Charlotte’s commercial real estate boom seems unstoppable, and a recent forecast indicates that there are no signs of slowing down either. Growth is anticipated to accelerate over the next two years, as will the demand for real estate.
The ongoing surge in commercial real estate has been going on for approximately 10 years. While there are concerns that it seems like a recession is due, market predictors anticipate still more time before the market cycles all the way through.
Not only is commercial development expected to continue, but the apartment boom is also not slowing down. A record number of apartments are currently under construction. Rent increases are anticipated to level out, however, as inventory increases. Currently the cost of renting is 20-40% more expensive than buying a single family dwelling in Charlotte.
Even though the rental housing market is at a high, it’s not expected to crash given Charlotte’s solid market fundamentals, including strong population and job growth, as well as an increasing demand among younger people to rent rather than own. Even more new apartments are expected to crop up in the next 10 years.
For more detailed information on the continued commercial real estate and apartment boom that is happening all over Charlotte and the surrounding area, be sure to read the full article at CharlotteObserver.com.
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