Commercial real estate market wobbly due to pandemic - VT Digger

While the pandemic has been a shot in the arm for out-of-state investment in rural residential real estate, buyers aren’t so keen on Vermont’s commercial real estate. Buy an office building? Ummm….why?

"A market study conducted by Allen, Brooks & Minor has shown a slight increase in Chittenden County commercial vacancies. Retail vacancy jumped from 5% to 8.1% between December and June and office space vacancy saw about a 1% increase over the same period, according to the study. (Minor emphasized that the increases may not be solely attributable to the virus and that some impacts may not yet be visible given the length of many commercial leases.) “I have a lot of concern about businesses that, in the end, just won’t be able to make it, despite giving it everything they’ve got to try to survive,” Hoekstra said. “On our end, that may mean that we’re taking space back we thought we had leased for years and then trying to figure out, how do we fill that space at a time in the economy when things are kind of sluggish?”."



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