With all the gloomy prophecies made about the economy when the COVID-19 pandemic hit, the state of commercial real estate in the Manning Valley shows confidence in the local economy is high.
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Real estate in the Manning Valley saw a spike during the COVID pandemic after the initial lockdown, with real estate across the board booming since June 2020, according to Amanda Tate of LJ Hooker Taree.
The influx of people moving to the area from Sydney, the Central Coast, and Newcastle is happening for two reasons, both to do with the pandemic, Amanda said - reassessing lifestyles, and people losing their jobs and moving back home to the area.
And with people moving to the area, many of them are relocating their businesses, particularly trades and industry, said Dan Schultz of First National Commercial Schultz in Taree.
"Confidence in town is really strong at the moment, particularly as people are supporting local businesses. It's probably the best that the main street and Pulteney Street has looked."
The result is a tight commercial rental market with a limited supply of properties available.
"Industry is booming, the commercial market is moving. There's lots of offers around, there's lots of development happening behind the scenes around our area, and lots of big development," Mrs Tate said.
"People have confidence in our area."
Alex Cosway, principal of Laing and Simmons, said they have signed up more leases in the last four months than they have in the last year.
"We did have a few vacancies on the main street, that's not the case now. It goes to show the trend commercially is on the up, and usually commercial lags behind residential.
The recent floods have also had an impact on rentals with local businesses having to relocate due to being flooded out. Some tenants cannot secure tradespeople to do repairs, and needing to get their business up and running again, have been forced to find alternative premises to move into.
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