WASHINGTON (February 11, 2020) – A new definition for “hot property” has emerged within the real estate market. The recent string of state-level marijuana legalization continues to impact commercial property demand and residential housing decisions throughout the United States.
These findings are according to the latest study from the National Association of Realtors®, Marijuana and Real Estate: A Budding Issue, which found that in states where prescription and recreational marijuana use is legal, more than a third of those polled said they saw an increase in requests for warehouses or properties used for storage. In those same states, up to one-quarter of members said the demand for storefronts grew, while one-fifth said there was a greater demand for land.
The NAR report examines how marijuana is grown, harvested, stored, sold and consumed within states where the product is legal. Because each law and the duration of time when which the product has been legal varies by state, the study is summarized by legal for medical use, legal for both medical and recreational use after 2016 and legal for medical and recreational use before 2016. The states where marijuana has been legal for the most amount of time have seen the largest impact on both commercial and residential real estate.
“As more states legalize marijuana, the real estate market will progressively have to adjust,” said Dr. Jessica Lautz, vice president of demographics and behavioral insights for NAR. “From property owners, to manufacturers, to those who simply want to engage for leisure – it all touches real estate in some form.” Read the full article or the report highlights.
If you would like more information about how cannabis legalization could affect your business, attend Marijuana Myths: Up in Smoke, a free panel discussion and networking event hosted by RI REALTORS, February 27 at the Radisson Hotel, Post Road, Warwick.