If you're looking to buy or sell real estate in New York, you need to know which markets are hot and which aren't. Right now, the hot market is in commercial real estate, while the retail market is declining.
The good news is that commercial real estate sales are booming in western New York, creating plenty of opportunities for those who want them. Commercial real estate is especially popular when involving industrial or multifamily buildings, since there are a limited number of these structures available.
For people looking to invest, these are the areas in which you can look to make a good profit. However, the market isn't great for retail properties, so avoid those. Traditional stores are still struggling to keep up with online sales, and as a result, many are closing their doors. Instead of being filled with shoppers, these businesses end up bleeding, losing profits quickly.
Industrial complexes and buildings are harder to find, especially in smaller sizes. That's making it harder for industrial companies to move into the area. If you have the opportunity to obtain mid-sized or smaller industrial facilities, now's the time to buy and sell for a profit.
Changes are happening in real estate across the board, so it's important to invest smartly. With more pop-up workout facilities, cafes and bars, you're seeing fewer new retail outlets and shopping centers. Younger consumers don't want the same as consumers of the past, and this is driving a major change in the market that you need to stay in front of. Making good buying decisions now could set you up financially for life.
Source: The Buffalo News, "Commercial real estate is hot, but retail is not," Jonathon D. Epstein, accessed Jan. 30, 2018