COMMERCIAL MARKET CONTINUES HEALTHY GROWTH
The 2014 commercial market has cooled somewhat nationally and locally. We’ve seen a slight decrease in volume in every commercial category except the office sector, which saw a healthy jump to more than triple the dollar volume of Q2 2013. $5.6 million in office sales is a healthy indicator for employment expansion in our area. Construction of two new medical facilities on Long Shoals Road by Mission and Park Ridge Hospitals points to the area’s continued dominance of the health care sector. Industrial sales volume totaled $7.34 million for the quarter, and the retail sector came in at $11.4 million. Multi-family volume continues to lead the way with $15.9 million in sales. Sales volume of all commercial property types for second quarter in the Asheville Market totaled $40,310,000. Leasing activity, while down somewhat from square footage numbers of 2nd quarter a year ago, remain solid. The market saw 170,510 square feet of industrial leases, 42,037 square feet of office leases, and 55,317 square feet in the retail sector.
NAI Beverly Hanks continues to lead the market in all categories for both sales and leasing volume in 2014.