{"id":21100,"date":"2025-04-25T09:41:13","date_gmt":"2025-04-25T14:41:13","guid":{"rendered":"https:\/\/www.naibeverly-hanks.com\/blog\/?p=21100"},"modified":"2025-04-25T09:41:13","modified_gmt":"2025-04-25T14:41:13","slug":"q1-2025-market-report","status":"publish","type":"post","link":"https:\/\/www.naibeverly-hanks.com\/blog\/q1-2025-market-report\/","title":{"rendered":"Picking up the Pieces: Asheville MSA Q1 2025 Commercial Market Report"},"content":{"rendered":"
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Featured Listing (see below): 99999 Broadway Street in Asheville<\/a><\/figcaption><\/figure>\n<\/div>\n\n\n

Commercial Real Estate Insights<\/h2>\n\n\n\n

Six months after the devastation from Hurricane Helene, the Asheville Metro business community is still picking up the pieces\u2014in some cases, literally. However, the resilience of this region cannot be overstated! To paraphrase a famous movie quote: business finds a way.<\/p>\n\n\n\n

On a broad scale, local commerce has been buoyed in recent weeks by the reopening of Interstate 40<\/a> at the NC-TN state line and still-ongoing repairs to Norfolk Southern railroad lines<\/a>. In addition, HUD allocated $225M in funds to Asheville on January 16 of this year to address the city\u2019s recovery needs. The City of Asheville has released an Action Plan<\/a> outlining their strategy for using these funds, \u201cparticularly [for] housing, economic revitalization, and infrastructure restoration.\u201d<\/p>\n\n\n\n

Artists from the River Arts District (RAD), which we reported<\/a> saw damage to as much as 80% of its buildings, have diverted their efforts to the outskirts of downtown. The former Moog Music building, which was listed last fall by NAI Beverly-Hanks agents, is now home to the 27,000-square-foot Resurrection Collective Studio<\/a>. The new artist hub features private studios, shared workspaces, and an exhibition level.<\/p>\n\n\n\n

In other city news, a 126-unit affordable housing development<\/a> was recently approved for construction off Brevard Road in Arden. The development will bring much-needed additional housing to the area. And locals are celebrating the opening of several new or transformed eateries: La Bodega by C\u00farate, formerly a Spanish restaurant, wine bar, and marketplace, is reopening as an event space<\/a> named \u201cEvents by Curate\u201d. Joey\u2019s Bagels<\/a> from Hendersonville opened a third location in North Asheville. And West Asheville is home to the city\u2019s newest wine bar, Potential New Boyfriend<\/a>.<\/p>\n\n\n\n

For all these efforts and more, Asheville is seeing a surge of recognition in the press. The city appeared on New York Time<\/em>\u2019s \u201c52 Places to Go in 2025<\/a>\u201d list and at the number three spot on Southern Living<\/em>\u2019s \u201cThe South\u2019s Best Cities 2025<\/a>\u201d. The Radical, a hotel in the RAD, was named as one of Time<\/em>\u2019s \u201cWorld\u2019s Greatest Places<\/a>\u201d. The North Carolina Arboretum appeared on Newsweek<\/em>\u2019s \u201cBest Botanical Gardens 2025<\/a>\u201d list. And lastly, but certainly not least, three Asheville chefs and one restaurant have been honored as James Beard semi-finalists<\/a> for 2025.<\/p>\n\n\n\n

It\u2019s likely that all of this hustle was in an effort to offset the projected loss of $585 million in visitor spending for the first quarter. (Final data is still forthcoming.) But more than likely, local small businesses that were expecting a challenging year just rolled up their sleeves and did what they do best: work hard, serve the community, and supply amazing results.<\/p>\n\n\n\n

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Download a PDF of the report.<\/a><\/strong><\/p>\n\n\n\n

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Q1 2025 Commercial Sales Activity Review:<\/h2>\n\n\n\n