Commercial Land
The land market had a great year in 2021, with sales up nearly 6% and outperforming the pace of acquisitions of other commercial real estate types. The 2021 Land Market Survey revealed this good news based on research from the REALTORS® Land Institute and the National Association of REALTORS®.
The annual survey looks at land transactions of members of RLI and NAR. Respondents to the latest survey reported the best land sales performance since the organizations began recording the numbers in 2014. Driving the demand for land were historically low mortgage rates, which drove home sales, the historic net absorption of multifamily and industrial commercial space, and the resiliency of the retail property market.
Other property types saw sales growth in 2021—single-family rental sales were up 5%; industrial property sales were up 4%; sales of Class A apartment buildings were up 2%, and sales of Class B/C apartment buildings were up 3%—but none matched the growth of commercial land sales.
Learn More
Before purchasing land, you should ask some critical questions to ensure that you are making an informed decision. These questions could save you time, money, and a lot of hassle. Click the Learn More button below for the critical questions to ask.