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.
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.