The commercial real estate market in South Alabama is in full swing headed into the holidays! Check out some key stats below and see previous market reports by clicking this link.
Retail lease rates continue their slow but steady climb in Mobile county, while in Baldwin County, asking rates are lowering even as reported retail lease rates are rising! The big takeaway is that if your business is looking for retail spaces in the new year, take into consideration that whatever county you are in, actual lease rates tend to be higher than asking rates. Factor this into your budget planning for 2024.
For investors, the retail sphere in our area continues to a consistent market if you are considering property acquisition. As always, you should carefully scrutinize reported lease rates if you want to expand your portfolio next year.
Businesses in need of industrial space can benefit from the stable average leasing prices, especially since reported lease prices are slowly dropping closer to asking rates over the past five months. Mobile county is seeing an increase in listings, likely due to the potential for strategic investments with the growth of the local economy.
Asking prices for land across Mobile and Baldwin County have remained consistent, while reported sale prices are steadily increasing over the past few months. If you’re considering land acquisition in 2024, it may be prudent to start the process of analyzing market trends, beginning due diligence on available land parcels, and negotiating with sellers for potential investments at favorable terms.
Looking for office space for your business? Office lease asking rates have remained stable over the past several months in both Mobile and Baldwin counties. Of course, always use careful analysis when considering the full cost of the lease. Our agents are here to help, whether you are looking for your first office space, hoping to expand to a bigger office in 2024, or trying to sell or lease out an office building you own.
