The restructuring of the global automotive industry is changing the game for places like Chattanooga. With Ford and other companies removing their plants from overseas, there are areas of the US where growth in car manufacturing and new jobs are being seen. One of those areas is Chattanooga, which is a big benefit for the residents there and also for people who own or want to buy commercial real estate.
New Factories Are Coming to the Area
Commercial properties are needed in the automotive industry. With new factories coming to the area, there has to be space for those factories to settle in and potentially expand. In Spring Hill, for example, GM is adding a new Cadillac to the lineup of cars that are being produced there. That means a higher level of production and more jobs, which could also mean an increasing customer base and the need for other businesses to move into the area, as well.
VW is Investing again in Chattanooga
Volkswagen is going to invest $800 million in Chattanooga and hire 1,000 more workers, with plans to produce the company’s first-ever electric vehicle. That is a big step for the company, but also a great day for people in the Chattanooga area who want to work in the automotive industry.
Commercial real estate that can accommodate the workers, and that can give those workers others businesses to choose from when they shop, is going to be very important to the city’s economic future. The new jobs will mean more income for the area, as well.
The Value of Automotive Real Estate
With companies moving around and restructuring, the value of automotive real estate is on the rise in some locations. Chattanooga is fortunate enough to be one of those locations, and that is allowing the area to see commercial property, income, and economic growth that will benefit the city and its residents. People moving into the area for better jobs is also occurring, as more automotive suppliers call Chattanooga home.
With an influx of automotive industry companies, from building cars to supplying parts and services, the Chattanooga commercial real estate market is growing and will continue to do so for the forseeable future. This is excellent news for commercial property owners and the overall economic growth of the city.