Friday, September 8, 2017

NAI Isaac Releases Lexington, KY CRE 2017 Mid-Year Market Report


The Lexington commercial real estate market was mostly positive during the 1st and 2nd quarters of 2017 with an impressive vacancy decrease in the Industrial market which already had a low vacancy rate at yearend 2016.  Low Industrial vacancy is a nationwide trend that is likely tied to the growth of internet shopping and the need for more warehouses closer to various customer markets for companies selling products. There was a smaller decrease in vacancy within the Retail sector that also had a low vacancy rate at yearend 2016. Fluctuations within Suburban Office and CBD Office sectors demand and higher vacancy rates despite the lack of speculative construction continue to indicate those sectors are still "right-sizing" with companies moving to more open floor plans with less square footage per employee. Further impacting the office market is an increase in office tenants seeking non-traditional office space, particularly in the tech and marketing segment.

Market rental rates for all commercial sectors have remained stable over the past 6 months and are expected to remain stable through yearend 2017 with the likelihood of Industrial rent increasing and the possibility of Retail rent increasing.  


-Al Isaac, President



Thursday, September 7, 2017

Why You Should Invest in Industrial and Retail Space in Lexington, KY

Known for basketball, horses, and rolling fields of bluegrass, Lexington, Kentucky is a historic city with a rich and diverse history. Let NAI Isaac show you a few highlights of this spectacular city that will help you understand why you should invest in industrial and retail space in Lexington, KY.

Heart of the Bluegrass



Founded in 1775, 17 years before Kentucky was even a state, Lexington was originally Finecastle County, Virginia. After the victory in the battles of Lexington and Concord, the area was renamed Lexington. Located in Fayette County, Lexington is the second largest city in Kentucky and the 60th largest city in the US. With a population of just under 318,500 people, this city is bustling with activity. Consisting of 285.5 square miles of land, the population density is around 1,000 people per square mile. Because Lexington is also considered part of the Lexington-Fayette Metropolitan Area, which includes Bourbon, Clark, Fayette, Jessamine, Scott, and Woodford county, the MSA population is around 500,500 people. In Lexington, there are around 126,000 households. 43.5% of these households are composed of couples, and 27.3% are households with children under the age of 18. The median income for a household in the city is around $50,000.

Economy



Filled with the bustle of downtown life, the southern charm that Kentucky is known for, and the diversity of people because of the colleges, Lexington is truly a unique and exciting city. Lexington is one of the most stable economies in the nation. With strength in manufacturing, technology, and entrepreneurial businesses, the unemployment rate in Lexington is only 3.7%, which is lower than many cities of comparable size. Home to many large companies, like Xerox, Lexmark, IBM, and two colleges, the University of Kentucky and Transylvania University, the economy and population of Lexington has been consistently on the rise.

Why Choose Lexington



As you can see from the economic overview of the city, Lexington is thriving. Because this city houses the largest university in the state, the diversity of Lexington has grown exponentially, and continues to grow along with the population. This ever-growing city is already business oriented, so industrial and retail properties are an excellent investment. Because many people graduate from the universities and then stay in the city, new businesses are always popping up in the area and then expanding from there.

At NAI Isaac, serving Lexington and all the surrounding areas, we specialize in the leasing and buying of commercial and industrial properties. We pride ourselves on both our customer satisfaction and wide range of real estate experience. Specializing in numerous real estate areas, our team of trained and experienced professionals can help with all of your real estate needs. If you are interested in investing in industrial and commercial real estate in Lexington, Kentucky, contact NAI Isaac today.

Tuesday, September 5, 2017

NAI Isaac Releases Lexington, KY CRE 2017 Mid-Year Market Report

The Lexington commercial real estate market was mostly positive during the 1st and 2nd quarters of 2017 with an impressive vacancy decrease in the Industrial market which already had a low vacancy rate at yearend 2016.  Low Industrial vacancy is a nationwide trend that is likely tied to the growth of internet shopping and the need for more warehouses closer to various customer markets for companies selling products. There was a smaller decrease in vacancy within the Retail sector that also had a low vacancy rate at yearend 2016. Fluctuations within Suburban Office and CBD Office sectors demand and higher vacancy rates despite the lack of speculative construction continue to indicate those sectors are still "right-sizing" with companies moving to more open floor plans with less square footage per employee. Further impacting the office market is an increase in office tenants seeking non-traditional office space, particularly in the tech and marketing segment.
 
Market rental rates for all commercial sectors have remained stable over the past 6 months and are expected to remain stable through yearend 2017 with the likelihood of Industrial rent increasing and the possibility of Retail rent increasing.  

-Al Isaac, President