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Commercial Real Estate Market Seeing Improvements

By: Kristin Anderson
Updated: March 11, 2013
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The empty businesses and the empty billboards may be a sore sight. But commercial real estate market isn't as bleak.

"The business climate here locally seems to be very active," said Scott Senter, president of Sentor Realty. "Our retailers that we're renting to in various places are expanding. If a spot becomes available nearby them, they're coming up with alternate uses to diversify what they're doing."

In the last year, the market for non-residential buildings has started to improve. And it's helping the residential market, too.

"Typically when you see a commercial market heating up, or you see lots of activity in commercial buildings, that's a pretty good indicator that the economy is doing well, we like to think that it's in a growth mode," explained Rhonda Young, a realtor at Stovall. "And that, of course, stimulates residential sales as well."

"We can't maintain and stay in a three-story building as a single entity. It's just financially too much of a burden," said Preston Curry, president of the Masonic Lodge. 

The Masonic Lodge is just one of many looking into commercial real estate.

They started looking four years ago, having very specific needs for their next location. And while they've found a place to possibly call home, the ability to sell their current home isn't as easy.

"In terms of interest in our downtown, we haven't had very much," Preston said. "Partially because of the state of the building itself."

"So it's harder to sell than it is to buy?" we asked. "Absolutely. Well, in our situation it is," Preston answered. 

And while commercial real estate seems to be on the upswing, not everyone is sold on the idea.

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