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Harrisonburg Rockingham Commercial Real Estate Report: 4th Quarter

Those that were cautiously optimistic about commercial real estate heading into the fourth quarter of 2010 have reason to maintain that outlook as 4th quarter numbers for the Harrisonburg and Rockingham County area continued to show promise.

  • Treasures or Traumas Phase: Nearly 40% of all commercial real estate transactions (excluding land) in 2010 have been off-the-market sales in which businesses and investors targeted specific properties not on the multiple listing service (MLS).This provides evidence that we are still in the “treasures or traumas” phase, but may also be a signal of increased transactions in 2011 and help move the market closer to normalcy in 2012.
  • Best Quarter Since 2008: Sales volume is up for the year and year-over-year for the quarter; commercial real estate transactions have back-to-back quarters for the first time since 2008; median and average sale prices are up (excluding an outlier); price/sf is up; and price reductions (ask price to final sale price) are down.
  • Continues to Illustrate 3rd Quarter 2009 Bottom: Nearly every indicator found in this report has shown a positive up-trend since the 3rd Quarter of 2009 providing further evidence that we may well have seen the bottom in the local commercial real estate market.

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