Potential investors in Texas may be particularly interested in the commercial real estate market, especially as the National Association of Realtors reported that the industry had grown over the past year. In its 2018 report, NAR said that its members who dealt with the market had reported increased sales volume and gross income. The survey included real estate agents who focus their business on commercial projects, including sales, leasing and land development in office, industrial, retail and multifamily spaces.
The president of the association said that the commercial real estate industry is rising with the economy. He noted that there has been a slight decrease in transactions, but volume of sales and the prices involved had increased over the past year, leading to a rise in median gross income over the year. He also noted that professionals reported increased interest in their offerings and growth in their business activity. Tightened inventory was reportedly the reason for the smaller number of transactions, which declined from an average of eight per member in 2016 to seven in 2017.
According to the report, commercial members of NAR had a median gross income of $150,700 in 2017, an increase of nearly $30,000 from the year before. The median gross income for commercial realtors in 2016 was $120,900. The median volume of all sales transactions over the year among members was around $3.9 million, an increase from $3.5 million the year before.
People who are considering investing in commercial real estate could reap significant benefits as the industry continues to rise. There are several different ways that investors can become part of the market, from participating in a real estate investment trust to buying a property outright. A real estate attorney may provide advice, guidance and representation throughout contract negotiations to help people make an advantageous agreement.