Commercial Mortgages: Housing Everything Continues To Be Hot | Economic news
Add the insane single-family housing market to a recent study by LinkedIn that showed Richmond was ranked ninth in the country last year for most hires and open jobs, and it becomes clear that people come to town.
Austin, Texas, a top destination for businesses moving from other states, was ranked first or second in the Realtor.com and LinkedIn studies.
It is not about “build and they will come”. Instead, it’s best to keep building, as they’re coming.
On the other hand, industrial space seems to be exactly a case of ‘build it and they will come’.
Earlier this month, another large developer announced plans to build a 353,044 square foot speculative warehouse distribution building. Red Rock Developments, based in Columbia, South Carolina, will team up with Westport Capital Partners LLC to develop the building in Meadowville Technology Park in Chesterfield County.
Nearly 1.5 million square feet of industrial space was under construction at the end of 2020, of which 70% was speculative and 800,000 square feet had been delivered, according to a fourth quarter industrial sector report by commercial real estate broker Cushman & Wakefield Thalhimer.
Despite the increase in supply, the overall vacancy rate ended the year at 3.7%. Not really unbalanced, and this type of property is booming.