Are you looking for a business investment opportunity that is a safe bet? You might want to consider investing in commercial real estate in Charlotte, NC, or another hub city in the state. With its expanding population and diverse economy, North Carolina offers many advantages for commercial property owners. In this article, you will learn about the potential benefits of buying commercial real estate in North Carolina. Keep reading to find out more.
Access to the Port of Wilmington
The Port of Wilmington, located in North Carolina, is an important gateway to the Atlantic Ocean and provides access to a wide range of global markets. It is one of the largest ports on the East Coast and serves as a key hub for international trade between Europe, South America, Asia, and Africa. The port has direct access to major U.S. highways, rail lines, and airports which makes it an ideal location for companies looking to expand their reach into new markets or transport goods with greater efficiency. Businesses in North Carolina can greatly benefit from having easy access to the Port of Wilmington due to its prime location near many large metropolitan areas including Charlotte and Raleigh-Durham International Airports as well as other regional centers such as Greensboro/High Point International Airport (GPO). This convenient transportation network allows businesses in North Carolina quick access to domestic and international resources that are vital for success in today’s competitive marketplaces.
Tax savings is one of the major benefits of buying commercial real estate in North Carolina. While the exact amount of savings will depend on the specific property, the state’s tax laws can help reduce the cost of purchasing a commercial property. In North Carolina, property taxes are assessed based on the value of the property. For commercial properties, the assessed value is usually lower than the estimated market value, allowing for tax savings. Business owners may also be eligible for homestead exemptions, which can further reduce their tax liability. Business owners who purchase commercial real estate may also receive a tax credit from the state. The North Carolina Historic Tax Credit Program allows owners of eligible historic properties to apply for a 25% tax credit for qualified rehabilitation expenses. This credit can help offset the cost of purchasing and renovating a commercial property.
North Carolina’s Strong Economy
North Carolina’s strong economy is one of the main reasons why investors are drawn to commercial real estate in the state. North Carolina’s economy is diverse, resilient, and well-positioned to weather the economic storms of 2020. North Carolina’s economy has grown consistently since the Great Recession and its current unemployment rate is 3.2%, lower than the national average of 3.7%. The state’s strong economy is the result of a variety of factors. North Carolina has a well-educated, highly skilled labor force, with a median household income of $52,717, higher than the national average of $50,576. The state also has a diverse economic base with industries ranging from agriculture and energy to finance and technology. Industries like technology, financial services, and healthcare have seen significant growth in recent years, and the state’s strategic location on the East Coast gives it access to major markets like New York and Washington, DC.
Overall, investing in commercial real estate in North Carolina offers numerous advantages for businesses and commercial industries. These benefits include tax savings, the potential for appreciation, and rental income, as well as the potential for capital gains. With the current market conditions and the potential for growth, investing in commercial real estate in North Carolina is a smart move for any business owner or investor.