MANKATO, Minnesota (KEYC) – Last year changed the world in many ways.
This includes the real estate market, which has gone through many twists and turns over the months as companies have moved in and out of the area.
“Over the last year, as you can imagine, COVID changed everything last year, buyers slowed down, sellers slowed down, a lot of people were worried about the next one,” said April Femrite, business broker and partner commercial real estate broker True Real Estate.
Due to the search for work and the constantly changing markets, realtors noticed changes in the availability of stock and interested buyers.
In recent months, the Mankato area has been busy building buildings to make way for a moving economy.
“Our community was really underway, so there was still plenty of rental space throughout the community,” said Greater Mankato Growth CEO Jessica Beyer.
Despite all this, the companies that remained are now looking to modernize and relocate to larger areas for expansion.
“What we are seeing now in commercial real estate is a huge surge in buyers looking for commercial space,” Femrit said.
The recent surge has created a buying market for real estate companies and their clients in the housing market. Companies have ceased to fear that customers are too scared to move because they have so many customers that they cannot meet their needs with the available inventory.
“As commercial real estate agents, we need to work hard to identify the owners of buildings who are ready to sell right now and try to convince them that we do not know what the future holds for the prices of commercial premises in the next few years.” said Femrit.
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