Commercial Real Estate Trends in Lebanon
We can see from the past space demand has trended from innovations in market and or culture shifts. Take for instance, in the 1940s gas stations or “service stations” were the driving buyers for corner space. In the 1950s Hamburger drive through business dominated the market. From there we saw record stores in the 1960’s, and Photo shops (remember Fotomat) in the 1970’s. The 1990’s exploded with Coffee on every corner and porch with Starbucks and other off shoots building and expanding. Our newest player today has been dealing with the Cannabis industry. This has created many stressful relationships with Federal, and State banking and Title Companies on how to deal with the dynamic situation. Like it or not this trend is hard to ignore.
Our Lebanon down town development continues to improve with space filling and several restorations, along with multiple buildings with exterior upgrades and painting. For example of these look at: Strawberry Plaza, Conversion brewing, Sugar Vibes, and Barsideous brewing. Lebanon also has expansions including the Growler Café’ and Stanthorp’s retail space, and up stairs residential living space. This concept continues to be an exciting opportunity to utilizing empty space and increasing bottom lines for property and business owners.
Industrial properties are a premium. Our inventory inside the UGB is large, however hindered by the amount of wet lands natural to the valley floor. Some of these large tracts of land are up for auction with a reserve bid below market due to the cost of mitigation and delineations of existing wet lands on the site locations.
Re-development projects such as the Fox project at the corner of Airport ad Main Street, has coming Starbucks and ATT&T including additional retail space. Airport road is finished through to Russell Drive and the Urban renewal district continues to benefit that neighborhood including Porter City Park and multi-family opportunities.
Multi Family continues to be in high demand with vacancy rates nearly zero and developers continue to search new opportunities. Any multi family units that come on the market and are sold in short order as investors look to expand inventory.
Storage Space mirrors Multi Family. Most all of current facilities are full with waiting lists. Still more are in the works with other companies and buyers looking at this market.
Brick and mortar continues to flex with the shifting culture and shopping trends of millennial’s continue to be a challenge to nail down and market to. Online availability of everything from cars to groceries can be ordered and to your door in minutes. This presents a continuing challenge on how to remain flexible and position us for the next trend on the horizon.
That being said there remains only so much property whether it is bare land or existing buildings. We stand ready with our integrity and pro business attitude to connect people with properties and opportunities ready to serve this community.
Commercial Real Estate Specialist
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