The commercial real estate market is one that is ever changing and rather unpredictable in today’s society. As a whole, the market is currently worth a whopping $21 trillion, however, predictions state that serious consequences may be on the horizon.
There has been a rise in office vacancies in many major cities, and hundreds of billions of dollars in loans are coming due in the next four years. Buying opportunities are expected to be determined by distress or dislocation in markets, as the many types of commercial real estate are being affected by these trends.
The main types of commercial real estate are retail, multifamily, special purpose and office, hospitality, and land. These unique categories that make up this market contribute to the value add of selling properties and their businesses. More specifically, some professionals choose to sell businesses alongside their properties. This saves time, money, and effort for everyone involved.
The market is currently facing challenges like uncertainty, rising interest rates, and shifts in portfolio values. All across the country, not only New York City, consumers can see the shifts in the market. These market trends to follow in 2020 are abundant, making it necessary to do what’s right with one’s property and the space that they claim as their own.
Source: ChessRealtors.com