NORTHERN MICHIGAN'S COMMERCIAL REAL ESTATE SOURCE
What comes after a great summer? A Great Fall! We saw a tremendous amount of Square Footage absorbed in the September and October. Details below in the Market Report. As we enter the transition of fall to winter, we want to wish all of the hunters out there a safe and successful hunt on the 15th. Reminder to those hunting in Grand Traverse County of the new Deer Management law, there is now a 3 point minimum on one side for a buck to be legal.
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Come See Us at the TC Area Chamber Business Expo - Booth 103
Stop by and see us at Booth 103 at the Traverse City Area Chamber of Commerce Business Expo next Tuesday, November 12th between 9:00 a.m. and 5:00 p.m.
We will have it set up so that you can search for your new office or building right from our booth. Bring your business card and enter to win some great giveaways.
For a layout of the Expo Floor, click on the picture to the right to go to the Chamber's website. We look forward to seeing you next week!
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Market Report through October 2013 We saw a large increase in activity this past summer as mentioned in our last Market Report in September. This increase in activityhas been a catalyst for a very busy fall. As you can see in the chart below, there was a 108% increase in Office/Medical space and a 162% increase of Industrial/Warehouse space sold in the two month period of September and October over what had been sold in the previous 8 months combined. Although we don't expect to see such large increases continue, we do expect to see strong sales for the remainder of the 4th Quarter. What does this mean? More and more inventory is being absorbed, and creating a shortage in good available property. We receive more and more calls from businesses looking for a new location who are frustrated by the lack of properties that meet their needs. Perhaps we are turning the corner to a Seller's market.........
MARKET ANALYSIS FOR PERIOD FROM JAN. 1 - OCT. 31
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TOTAL BLDG SF SOLD JAN 1 - AUG 31
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TOTAL BLDG SF SOLD SEPT 1 - OCT 31
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| TOTAL BLDG SF SOLD YTD
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OFFICE /
MEDICAL
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28,496
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vs.
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30,962
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=
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59,458
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INDUSTRIAL /
WAREHOUSE
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82,992
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134,705
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| 217,697
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42,216
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| 7,461
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| 49,677
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TOTAL
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153,704
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| 201,624
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326,832
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Retail Rents on Upswing Shopping Centers Seeing Healthy Demand from Retail Tenants
Continued healthy demand for retail space is driving strong occupancy increases for many of the nation's shopping center landlords and is even beginning to show up in rent increases.
"We've seen occupancy increase for a couple of years now and landlords are showing increasing net operating incomes and some are starting to see rents pop," said Ryan McCullough, senior real estate economist CoStar Group (PPR division), speaking at CoStar's 2013 Q3 Retail Review & Outlook webinar last week. "However, rents for most retail space are still low to the point that they are not an undue burden on the tenant," a positive for both sides, said McCullough. To read the full article, click here
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New To The Market Here are just a few Properties that have come onto the market in the last couple months.
PROPERTIES FOR SALE Industry Drive - 0.79 Acres - $89,000 - Great for a Warehouse | Industrial Building - Located in Hammond Industrial Center - MLS# 1778123 10793 East Traverse Highway - 0.79 Acres - Reduced to $139,000 - Ideal for affordable home or redevelopment into a multi-family complex - MLS# 1777583
- 2.37 Acres - $229,000 - 250' of frontage on M-37 just south of Chum's Corner. Located in an area of new development - MLS# 1777515 - 3.41 Acres - $1,100,000 - 260' of frontage and one of the last development parcels along this corridor - MLS# 1778186 3750 & 3760 N US-31 S
- 5,000 SF Building on 4.01 Acres - $1,800,000 - 360' of frontage on US-31 S across from Meijer. Great redevelopment property. - MLS# 1778192 1237 Hastings Street - 2,000 SF + Warehouse space - $900/month plus Utilities - In town location, 12'x12' over head door - MLS# 1776687 308 US-31 S - 3,200 SF Retail Space - $3,000/month NNN - Great visibility on busy US-31, freestanding - MLS# 1776918 |
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CONTACT US
KEVIN ENDRES, PE
RICK DENEWETH, JD
DAVID FROST
STAN TORNGA, CPM
STEPHANIE ENDRES
ASHLEY ROKOS
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CONNECT WITH US
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