Sioux Falls has been gaining some attention recently by making Thrillest.com's list of "12 Neighborhoods Across America That Are About To Blow Up". The list recognizes the Sioux Falls East Bank. The already popular area is becoming a "hot spot" for housing as well as business growth. The website acknowledged the industrial buildings that have been renovated and are now being used as offices, stores, as well as restaurants and bars. To read more about the 12 neighborhoods about to blow up CLICK HERE.
Andi Anderson and Michael Bender represented the sellers of the Hamlet Building located on 4001 West Valhalla Boulevard in Sioux Falls, SD. The building is 15,066 sq. ft. This building was part of an office park portfolio.
Reggie Kuipers and Gerald Teunissen closed on two sales in the Soukup Addition Land in Tea, SD. There were two sales, both zoned light industrial. The first was 3 different lots totalling 129,192 sq. ft. Kuipers and Teunissen represented the seller as they sold the land to Josmer Enterprises, LLC. The second sale was one lot at 42,384 sq. ft. Kuipers and Teunissen represented both the seller and the buyer as the land was purchased by Haas Commercial rentals, LLC.
When it comes to leasing a property, hiring a tenant rep can make things much easier. Tenant reps are aware of city codes and regulations that could end up costing you way more than initially expected. It is their job to provide you with their expertise and inform you whether or not the space you are interested is leasable. Tenant representatives are also knowledgeable in the value of commercial real estate in their market. Why is this important? They know the worth of the property that you are interested in leasing. Tenant reps will inform you whether what you will be paying is over-priced or if it is what the market standard is. Another reason that the reps help you [...]
Rob Fagnan and Doug Brockhouse represented the landlord as they leased the Lund Property on 273rd Street in Harrisburg, SD. The building is 11,000 sq. ft. and was leased by Q3 Contracting. The contracting company, represented by Rob Fagnan, are already moved in and are a contracting company working with the gas line infostructure for MidAmerican Gas.
NREI had the opportunity to talk to Ruchard Barkham, Ph.D., executive director and global chief economist at commercial real estate service firm from CBRE to discuss the United Stated Commercial Real Estate Market in 2016. Richard believed that the Fed will raise interest rates in December. He expects to see them gradually rising over the next three years. Barkham does not, however, believe that this will greatly impact commercial real estate. "The rates will be low and measured" Barkham says. "We have had low rates for seven years. There might be some volatility around the stock market, but the key drivers in real estate markets are GDP growth and confidence, and they are still pretty high at the moment. There [...]