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Search the TAAR MLS for Commercial Real Estate anytime from our website
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NOW AVAILABLE
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Convenient | Cost Effective | SecureStorage by the Pallet is now available through Three West. Is your shop floor crowded? Having problems with off-site storage? Prices start as low as $5.00/pallet/month. Clear your valuable floor space for the next two weeks or the next few months. E-mail Dave Frost to learn how well it works.
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Northern Michigan's Commercial Real Estate Newsletter
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Last month the question was "Where's all of the snow?". Well I guess we got what we asked for, a couple nice snow storms in the past week have provided plenty for ski resorts and sled-wielding kids.
Now that winter is picking up, we hope to keep the commercial real estate market hot. Activity has been strong through December and so far in January, which tend to be the slowest months of the year in our industry. Please read the year end report below as it shows we are making the turn for a positive year in 2012.
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DON'T CALL IT A COMEBACK.....BUT
Commercial Real Estate Market Rebounds in 2011
We don't want to say it, but the numbers speak for themselves. The number of transactions, square footage absorbed, and total sales volume in 2011 doubled what was done in 2010. The sales volume actually tripled, but we did not see an increase in prices/square foot, just larger transactions in general. Here are the numbers and you can decide for yourself.
YEAR # OF SALES TOTAL SF SALES VOLUME
2010 26 168,000 $ 5,400,000
2011* 45 307,000 $17,000,000
Activity has remained above average beginning this year, and the outlook is looking up once again. If you are looking to make a purchase for your business, this might be the time to act. As available property begins to be absorbed, the prices will inevitably begin to rise. So your optimal opportunity to secure great property at a good price is now! Contact us if you are interested in discussing your options further. THREE WEST was pleased to be a part of 14 of the transactions in 2011 which accounted for 115,500 SF and volume of $8,200,000. * For a detailed report on 2011 Activity, please see the report below
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2011 Year End Commercial Real Estate Market Recap
 This fall has seen a steady flow of activity across the board for the three main property types. There was a total of 12 sales in the September, October and November totaling an absorption of 101,519 SF of space with a total sales volume of $4.98 Million. There are some large transactions currently pending that will close this month or early next year that will provide a springboard into, what is hopefully shaping up to be, a solid 2012! 2011 MARKET RECAP - SOLD PROPERTIES YEAR END BLDG TOTAL AVG AVG AVG SOLD AVG DAYS TYPE SF BLDG SF SOLD PRICE PRICE/SF ON MARKET Office / Medical 104,524 6,148 $288,639 $103 329 Industrial / Warehouse 131,726 7,318 $220,056 $35 302 Retail / Restaurant 66,441 6,644 $472,486 $101 282 *All sales data is reported by Traverse Area Association of Realtors
To download the full Market Report, Click Here.
If you have any questions regarding this report or have interest in selling your property or buying a new one, Contact Us
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Just Listed!
202 E STATE STREET
You can have one of the premier Class A office spaces in the heart of downtown Traverse City. There are three different configurations for space including 6,108 SF on the 1st floor, 9,057 SF on the 2nd floor, or take both spaces for 15,156 SF. Space starts at $17/SF NNN.
Just picture this view out of your second floor office. The spaces are configured with offices ringing the outside of large open bullpen areas. Beautifully trimmed, these spaces were built to impress, especially the executive board room/library. All tenants have unlimited access to the gym and shower facilities in the lower level. Also unique to this building is private on-site parking which is a luxury for any downtown building. For More information, or to schedule a tour of this building, please contact Kevin Endres.
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Looking For A Family Fun Event This Sat.?
Three West is proud to support Junior Achievement of Northwest Michigan.
The annual Junior Achievement Snow Glow is being held at Timber Ridge this Saturday from 5 - 8 pm. With this new venue, the event is bigger and better, which equal more fun! Snowshoeing, cross country skiing, games for the kids, bonfire and s'mores, and much more. Please join us and help support JA while having a great time with your family.
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Referrals are our greatest compliments! If you know someone who needs help in buying or selling their commercial real estate, please forward this e-mail and our contact information to them. Thank you, your referrals are always greatly appreciated.
Sincerely,
Three West, LLC
Commercial Real Estate | Consulting
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