Anyone looking for an excellent place to start a business should consider Lexington, KY as a top contender. Lexington has a diverse culture and a rich heritage, that continues evolving. Strong growth makes Lexington a good market for new commercial businesses looking to buy a building and establish a presence in the city. It’s also a good market for sellers who have decided to expand their footprint and sell their existing commercial building.
Lexington is a Growing Area for Business
More than 308,000 people call Lexington home. All of them need places to shop and dine. There’s a high level of industry there as well, so nearly all types of commercial businesses can thrive. Those businesses all need buildings, which makes commercial real estate an important part of the city. The commercial real estate industry in the area is growing, without a cloud on the horizon. As the city continues to expand and businesses recognize the advantages Lexington has to offer, more buildings will be erected with more businesses lining up to purchase them.
A healthy market balance allows sellers to command a premium price for existing commercial buildings. With a favorable business climate, few businesses choose to leave. The growth of existing businesses and their relocation into larger spaces, however, ensure a continued supply of available buildings in prime locations, giving new or fledgling businesses an edge to establish and expand grow their own companies.
Lexington is Focused on Important Trends
As with other trendy cities, commercial real estate growth is two-fold consisting of large industrial buildings being constructed on the the outskirts of the city, and also from the renovation of older buildings. Many of the older buildings are being completely re-purposed and used in creative and imaginative ways. This revitalization is slowly changing the landscape of some of the downtown area, making it easier for smaller businesses to get a foothold in a location that will allow their prospects to flourish.
Notwithstanding all these positive attributes, the price for commercial real estate in Lexington, KY, is relatively affordable compared with other parts of the country. For ambitious startup companies, affordable commercial real estate in an area where they will be welcomed and appreciated can make the difference between success and failure.
Commercial Real Estate Appraisals
The growth and and opportunity in the Lexington area have resulted in a high demand for commercial real estate appraisers who are hired for a variety of reasons. To better serve our clients, Russell Roberts Appraisals opened an office in Lexington, Kentucky. We’re proud to have Robert W. Lancaster, Ph.D. as the manager of our Lexington office. He is a retired Associate Professor of Political Science and an active Certified General Real Estate Appraiser in the Commonwealth of Kentucky. He specializes in appraising complex properties and has over 30 years of experience. With his experience and knowledge, he’s the perfect fit for Lexington.