Penticton commercial property sells for well over asking price | iNFOnews | Thompson-Okanagan's News Source

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Penticton commercial property sells for well over asking price

A downtown Penticton commercial office building recently sold for $2.65 million, more than the $2.39 million asking price.
May 22, 2021 - 3:00 PM

The Penticton commercial real estate market is just as hot as the residential real estate market, but for different reasons.

A downtown office building recently sold May 7 for $2.65 million. The asking price was $2.39 million. The 8,000 square foot office complex is located on 0.45 acres at 187 Nanaimo Avenue in Penticton.

Real estate broker Keith Jakes says Penticton’s commercial real estate market is “extremely busy, as busy as the residential market, but not necessarily for the same reasons.”

READ MORE: Housing not only hot commodity in Kelowna’s real estate market

He says the commercial market is strong right now due to a limited inventory, low interest rates and an abundance of cash looking for investment.

“With interest rates so low regarding term deposits, people are looking for a better return than just putting money on term deposits," Jakes says. "The fact that financing costs to purchase commercial property is so low right now is also spurring interest as well.”

READ MORE: Home prices continue to rise in hot Okanagan real estate market

April 2021 residential sales statistics release by the Association of Interior Realtors earlier this month showed there were 139 single-family home sales in the South Okanagan, which is a rise of 348 per cent from the same month last year. The benchmark price is now $489,000, up by 18.9 per cent.

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