International Paper's recent decision to relocate its global headquarters to Memphis could be viewed as an overall reflection of the city's commercial real estate sector. Memphis is experiencing a steady level of commercial investment activity, led by a surge in retail transactions.
From Aug. 1, 2004 to July 31, 2005, the Memphis area saw 1,033 commercial property sales, according to Chandler Reports, www.chandlerreports.com. The number marks a decline from 1,195 sales in the 12-month period ended July 31, 2004, but signs are encouraging that Memphis remains a strong investment market, analysts said.
A lot of activity. Total square footage in the market has increased from 19.3 million to 19.5 million.
"There is a lot of activity right now," said Tucker Beck, a broker with Crye-Leike Commercial. "It seems to be recently picking up. The train has gained momentum insofar as I think people would speculate that interest rates may be on a marginal rise over the long term. There is a lot of activity going on in commercial and residential."
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