COVID-19 Playing Into Commercial Real Estate Record Sales
Commercial real estate follows residential real estate. So, it is no wonder that after the residential housing market saw home prices reach an all-time high that commercial real estate also experienced a record-smashing sales year.
Commercial property sales set an unprecedented total of $809 billion in 2021 according to Peter Grant with the Wall Street Journal. 2021’s commercial real estate sales practically doubled the CRE property sales of 2020 and topped 2019’s CRE property sales by a whopping $200 billion!
This massive growth of sales in the industry can be traced back to how Covid-19 displaced our daily routines and habits, essentially how Americans lived, worked, and played. The rise in housing prices lead to sky-rocketed rents which resulted in the desire to invest in multifamily. E-commerce also experienced a boom resulting in an increased demand for warehouse use to serve as fulfillment centers. Another hot market for investors was resorts and vacation-oriented hotels because of people’s eagerness to get back out into the world and travel to leisure destinations, according to Peter Grant with the Wall Street Journal. It is safe to say that the pandemic contributed to and accelerated these notable trends. Industry professionals predict that 2022 is going to maintain this momentum.
For more information on TCG and our services, call our office at 239.334.3040 or visit our website here!
You May Like
JetBlue considering headquarters move from NYC to Florida
Following the trend of many residents and companies, JetBlue is now reportedly mulling over moving its headquarters from NYC to Florida. Founded in New York almost two decades ago, the airline explained in a statement to its staffers that its current lease expires in 2023 and they are “considering how
Market Highlight: Tampa, FL
Tampa, Florida is known lately as a powerhouse for national sports teams such as the Tampa Bay Buccaneers, the Tampa Bay Lightning, and the Tampa Bay Rays. Other attractions to Tampa include Busch Gardens, an array of museums such as The Museum of Art or the Museum of Science &
Florida ranks 9th out of the top states for Capital Investment in 2020
Even though Covid wreaked havoc throughout the country for 2020, Florida still saw a huge increase in capital investment in 2020. This big gain caused Florida to leap 8 spots from, 17thto 9th in terms of Capital Investment. With 125 projects in total, it closely edged out Pennsylvania at 10th