Not Dead Yet: Commercial Real Estate Roars Back In Traverse City
Think offices are a thing of the past? After a down 2020 caused by COVID-19 and related factors, year-to-date commercial sales in Grand Traverse County are up double or even triple digits compared to where they were a year ago, and up even from pre-pandemic 2019.
Traverse City’s residential real estate market soared to historic heights in 2020, but the opposite was true for commercial real estate. As COVID-19 closures, restrictions, and general consumer fear hammered retail and restaurant businesses – and as work-from-home arrangements called into question the need for office space – buying and leasing largely stalled out across the local commercial marketplace.
That marketplace is looking considerably healthier in 2021. Discussing figures for the first seven months of the year, Kevin Endres of Three West says almost every facet of commercial real estate in Grand Traverse…