As the Triad region’s economy continues to flourish, the local commercial real estate market remains dynamic, offering numerous opportunities for investors, businesses, and property owners. Let’s take a look at the High Point Commercial Real Estate Market Update.
Understanding the Market Landscape
The commercial real estate market is a dynamic and essential aspect of the business world, encompassing the buying, selling, and leasing of properties intended for various business purposes. To truly grasp the significance of this market, let’s explore some estimates of its size and value from reputable sources.
IBISWorld Industry Data
Based on data from IBISWorld, the revenue-based market size of the commercial real estate industry in the United States was estimated to be $1.2 trillion in 2022. This revenue-driven perspective showcases the substantial economic contributions of the industry to the U.S. economy.
Statista Global Estimate
Statista, a leading provider of market and consumer data, estimated the global commercial real estate market to be valued at nearly $34 trillion U.S. dollars. This substantial estimation reiterates the vast scale and importance of commercial real estate on an international level.
Technavio Growth Forecast
Technavio, a respected market research company, forecasts that the global commercial real estate market will grow at a CAGR of 3.3% between 2022 and 2027. During this period, the market size is anticipated to increase by an impressive $260.37 billion. This forecast further solidifies the market’s potential for growth and prosperity in the coming years.
Trends in the High Point Commercial Real Estate Market
Increased Demand for Industrial Properties
The rapid growth of e-commerce and the surge in online shopping have transformed the retail landscape, resulting in an unprecedented demand for industrial properties. High Point, situated strategically in the Triad region, has emerged as a focal point for businesses seeking efficient logistics and distribution solutions. As a result, warehouses and distribution centers have become hot commodities in the commercial real estate market, attracting the attention of investors and developers alike.
The e-commerce boom has revolutionized the way consumers shop, with more people opting for the convenience of online purchases. This shift in consumer behavior has directly impacted the demand for industrial spaces. E-commerce companies require large warehouses and fulfillment centers to store their vast inventory and efficiently process and ship orders. High Point’s proximity to major transportation routes, including highways, railways, and airports, positions it as an ideal distribution hub, making it attractive for businesses looking to expand their logistical operations.
With the rise of same-day and next-day delivery expectations, the concept of ‘last-mile delivery’ has become crucial in the supply chain. Last-mile delivery refers to the final leg of the delivery process, from the warehouse to the end customer’s doorstep. Businesses are seeking urban warehousing solutions to meet this demand for faster delivery times. High Point’s accessibility to urban centers makes it an ideal location for businesses looking to establish last-mile delivery hubs, further fueling the demand for industrial properties within the city.
Adaptive Reuse of Industrial Spaces
Investors and developers are exploring adaptive reuse opportunities in response to the heightened demand for industrial properties. Adaptive reuse involves repurposing existing commercial properties, such as vacant warehouses or manufacturing facilities, for modern industrial use. By repurposing existing structures, developers can meet the demand for industrial spaces more quickly and efficiently while contributing to sustainable growth and preserving historical architecture.
The increased demand for industrial properties in High Point has contributed to the city’s economic growth and led to job creation. Establishing warehouses and distribution centers requires a substantial workforce to manage operations, leading to employment opportunities for local residents. This economic boost benefits the community, further strengthening the appeal of investing in the thriving High Point industrial real estate market.
Insights from the Triad Business Journal
The Triad Business Journal‘s analysis sheds light on the housing and commercial markets in the region. The delivery of over 1 million apartments may signal a shift in housing preferences, potentially influencing the demand for commercial spaces. As a savvy investor or business owner, keeping an eye on these housing trends can offer valuable foresight into future commercial real estate opportunities.
Partner with Price Commercial Properties
The High Point commercial real estate market continues to thrive, driven by diverse factors such as increased demand for industrial properties, the evolving nature of remote work, sustainability focus, and the growing significance of technology. As an investor, tenant, or property owner, staying informed about these trends and updates is crucial for making strategic decisions that align with your goals.
As you embark on your journey in the commercial real estate market, it’s crucial to stay informed about the latest updates and trends that shape this ever-evolving sector. Whether you are a seasoned investor seeking lucrative opportunities or a business owner searching for the perfect retail or office space, knowledge is your most valuable asset.
If you are ready to explore the thriving High Point commercial real estate market and need a reliable partner to guide you, look no further than Price Commercial Properties and Management. With our extensive market knowledge and expertise, we are well-equipped to help you achieve your real estate goals. Reach out to us to know more. Let’s create a successful future together!