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Buyer's market for commercial real estate

By Ben Garbarek - bio | email | Twitter
Posted by Noah Stubbs - email

OWENSBORO, KY (WFIE) - Owensboro has been no stranger to job losses and many facilities sit empty as a result. Commercial real estate agents say prices are starting to come down on many pieces of property in Owensboro.

"That's just a supply and demand thing," said Bo Barron, commercial real estate agent with Sperry Van Ness.  "We got a lot of properties that's for sale. You can drive Frederica Street and see all the "for lease" signs. There's space available and there's not as many tenants and buyers so it's certainly a buyer's market."

Barron says buyers now have more leverage negotiating prices on property and there are more available facilities than ever.

"There's a great amount of opportunity for other businesses that want to expand into this market or that are already in Owensboro and want to expand," he said.  "We're getting those kinds of calls so we're very optimistic."

"It helps their ability to grow when they see facilities that maybe five years ago were out of their reach economically but might have come to earth a little bit more," said Madison Silvert, eMerging Ventures.

With prices starting to come down, some commercial real estate agents say the time has never been better for some young investors to get into the market."

"It literally removes the barrier of entry and our generation probably needed a price correction to be able to afford any of these investment commercial real estate properties," Barron said.

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