Best Areas to Purchase Commercial Real Estate
In this article, NAI Isaac – conveniently located in Lexington, Kentucky (KY) – is here to help you figure out the best areas to purchase commercial real estate in Lexington, KY. Contact us today for all of your commercial real estate needs.
The market for Lexington commercial real estate remained
steady and strong throughout 2017 due to the combination of the robust economy
and low interest rates. Multiple sectors of the economy have reported
continually low vacancy rates as well. Since 2009, all sectors have maintained
solid growth, and have thrived as a result. The market climate is ripe for
commercial real estate; however, it is crucial to find the best area of
Lexington to purchase property. For guidance on your commercial real estate
decision, consult the experts at NAI Isaac.
The downtown region has had a relatively slow amount of
commercial real estate activity in the past. This has been shifting recently.
New properties have popped up, including the quickly filling up CentrePointe,
which can serve to spark interest in the area. There is also an increasing demand
for new products.
New developments, such as the Summit, are expected to gain
traction and attention. However, this will likely not significantly impact busy
retail areas that have been around awhile. There is still an overwhelming demand
for real estate in the Nicholasville Road corridor and Hamburg.
Retail has been experiencing rising pressure from online
competitors, and trying to adapt to the technology advancements. These factors
have all contributed to industry changes. Although popular retail centers for
the city have persistently been strong. Retail that is focused on convenience and
is located in a high visibility area has a particularly high interest. So while
there may be shifts, the successful retail shops continue to do well.
New office spaces have been added to the city, and the
growth is not just limited to downtown. Interest has developed for multiple
commercial centers located throughout Lexington. Coldstream, Beaumont, Hamburg,
and the Summit are some of the new office spaces that have been built in recent
times.
Lately, the trends have shown that businesses have been
searching for more contemporary and innovative industrial workspaces that are
in less conventional locations rather than in popular areas. This is believed
to be in response to the new wave of workers. Millennials and younger
professionals have begun to have an impact on businesses. The office space and the
work environment type that the next generation desires does not align with
traditional office spaces. Companies as a result have tried to accommodate
their wants.
For commercial real
estate in Lexington, KY, NAI Isaac has a long history of
delivering results to clients. We are a commercial real estate firm as well as
a property management business. We are the only commercial real estate agency
in Central Kentucky to have earned the esteemed Accredited Management Organization
designation from the Institute of Real Estate Management. This award is solely
given to firms that have established a superior level of financial capability
and performance. We offer a number of services, including but not limited to
real estate consulting, leasing services, special asset services, and property
investment services. Our location in Lexington, KY allows us to proudly serve
the surrounding area. Call us today to learn more information about our
services.
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