After a year of tremendous growth in 2014, Taylor Consulting Inc. announced that its real estate division, Third Avenue Development, will expand its reach to new regions and new sectors of the U.S. real estate market in the new year.
“We’re very fortunate to be able to continue expanding our core mission in 2015,” said TAYO CEO Scott Wheeler. “We’ve done very well in acquiring properties in communities where energy industry growth has led to extreme demand. This year, we will apply the same successful approach to properties required by new sectors with the same potential for amazing growth that the oil and gas sector has enjoyed in recent years.”
The first real estate sector that Third Avenue Development plans to target is land with high agricultural value. A worldwide agricultural commodity boom has driven food prices up by more than 100 percent since 2003, according to the Food and Agriculture Organization of the United Nations (FAO). On a per capita basis, the FAO projects that the amount of arable land available will decline steadily in the coming decades, from 0.218 hectares per person today to 0.181 hectares per person in 2050. As demand rises for food, livestock feed, nutraceutical herbs and other crops, agricultural real estate represents a major opportunity to TAYO and its growing portfolio.
“Rising agricultural commodity prices have caused a rise in Midwest farmland values of 128 percent over the past ten years according to USDA data,” Wheeler said. “This is absolutely a growth market, and we expect to begin adding Heartland properties to our portfolio very soon.”