Commercial Real Estate In Bellingham
When taking the temperature of the real estate market in Bellingham, most of us think about residential real estate. After all, most people will only every own residential real estate, in the capacity of our primary residence. But, there is another mysterious world of real estate out there. Commercial.
When most of use think of commercial real estate, we think of Donald Trump, "Big Box" stores, and raw land. In the world of commercial real estate, developers earn big buck for seeing an opportunity in its infant stages, and doing all the leg work to the completion of a retail building. Once completed, the lessees pay the rent, the owner pays his loans, and he keeps the difference. It is that simple.
In Bellingham, commercial real estate seems to be strong. It seems everywhere you turn, there is new construction for retail space. The most recent and impressive example of this has been Bakerview Square. With over 60,000 square feet of retail space recently completed, at an occupancy rate of over 80%, they plan to build another 5,000 square feet in the near future.
There is also shortages of locations and building for large retailers such as the old Toys-R-Us and Good Guys building. Many big retailers fly into Bellingham and see lots of open spaces in the area. As they drool, then get off the airplane, they soon realize that most of the open spaces are wetlands and unavailable for building. This shortage is what is keeping commercial real estate as a hot market.
Many retailers are also finding that it is cheaper to buy smaller lots and build up. While many retail lessees are not used to this concept, it is something that will become more common. Other business are getting out of their leases all together, and buying existing buildings. A good example of this is TD Curran, the apple computer specialists in Bellingham. They leased in the new building at Kellogg and the Guide Meridian for several years. They have recently moved into an older single family residence building that is in the middle of the commercial area of the Guide Meridian, between the Olive Garden and Wal-Mart.
One thing is for sure, as we continue to look for new an innovative location for retail space in Bellingham, business will thrive. The market forces that drive the Whatcom county economy are strong. Business owners and entrepreneurs are energetic and resourceful citizens that love to rise to the occasion. Bellingham is and will continue to be a place of economic growth. If the customers are there, the businesses will meet their demand. America is great.
When most of use think of commercial real estate, we think of Donald Trump, "Big Box" stores, and raw land. In the world of commercial real estate, developers earn big buck for seeing an opportunity in its infant stages, and doing all the leg work to the completion of a retail building. Once completed, the lessees pay the rent, the owner pays his loans, and he keeps the difference. It is that simple.
In Bellingham, commercial real estate seems to be strong. It seems everywhere you turn, there is new construction for retail space. The most recent and impressive example of this has been Bakerview Square. With over 60,000 square feet of retail space recently completed, at an occupancy rate of over 80%, they plan to build another 5,000 square feet in the near future.
There is also shortages of locations and building for large retailers such as the old Toys-R-Us and Good Guys building. Many big retailers fly into Bellingham and see lots of open spaces in the area. As they drool, then get off the airplane, they soon realize that most of the open spaces are wetlands and unavailable for building. This shortage is what is keeping commercial real estate as a hot market.
Many retailers are also finding that it is cheaper to buy smaller lots and build up. While many retail lessees are not used to this concept, it is something that will become more common. Other business are getting out of their leases all together, and buying existing buildings. A good example of this is TD Curran, the apple computer specialists in Bellingham. They leased in the new building at Kellogg and the Guide Meridian for several years. They have recently moved into an older single family residence building that is in the middle of the commercial area of the Guide Meridian, between the Olive Garden and Wal-Mart.
One thing is for sure, as we continue to look for new an innovative location for retail space in Bellingham, business will thrive. The market forces that drive the Whatcom county economy are strong. Business owners and entrepreneurs are energetic and resourceful citizens that love to rise to the occasion. Bellingham is and will continue to be a place of economic growth. If the customers are there, the businesses will meet their demand. America is great.
Labels: bellingham, business, commercial, retail
