The 2nd quarter was our first full quarter in business and it was a busy one for IVP. We completed 11 transactions for a gross transaction value of $5,392,000. We were involved in retail, office, and industrial deals throughout the city of Birmingham. See the details below.
Three Market Trends
Over the last 6 months of 2018, IVP has noticed a few trends in the marketplace. We are continuing to see large investments made in Birmingham from investors located from all over the country. This is great news because this brings in new money to our economy and new ideas that will develop into better places for all of us to enjoy.
We have noticed another trend within the industrial market, and it is quite unique. There is little supply for purchase or lease. As far as demand goes, we see some growth, but it is meek. The market is the tightest we have seen it in years. It will be interesting to see if we have any meaningful uptick in demand in the near future and what this could do to our market. We suspect there might be some speculative development on the horizon, which has been rare in the last few years.
One final trend we are seeing in the office market is that open floor plans remain popular for both the tenant and the landlord. The landlord likes the open floor plan because it is cheaper and easier to construct, and the tenant likes it because it provides free flowing of information and there is no hierarchy.
Looking ahead toward the future, I think Birmingham will surprise the country with tech companies that are formed in our backyard. I predict we will see 4-5 local tech companies making big announcements each year broadcasting that they are hiring, investing in buildings, and investing in equipment.
2nd Quarter Transactions
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