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Updated: 9:51 AM Nov 17, 2009
Comparatively, commercial real estate holding up around the Grand Valley experts say
It seems "Office/Store For Sale and Lease" signs are popping up everywhere around the Grand Valley.
Posted: 6:03 PM Nov 16, 2009Reporter: Lizz Marrs Email Address: lizz.marrs@nbc11news.com |
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MESA COUNTY, Colo. (KKCO) - It seems "Office/Store For Sale and Lease" signs are popping up everywhere around the Grand Valley.
Sid Squirrell with Bray and Company Commercial says, "Commercial sales and rentals are both down this year over 2008 which is no surprise." He says this is because commercial real estate usually follows the housing market's trends. But he also notes that compared to the national economy, Grand Junction's commercial real estate market is holding up pretty well.
"Our centers as a whole, we're probably somewhere between 90 and 95% occupied... which I think is pretty darn good," he says.
Squirrell says because businesses want to keep their customers interested, they move to up–and–coming, newer locations and are more likely to abandon older facilities.
Optometrist Steve Bethka of Valley Vision has plans to do just that, "Our big plans are to move over to new building that Mesa State College has developed."
With businesses moving out of older developments, the old real estate motto, "location, location, location" is proving true. Squirrell says, "People will pay going rate....for great locations" but he says the problem is the great locations aren't vacant.
Squirrell says for those businesses focused on cheap prices, there are a lot of older spaces that right now rent for about half price, around $10 or $12 a square foot.
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