Real Estate Broker Sees Improvement in Charlottesville - NBC29 WVIR Charlottesville, VA News, Sports and Weather

Real Estate Broker Sees Improvement in Charlottesville

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A real estate broker has a new report out that says commercial sales in Charlottesville went up in 2013. He believes it's a sign that the effects of recession are finally disappearing.

There were several large real estate purchases right in the downtown area last year, and three especially are being seen as bellwethers for the Charlottesville economy. The CFA Institute bought the old Martha Jefferson Hospital building on East High Street for more than $24 million. Then the hardware store building on the downtown mall was sold for around $6 million. Finally, there was the sale of the old Coca-Cola building off Preston Avenue for more than $2 million.

One Charlottesville broker, Bob Kahn, says several key industries will keep this growth going into 2014.

"2014 will be more robust because the economy locally is gaining traction, and there's no question that the IT sector and the bio-tech sector and the wealth management sector, as well as the defense industry is helping fuel the economy here in Charlottesville,” he said.

Kahn says he knows of four other buildings that are already under contract this year.

Kahn also says Charlottesville is slowly attracting more technology companies to the area, which he says will continue to boost both commercial real estate and the city's economy.

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