NCAD Market Trends for Commercial Property

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NCAD Market Trends for Commercial Property

New commercial developments are shaping Nueces County’s property landscape, with investments in retail, office, and industrial sectors. The NCAD closely tracks these trends to ensure accurate tax assessments and fair property valuations.

Growth in New Commercial Properties

  • The New Value Market jumped from $606 million in 2021 to $1.24 billion in 2023, indicating a strong expansion in commercial real estate.
  • The New Taxable Value also surged, reaching $962 million in 2023, reflecting a higher demand for business and industrial spaces.
  • Recent construction projects in retail, office, and warehouse spaces continue to boost the local economy and property values.

The new market value for commercial properties has increased substantially over the years.

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Impact of Commercial Growth on the Local Economy

  • Modern office spaces, business parks, and mixed-use developments contribute to increased investment in the county.
  • New retail and industrial construction projects are helping create jobs and attract businesses to Nueces County.
  • As property values rise, commercial owners must stay informed on how appraisals impact their tax obligations.

New developments in commercial real estate have created economic opportunities and higher property tax revenues.