This article will help anyone looking for information pertaining to a commercial real estate and commercial lending in the State of
West Virginia is a mountainous state located within the Appalachian
Mountains. Thought of as a southern state, much of the state lies above the
Mason Dixon line and its western corner is close to Pittsburgh, Pennsylvania
while its northern corner is close to the Maryland/Virginia suburbs.
The state of West Virginia has a population of 1,818,470 spread out across
over 24,078 square miles. The population has remained almost stagnant over the
past two decades. Between 1990 and 2000 the population rose only .8%, and since
2000 the population has risen only .5%. The decade between 1980 and 1990 actually
saw a decrease in population. The per capita income of the residents of West
Virginia is $26,419, the third lowest in the nation.
What does this mean for those who are interested in commercial real
estate in West Virginia?
It may seem as if investing in commercial real estate or using it to set up
a business is a bad idea in West Virginia because the economy is so poor. There
are bright spots in commercial real estate in certain areas, however. With real
estate at such low prices throughout the state, looking into these bright spots
is worth it.
One of those bright spots is Morgantown where West Virginia
University is located. In recent years, several publications such as Inc. Magazine,
Kiplinger's, and Forbes have included Morgantown on their lists of booming small
cities and great places to do business.
The population of Morgantown has been growing and there is a need for real
estate development in and around the city. Twenty thousand of the 28,000 residents
are college students, and commercial real estate that is used for services that
cater to college aged students is available for very reasonable rates. Commercial
real estate in Morgantown is an excellent investment at the moment.
Another growing city is Huntington which is located along
the Ohio River. There are many heavy industrial plants along the river that
employ workers. Marshall University which is located in the city has a growing
research department which is bringing in educated workers. The downtown of Huntington
has many old architecturally prominent buildings that are being invested in
and renovated. There is still plenty of commercial real estate in the city waiting
to be invested in.
Tourism brings in a lot of the state's income. The mountains
are a draw for outdoor sports enthusiasts and the state's natural beauty attracts
visitors year round. Commercial real estate that is dedicated to tourist businesses
is available for lease or purchase throughout the state.