embodied by the city’s three-year contract with the Asheville Downtown Improvement District (ADID) as the service provider for the business improvement district (BID).
Locals were thrilled to see many of their favorite restaurants and bars reopen in new spaces or in a new scope. For example, Mean Pies, previously a food truck at plēb, reopened at OWL Bakery. DayTrip opened at a new spot on Broadway Street just outside downtown Asheville. Tiger Bay Cafe is now at a new location inside Ben’s Tuneup. And Zella’s Deli has a new location on Tunnel Road. A blast from the past, Chorizo recently reopened in the Grove Arcade after closing in 2016!
And as long-loved restaurants found new homes, fresh concepts and leaders emerged, as well. New businesses opened, including Hail Mary in West Asheville, Short Sleeves Coffee in Swannanoa, Foothills Watershed in Old Fort, and Periscope Bar at the S&W Market.
The arts community saw similar rebuilding and rebalancing efforts. Local artists took over Cheap Joe’s art supply shop, transforming it into Asheville Art Supply. Resurrection Studios Collective moved into the former MOOG Music building on Broadway Street next to DayTrip. And in February, Asheville Art Museum’s exhibit, “Asheville Strong: Celebrating Art and Community After Hurricane Helene”, became a rallying cry for the community that was heard throughout the year.
All of this is to say that even through our struggles over this last year, our region’s vacancy rates are generally lower than the national average. In retail, we’re at 1.8% compared to the U.S. average of 4.3%; 2.9% in industrial compared to the U.S. average of 7.7%; and 2.4% in office vacancies compared to 14.2% in the U.S. Investing in our region remains a strong choice with lower risk than in many other areas.
Looking forward, many of the community projects and initiatives listed above will continue well into the new year. However, we also see 2026 as a year of returning to “business as usual”—and that’s a good thing! Asheville does indeed remain “Asheville Strong”.
Q4/Year-End 2025 Commercial Sales Activity Review:
- 2 Industrial Transactions for $7.9 million
- 21 Office Transactions for $43.2 million
- 26 Retail Transactions for $26.1 million
- 10 Multi-family Transactions for $42.2 million
- 9 Land Transactions for $9.8 million
Q4/Year-End Commercial Lease Activity Review:
- 12 Industrial Lease Transactions, Vacancy Rate of 3.1%
- 27 Office Lease Transactions, Vacancy Rate of 2.3%
- 16 Retail Lease Transactions, Vacancy Rate of 1.6%
All information represents 2025 data as provided by CoStar for the region.
About the Featured Listing
701 Oriole Drive in Hendersonville
MLS#: 4313050 | 72,784 SF | $3,950,000
Listed by: Jim Davis, SIOR
Discover the Oriole Mill, over 72,000 SF of highly adaptive space, minutes from downtown Hendersonville. This two-story facility offers unmatched flexibility for industrial, manufacturing, or adaptive reuse projects. Sited under flexible zoning with additional versatility within the structure, the site features numerous drive-in doors, dock doors with a full-length loading deck along a formerly active rail spur, and access on all four sides. Located near the Oklawaha Greenway, the property also includes additional land that could be ideal for parking or a laydown yard. Whether you’re looking to scale operations or reimagine a legacy space, Oriole Mill is a rare opportunity in a rapidly growing market.
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