Commercial Real Estate in Huntsville – Hometown Spotlights
Opportunity abounds when it comes to investing in commercial real estate in Huntsville, Alabama.
A city on the rise, this Madison County area is a coveted spot for not only residents, but major corporations – from tech to national government organizations.
Commercial Real Estate in Huntsville is Already a Hot Market
The commercial real estate market in Huntsville has not only caught the eyes of Alabamians. Huntsville is making national headlines, including the number one spot on U.S. News and World Report’s 2022 listing of the nation’s best places to live.
In the past, the area was little more than a farm town nestled in North Alabama. Enter NASA.
The United States government’s NASA Marshall Space Flight Center and the U.S. Space and Rocket Center are located in Huntsville. It is also the home to a variety of defense corporations as well as the U.S. Army’s Redstone Arsenal, with U.S. Space Command relocating to the area.
As a long-time hub for engineering and scientific minds, the area boasts the country’s highest number of engineers per capita.
Beyond government, Huntsville and its surrounding area hosts Facebook, Blue Origin, and Toyota Mazda.
Huntsville’s Population is on the Rise
In Huntsville, the commercial real estate data doesn’t lie. Population growth is current and continuing to grow in the area – which only stands to further drive the area’s real estate market.
According to the most recent United States census data, Madison County, Alabama as a whole is the third largest county in Alabama. The county’s population has grown by an average of 1.2% per year or 16% from 2010 to 2020.
Huntsville has a metro population of 464,607.
What makes Huntsville and its surrounding communities a great investment opportunity is that future economic growth paired with a myriad of other great features.
The city of Madison is climbing up the ranks as one of Alabama’s top 10 wealthiest cities on average. It is also affordable in comparison to other similar communities in the United States.
Situated in an affordable county, the lower-than-average housing prices are a big reason people relocate to the area.
The national average housing costs for 2020 rolled in at $315,743. Huntsville, Alabama snagged an average of $192, 667 – on the higher side for the state of Alabama but still highly desirable.
It’s also an affordable county for residents – one of the main reasons people relocate to the area. The cost of living in Madison County, according to Best Places(.net), is 10.8% lower than the state average.
A Growing Population Is A Growing Economy
Huntsville’s local economy is hot. This city isn’t just a destination for surrounding communities, it’s a regional and even national draw.
The United States Space and Rocket Center is a huge draw, part of the Smithsonian Institute of museums. The facility documents the history of space exploration and is home to one of the coolest attractions for kids – its Space Camp programs, where kids can learn about interstellar science and travel as well as what it takes to be an astronaut.
The growing population is driving the area’s quality of life offerings, with more shopping and dining experiences.
Formerly a defunct cotton mill, the Lowe Mill Arts & Entertainment district is the largest privately-owned arts center in the region – home to working artists across the spectrum of mediums. The facility hosts live music events as well as theatrical productions.
In addition, the city’s Von Braun Center is a concert venue as well as sports arena – home to the Huntsville Havoc, the city’s minor league hockey team.
Why Buy Commercial Real Estate in Huntsville?
Whether you are interested in investing in commercial property or a single-family home – location is key. While it isn’t the most important factor, location is certainly among the most important factors that make a commercial investment property attractive and ripe for a great return-on-investment.
You are investing in the future growth of a community, so it’s important to make sure that the area is ahead of the curve.
As Huntsville continues to grow in population, more amenities will be needed for support across the board – whether that be industrial or office spaces that employ the local population or apartments and retail properties where those people live and work.
This increase in businesses is an increase in jobs. That growing job market boosts the economy. That means more money in your pocket each month if your investment is property in alignment with the growth.
If you’re interested in putting your investment to work in Huntsville, Alabama, Ironvest is ready to help you every step of the way. Reach out to our brokerage team for more information.