SVN | Miller Commercial Real Estate recently held its 2017 Commercial Real Estate Forum at the Guerrieri Academic Commons at Salisbury University. The event focused on the Salisbury area economy. The event drew nearly 250 commercial real estate investors.
The event drew nearly 250 commercial real estate investors,
The forum featured Guest Speaker Jake Day, Mayor of the City of Salisbury, and keynote speaker Anirban Basu of Sage Policy Group. The event also included an economic development panel with Somerset representative Danny Thompson, Worcester representative Merry Mears and Wicomico representative Dave Ryan.
Day’s speech focused on the economic realities of Salisbury, and what steps need to be taken to implement plans.
Keynote speaker Anirban Basu returned to the forum for the sixth year and summarized his presentation by saying, “At long last, the economic recovery that began in mid-2009 nationally has found its way to the Maryland portion of the Delmarva region. Economic performance improved in both Wicomico and Worcester counties recently, with demand for housing on the rise and job growth accelerating. The current year is shaping up to be even better from a real estate perspective, particularly if certain pro-growth federal policy proposals are implemented, and interest rates remain well behaved.”
Wesley Cox, senior advisor and Moderator of the event said, “2016 was a very robust year in commercial real estate. In the Wicomico, Worcester, and Somerset counties region, commercial real estate sales volume was up 100 percent from last year, the number of sales was up nearly 20 percent, and inventory was down 40 percent from six years ago. The fundamentals have shown us that we have not only seen the stabilization of values, but we have started to see an increase in values for the first time in several years. The market is very segmented, so this does not hold true for all asset types, but in some cases, sellers now ‘hold the cards’ with more negotiating power than buyers and therefore it’s becoming more of seller’s market.”
SVN | Miller Commercial Real Estate has offices in Salisbury, Bethesda, Seaford and Wilmington.
Further information is available at www.SVNmiller.com.
