The residential real estate business is booming right now, and this includes 1-4 unit multifamily properties as well as larger 5+ unit multifamilies. Single family homes have seen their heyday recently with little inventory and plenty of competition. While there have always been plenty of individuals looking to invest in multis, this number has recently increased, especially on smaller multifamily properties. With people being out of work due to layoffs and furloughs, many are going to look to offload their large mortgages and get into something more affordable.
One of the sectors of commercial real estate that seems to be surviving through this pandemic is the industrial sector, despite having to shut down for a period of time.
In June we saw:
• higher list-to-close ratios for sales AND leases
Not surprisingly retailers are a litttttle leery signing new leases in the midst of a pandemic. Even with businesses beginning to open up across the country in May and June, there are still too many unknowns out there.
Among those questions are:
Could this be the jab to the throat brick-and-mortar retail was trying to avoid? Back in February forecasts were predicting that U.S. retail would see moderate growth somewhere around 2.8% in 2020. This was PC (pre-COVID), of course. Now, the newest available data is showing that U.S. retail sales will most likely decline 10.5% this year, and those getting hit the hardest will be brick-and-mortar retail stores.
Normalcy in everyday life certainly seems like a distant dream for most of the United States right now. With radical changes to how we work, shop, eat and otherwise live thrown at the country so suddenly, one thing is for certain – the way we go about our lives is going to be very different once the dust has settled from this COVID-19 pandemic.
Even with a strong Holiday season at the end of 2019, brick and mortar stores have been struggling to increase in-store sales and compete with online giants. Coming into 2020, experts anticipated that there were going to be a number of store closings in addition to the previously announced upcoming closings.
In this installment of Market Monday, we're looking at industrial properties in New Hampshire through the beginning of 2020 and how they may fair through the first half of the year.
Multi Family Market Monday update!
While the multi family market remains strong into 2020, February did see a little dip in average selling price AND the number of 4+units sold.
This is the first weekly installment of "Market Monday" and to kick it off, we're taking a quick peek at some trends in the Office sector for February for NH.