Locally, one of the biggest hits has been in the commercial real estate market. Many commercial properties around the valley have sat dormant for the past few years. The largest number of those have been restaurants and inns. Many have gone to auction with little or no interest.
But that may be starting to change. Last week we reported on the sale of the former Poncho’s Wreck building in Wilmington. Apparently there was some spirited bidding on the property. We also hear through the grapevine there are other sales of commercial properties close to completion.
We’re encouraged by that. Activity in the commercial real estate market means there are people willing to come into the valley not just to play, but to invest. Commercial real estate sales generally mean job creation as well as property transfers. That’s a good thing that we need to see more of.
It may be unrealistic to see another real estate boom like we had around 2004. In fact, given how much of a bust followed that particular boom, we should hope we don’t see that again. But having consistent, sustainable activity in the commercial real estate market would be good for many in the valley, and give a sizeable boost to the local economy.