My New Blog

Today, I'm shooting from the hip for you to give you some idea of our market.  If you're looking for any commercial property investment or business location you have quite a selection. 

If you're looking for office space some real quality locations are surfacing for cheap.  I just listed 2000 feet of finished space in Ormond for $6.50/sq ft NNN.  that's the lowest I've seen to date for pure office.  The range is $10-$16/per sq ft and usually NNN.  (Read about what NNN means in a past blog).

If you wanted to buy, the older office properties are selling in the $100/sq ft range with the newer ones hanging in there trying to get $160-$190 and in most cases that's shell (not built out) condition.  Some are getting it but it's not usual

Retail is even a little weaker but as I mentioned yesterday, don't let your head be turned by a low retail rental rate.  It could be the most costly decision you make. 

In this market, with a little negotiating skills you can get a great location very reasonably.  As with office the rental rates are running around $8 to $14 NNN.  For the stronger (locationally) strip centers some owners are still hanging in there for $18 but offering great incentives like one year free for a 5 year lease.  And, as we discussed before, the build-out is negotiable.  If you want something that's over and above a "normal" build out though you should expect to pay for it.  Other incentives could include free rent, marketing budgets, etc.

Multifamily is falling in the $45,000-$60,000 price range but those numbers are completely rent (income) sensitive.  There has to be the income there to support the number and that is quickly quantifiable. 

Looking for commercial property, give me a call.  I canvassed the market yesterday.  I'm Claude Gardner 386 846 4135.