Blue Ridge Development

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August 13, 2021

Residential RE is HOT – How’s Commercial?

Knoxville Business Magazine front cover featuring an article on the commercial real estate market in Knoxville.
Knoxville Business Magazine front cover featuring an article on the commercial real estate market in Knoxville.

One thing is for certain, the residential real estate market is HOT, and Knoxville is no exception. Are you curious how commercial real estate is faring? Recently, Knoxville Business Magazine featured an article interviewing Blue Ridge Realty President Louise R. Frazier, CPM®, CCIM, SIOR on her take on the competitive nature of Knoxville’s unique, local market. Check out her thoughts, as well as those of other women in the business in this article by KnoxNews.

Louise brings over 30 years of experience to Blue Ridge Realty, with a focus in the office market of the commercial real estate industry. In these changing times, it is important to stay up-to-date on the latest market trends. Considerations among companies currently relocating and growing in Knoxville are how much square footage to take, how to layout this square footage, and how to balance employees’ desires for flexibility with companies’ desires for increased office presence. Sound familiar? Blue Ridge Realty is helping companies make these decisions every day. Contact us to help your company makes it next move.

Does anything about the current state of the commercial real estate market in Knoxville surprise you? Let us know in the comments.

Blue Ridge Realty, Inc. President Louise R. Frazier weighs-in with her thoughts on the commercial real estate market in Knoxville.
Blue Ridge Realty, Inc. President Louise R. Frazier weighs-in with her thoughts on the commercial real estate market in Knoxville.

Filed Under: News Tagged With: commercial real estate, knoxville business, knoxville business news, knoxville commercial news, knoxville commercial real estate, knoxville office market, knoxville office real estate, knoxville real estate market, knoxville real estate news, women in business, women in commercial real estate

June 4, 2021

Investors Enthusiastic About Real Estate in Small and Mid-Sized Cities

domestic migration in these top markets attracting real estate investors
Knoxville ranks #10 for domestic migration in 2020 among small and mid-sized cities.

Small and mid-sized cities (defined as those with populations less than 1M people) are seeing population growth in excess of 5-year averages that indicate the pandemic is the driving cause, Costar Analytics team David Kahn, Jessica Morin, and Same Tenenbaum reports. Population changes are catching the attention of commercial real estate investors in these cities.

Who is moving?

It’s not all retirees headed south. “‘Cities are adding jobs in the medical, retail, and industrial sectors to support increased consumer spending levels,'” according to Brian Alford. Tourism is another factor driving this increase in consumer spending and bringing wage earners to these areas.

Where are they moving?

Commonalities between the small and mid-sized cities seeing this growth are their affordability, lower taxes, better weather, and job opportunities. In fact, 14 of these top 20 fastest growing small and mid-sized cities are located in the southeast, with 8 of them located in Florida.

What does the pandemic have to do with it?

The lack of large institutions and universities, air and transit accessibility, and major corporations are typical downsides of these smaller cities, but thanks to the pandemic and the rise in remote work, these downsides are mitigated in favor of a lower population density.

Is this a good thing?

Yes. Many of these cities are solely dependent on domestic net migration, due to negative population growth when looking solely at deaths outpacing births and international migration.

What does this mean for investors?

While commercial real estate investors have been enthusiastic surrounding these markets with often higher returns, they are still considered risky due to a lack of liquidity driven by size, inaccessibility, and unfamiliarity. Blue Ridge Realty specializes in commercial real estate in Knoxville, TN, the city ranking #10 for domestic migration and #14 for nominal population growth. Contact us today to find out about commercial real estate investment opportunities in the area.

Knoxville ranks #14 in nominal population growth from 2019-2020 attractive to investors
Knoxville ranks #14 for nominal population growth from 2019-2020 among small and mid-sized cities.

Filed Under: News Tagged With: commercial real estate, domestic net migration, nominal population growth, pandemic effects, population growth, real estate investment, small and mid-sized cities

January 13, 2021

All Roads Lead to Knoxville

welcome to tennessee knoxville in-bound move ranking number 6

Watch out Nashville! Knoxville is seeing its own share of growth. A recent Nashville Business Journal article cites an analysis by United Van Lines. According to the article, 67% of the moves handled by the company were for households arriving in Knoxville. Only 33% of moves were for households leaving Knoxville. This earned Knoxville the rank of top 6 metro area in the nation by inbound moves, which is slightly above Nashville’s top 9 rating.

As a whole, Tennessee ranked top 7 by in-bound moves, its first time in the top 10 ranking since 2016. Covid-19 may be partly to thank for this trend. Reasons cited for moving include “desire to be closer to family,” “seeking a lifestyle change,” and “the newfound ability to work remotely.” However, the influx of people may also be contributing to the high number of cases in the region.

Unsurprisingly, the cities with the highest outbound moves were located in New York City, Chicago, and New Jersey. Residents in these areas are seeking more affordable options and less crowded conditions.

As demand for housing grows and more people are working from home, residential and multifamily real estate markets are doing well. Despite the negative impacts of the pandemic, a stable local economy and low interest rates make it a great time to buy in other sectors of the real estate industry. Learn more about our residential developments, retail spaces, and office real estate. Contact us today.

Filed Under: News

January 6, 2021

Knoxville, Tennessee Named “Boutique Market” for Investment

Since the 1982 World’s Fair, there has been a push among city leaders to revive Knoxville’s downtown core. Several efforts helped jumpstart this revival, including the development of Market Square, the Knoxville Convention Center, and the expansion of housing options downtown. Finally, it appears the city’s efforts have caught on. Knoxville was named one of the Urban Land Institute’s “boutique markets” in its annual “Emerging Trends in Real Estate” report. Other cities earning the title include Greenville, South Carolina; Richmond, Virginia; Boise, Idaho; Omaha, Nebraska; Portland, Maine; and Des Moines, Iowa.

So, what exactly earned Knoxville this distinction? Knoxville’s ability to weather the COVID-19 pandemic is partly to thank, along with a low cost of living (home prices $80,000 below the national average) and cost of business (10% below the national average). Other lifestyle factors include natural amenities and diversity in leisure and cultural activities.

Several downtown projects also aided Knoxville in the achievement of this title, including the conversion of the former state supreme court building to a boutique hotel. Other projects still in the works for the city include a proposed downtown minor league baseball stadium. These projects take advantage of the “opportunity zone” that covers downtown Knoxville, creating tax advantages for investors.

Established businesses driving the economy in the city include the University of Tennessee’s main campus, the headquarters of Pilot Flying J, Discovery’s HGTV, Regal Entertainment Group, Tennessee Valley Authority, and the Brunswick Boat Group.  

Are you looking to invest in the Knoxville area? Our company specializes in both commercial and residential real estate development, as well as helping companies find space that meets their needs. Contact us today to see how we can help.

Filed Under: News

December 18, 2020

Holiday Office Parties are Getting Creative

office space covid-19 holiday party

In this work-from-home era, coworkers have all but been reduced to a virtual screen. Companies who formerly had large in-person office spaces are challenged with maintaining employee morale and fostering engagement. Company holiday parties – love them or hate them – play an important role in this each year.

According to the Wall Street Journal, only 23% of companies said they were planning a holiday party, down from nearly 76% the previous year.”  Of these 23%, many planned virtual options. These include everything from assigning each employee an avatar to interact in a virtual landscape to sending employees treats and costumes to wear on a virtual Zoom party.

Nevertheless, employee receptiveness to these substitutes has remained low. A surprising 59% reported they were either unsure or would not attend. Many worried the activities would feel like a “chore” or there would be a lack of things to talk about.

Still other employers are attempting to maintain a sense of normalcy with carefully planned in-person gatherings. Some of these include outdoor scavenger hunts, drive-in movie nights, and parking lot parties.

Itching to get back to the office? Let us help your company plan out its office spaces in the post-Covid era. Contact us today.

Filed Under: News

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BLUE RIDGE REALTY
265 Brookview Centre Way, Suite 602
Knoxville, Tennessee 37919
(P) 865.470.4868    (F) 865.470.4869