Of late, it would seem that we have a case of market schizophrenia. On one hand, these last few weeks I have noticed that the calls have been down again and the deals that I have been working on have slowed considerably. Clients that were in a big hurry to find new space have been much less aggressive and have delayed their deadlines by weeks or months.
On the other hand, I have been working with some clients looking for some property to buy in a certain area of town and we have been having a difficult time finding something for them. One property sold with multiple offers on the table and prices in that area are up considerably for the first time in years.
At this point, I am guessing that everyone is again looking to the economy. With extremely disappointing economic news released last Friday, the stock markets took their biggest loss of the year. I would say that at least as far as commercial real estate goes, the most significant issue was jobs. Businesses with fewer people do not need as much space, whether that is for office, industrial or retail use.
With some many people and businesses having gotten burned in this recession, it is understandable that people would want to be cautious. Still, we have seen better market activity this year than in the last 4 years, so hopefully, businesses will be able to take it in stride.
Have a great day, everyone.
David
David W. McCoy
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Pkwy
Louisville, KY 40299
ofc: 502-379-6005
cel: 502-905-5274
e-mail: DMcCoy@ccre.biz
If you would like some help with real estate, give me a call. I am a licensed real estate broker in Kentucky and Indiana and I specialize in Commercial Real Estate. I handle Office, Industrial, Retail, Investment and Land. I work with Buyers, Sellers, Landlords, Tenants and Investors. Heck I can even set you up with a Residential specialist if you need one. Give me a call. I would love to help.
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