My New Blog

"Users" are still very active in the market.  Investors are still on the sideline wondering if we're at the bottom yet.  The market has one constant though.  Most all leases written are three years in term.  That means that every year one out of every three leases come up for renewal, hence the "users" in the market place.

I did two "user" lease deals last week.  The first was office.  In office, $12-$14 NNN was the predominent asking range.  I did get a lot of calls after the tour where I was told "just bring me something". 

So if you're looking to rent/lease office space in Daytona, it's pretty much your market.  Most are thinking three year leases are best.  In this market, go for five and lock the rates.  The retail lease I did was for a restaurant and the rate ended up being $15 per square foot annual with $5.50 CAM.  If you don't understand those numbers go into some of the older blogs.

Had two great price reductions this week.  First, the old Suntrust Mortgage office on Orange Avenue.  28,000 square feet of space just reduced to $1,400,000.  Imagine that, $50 per square foot.  Replacement would be around $160 per square foot and it's owner financing. 

The other other is the previous Arlen Ness Mortor Cycle dealership on Beach.  That was just reduced to $990,000.  It's immaculate inside. In fact Bruce Rosemeyer put $900,000 into renovating the store.  That's a steal. 

Call me if you're thinking of buying, selling or leasing retail or office space in Daytona Beach, Ormond or Port Orange.  I'm Claude Gardner, 386 846 4135