MANKATO, Minn. (KEYC) – The past year changed the world in many ways.
That includes the real estate market, which has taken many twists and turns over the months with businesses moving in and out of the area.
“Over the past year, as you can imagine COVID changed everything last year, buyers slowed down, sellers slowed down a lot of people were worried about coming next,” business broker and commercial real estate associate broker for True Real Estate April Femrite said.
With the search for jobs and the markets constantly changing, realtors have seen a change in availability of inventory and interested buyers.
The Mankato area has been busy in recent months with buildings going up to make room for the moving economy.
“Our community was really full steam ahead so there was still a lot of space being created for lease opportunities throughout the community,” CEO of Greater Mankato Growth Jessica Beyer said.
Through it all, businesses that stayed are now looking to upgrade and move to bigger spaces to expand.
“What we are seeing right now in commercial real estate now is a huge uptick in buyers looking for commercial spaces,” Femrite said.
The recent surge has created a buyers’ market for real estate companies and their clients in the residential market. Companies have gone from clients being too scared to make a move because of the repercussions to having so many clients they cannot keep up with their demands with the given inventory.
“Us as commercial real estate agents, we need to work hard to uncover building owners that are willing to sell right now and trying to convince them that we do not know what the future holds for prices in the next few years for commercial spaces,” Femrite said.
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