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Commercial Real Estate transactions during Q1 this year were down 18.5% from last year, according to a quarterly report from the Northeast Tennessee Association of Realtors (NETAR) Commercial Multiple Listings Service (CMLS).
March traffic to the CMLS web site declined 21% for the January and February levels. Commercial practitioners also reported that some of their clients were getting antsy as the initial reports of the Coronavirus pandemic began taking on a local focus in mid-March. That doesn’t mean interest is down, but there was a lot more looking than doing.
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Sales transactions outperformed leases during the quarter and were only slightly lower than Q1 2019 sales. Lease transactions declined 26.5% from last year.
The top-performing sales subsection for Q1 was for office listings. There were 10 sales, up from four Q1 last year. Office sales also accounted for almost half of the sales transactions for the quarter.
Office listings also were the leader in lease transactions. There were nine transactions unchanged from Q1 last year.