Commercial Real Estate spikes

WETS’ Business Matters cited NETAR’s March and Q1 Northeast Tennessee Commercial Real Estate Report. Momentum has been building since the fourth quarter of last year. It released in March.

Office transactions were the leading sector.

Commercial markets and the overall economy turned down in 2020 due to an external shock – not an internal weakness. The effects of that shock are beginning to wear off, releasing the pent-up demand that built up last year.

New commercial real estate construction is also expanding. There were 563 commercial permits pulled last year, according to The Market Edge’s Commercial Real Estate trends report. That 8.5 percent increase over 2019 was the best year since 2016. Construction value for last year’s permits was $199.1 million.  

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