Happy New Year to all.
I began 2011 with a two week stint of jury duty. While there is never a convenient time, Commercial Real Estate is often slow this time of year and all things considered, this was about as good a time as I could expect. Jury duty is supposed to end on Friday and then everything should return to normal.
If you need me in the mean time, feel free to leave me a message or send an e-mail. I am trying to check messages every day. And while I cannot always return the call immediately, so far I have managed to get back to people within a day or two.
Have a great day all.
David
David W. McCoy
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Pkwy
Louisville, KY 40299
Monday, January 10, 2011
Friday, December 10, 2010
New Lease Signed today for 8700 Westport Road
8700 Westport Rd
A new lease was signed today for 8700 Westport Road. The new tenant is taking an office on the second floor. This is the fourth new tenant for this building this year. If you need some affordable office space, this multi-tenant building has suites available ranging in size from about 650 square feet to as much as 4,600 square feet.
This is a great site for start up businesses because it is very affordable and very conveniently located. Let me know if you would like to see space in this building or if I can help you with any of your commercial real estate needs.
Thanks, all. Have a terrific weekend!
David
David W. McCoy
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Parkway
Louisville, KY 40299
A new lease was signed today for 8700 Westport Road. The new tenant is taking an office on the second floor. This is the fourth new tenant for this building this year. If you need some affordable office space, this multi-tenant building has suites available ranging in size from about 650 square feet to as much as 4,600 square feet.
This is a great site for start up businesses because it is very affordable and very conveniently located. Let me know if you would like to see space in this building or if I can help you with any of your commercial real estate needs.
Thanks, all. Have a terrific weekend!
David
David W. McCoy
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Parkway
Louisville, KY 40299
Thursday, December 9, 2010
Louisville Commercial Real Estate Market Notes
With the Holiday season in full swing, most people and businesses are preoccupied with things other than Commercial Real Estate. This has left me with a quiet morning with time to do some research on KCREA. KCREA, in case you are unfamiliar, is the Kentucky Commercial Real Estate Alliance which provides our commercial real estate information exchange. This CIE is similar to an MLS.
Commercial Real Estate Inventory Up
This morning there are 3132 commercial real estate listings on KCREA, with 1647 of those being for lease and 1485 being for sale. Inventory levels are trending up with normal total listing staying around 3000 listings, generally breaking down to about 1400 sale listings and 1600 lease listings. Doing the math for you, that would equate to sale listings being up about 6% while lease listings are up 3%.
Commercial Real Estate Transactions Down
The number of commercial real estate transactions for the last 7 days were down with 5 leases reported and 1 sale reported. This compared to the average number of transactions YTD (approximately 49 week period) of 7.5 leases and 3.7 sales. Because of the holidays, I would not consider this to be abnormal or of any concern, in and of itself.
Inventory Turn Over Rates
At the YTD levels of activity and these inventory levels, we would expect it to take approximately 4.2 years to lease all of the present lease listings and approximately 7.7 years to sell all of the present sales listings. If we took the prior week levels of activity, we have a much more sobering picture with a projected 6.3 year horizon to lease all current listings and a projected 28.6 year horizon to sell all current sale listings.
Final Word
The obvious first conclusion is that the recession is still with us and it is still a buyer's market in commercial real estate. But in spite of the recession, there are transactions being completed. On average for the year, there is about 1 lease every day and about 1 sale every other day. Although these are not huge numbers, there is definitely activity in the market. The important thing for a seller / landlord to consider is how long they are willing / able to wait to sell or lease their property. In this market, sellers and landlords need to be aggressive to get their property moved. Considering the market information above, those pricing their property at average market rates, can expect a long wait.
KCREA Notes
This information is provided by the individual brokers and is dependent on them to keep it accurate and current. This is not a census of commercial real estate activity. It only contains that information provided by members of KCREA. While this information is not independently verified, I believe that it is a good tool and indicator of the market activity.
Thanks, all. Have a good day and stay warm!
David
David W. McCoy
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Pkwy
Louisville, KY 40299
PS Please call me with your real estate needs. I am licensed in KY and IN and work with all types of commercial real estate.
Commercial Real Estate Inventory Up
This morning there are 3132 commercial real estate listings on KCREA, with 1647 of those being for lease and 1485 being for sale. Inventory levels are trending up with normal total listing staying around 3000 listings, generally breaking down to about 1400 sale listings and 1600 lease listings. Doing the math for you, that would equate to sale listings being up about 6% while lease listings are up 3%.
Commercial Real Estate Transactions Down
The number of commercial real estate transactions for the last 7 days were down with 5 leases reported and 1 sale reported. This compared to the average number of transactions YTD (approximately 49 week period) of 7.5 leases and 3.7 sales. Because of the holidays, I would not consider this to be abnormal or of any concern, in and of itself.
Inventory Turn Over Rates
At the YTD levels of activity and these inventory levels, we would expect it to take approximately 4.2 years to lease all of the present lease listings and approximately 7.7 years to sell all of the present sales listings. If we took the prior week levels of activity, we have a much more sobering picture with a projected 6.3 year horizon to lease all current listings and a projected 28.6 year horizon to sell all current sale listings.
Final Word
The obvious first conclusion is that the recession is still with us and it is still a buyer's market in commercial real estate. But in spite of the recession, there are transactions being completed. On average for the year, there is about 1 lease every day and about 1 sale every other day. Although these are not huge numbers, there is definitely activity in the market. The important thing for a seller / landlord to consider is how long they are willing / able to wait to sell or lease their property. In this market, sellers and landlords need to be aggressive to get their property moved. Considering the market information above, those pricing their property at average market rates, can expect a long wait.
KCREA Notes
This information is provided by the individual brokers and is dependent on them to keep it accurate and current. This is not a census of commercial real estate activity. It only contains that information provided by members of KCREA. While this information is not independently verified, I believe that it is a good tool and indicator of the market activity.
Thanks, all. Have a good day and stay warm!
David
David W. McCoy
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Pkwy
Louisville, KY 40299
PS Please call me with your real estate needs. I am licensed in KY and IN and work with all types of commercial real estate.
Friday, November 19, 2010
Working on my new Computer
It was finally time to get a new laptop. My old Dell really was a champ. I used it hard for more than 5 years with several upgrades to make it last. However, I got to the point that it really didnt make sense to continue to fix it.
I had several batteries go out and in replacing them got some wierd error message that amounted to no longer being able to charge the batteries. So, I was reduced to keeping the computer on AC all the time. Not impossible to deal with but obviously losing some of the convenience associated with a laptop.
The hard disk drive had gotten to about 90% capacity which made the computer so slow that it was barely functional. So I replaced the hard drive (actually had a very nice sized drive installed) and while I was at it I installed the maximum amount of memory that the Dell could use. That sped the computer back up to near new performance and allowed me another full year of life.
There were odd little error messages that something wasnt working quite right although these were annoying more than real issues but the final blow was last weekend when my laptop screen essentially went out. Technically, I guess it isnt really dead. If you look really hard, you can see that the images are there but you seem to need x-ray vision to be able to see it. While I have been making it through this transition, I borrowed an external monitor and connected it to the laptop and have been working the last several days on essentially two computers and three monitors.
I got my new laptop on Tuesday and have been working toward full functionality. I love getting new laptops and I also hate getting new laptops. I love the new computer, the speed, the seemingly endless amounts of memory. I hate the difficulties in getting files transfered, set ups to get back on networks, trying to find old software to uninstall and reinstall and getting to full functionality.
Yesterday, I was able to link back to the network at work and get my e-mail functional on my new computer. That was a big step. Until that happened, I actually had to leave the office and go to Starbucks to get internet (my office internet didnt recognize me yet and would not let me on) in order to connect by web to my e-mail (which I could not access in my office).
Today, I think I will be able to get most of the data files transferred. Right now I would say I am near 75% functionality. By the end of the day, I hope to be at 90% functionality. 100% perhaps will come sometime next week.
In spite of this, I have managed to squeeze in a little real estate. It looks as though we are finishing negotiations on a couple of leases which is not bad for mid November.
Have a great day all.
David
David W. McCoy
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Parkway
Louisville, KY 40299
I had several batteries go out and in replacing them got some wierd error message that amounted to no longer being able to charge the batteries. So, I was reduced to keeping the computer on AC all the time. Not impossible to deal with but obviously losing some of the convenience associated with a laptop.
The hard disk drive had gotten to about 90% capacity which made the computer so slow that it was barely functional. So I replaced the hard drive (actually had a very nice sized drive installed) and while I was at it I installed the maximum amount of memory that the Dell could use. That sped the computer back up to near new performance and allowed me another full year of life.
There were odd little error messages that something wasnt working quite right although these were annoying more than real issues but the final blow was last weekend when my laptop screen essentially went out. Technically, I guess it isnt really dead. If you look really hard, you can see that the images are there but you seem to need x-ray vision to be able to see it. While I have been making it through this transition, I borrowed an external monitor and connected it to the laptop and have been working the last several days on essentially two computers and three monitors.
I got my new laptop on Tuesday and have been working toward full functionality. I love getting new laptops and I also hate getting new laptops. I love the new computer, the speed, the seemingly endless amounts of memory. I hate the difficulties in getting files transfered, set ups to get back on networks, trying to find old software to uninstall and reinstall and getting to full functionality.
Yesterday, I was able to link back to the network at work and get my e-mail functional on my new computer. That was a big step. Until that happened, I actually had to leave the office and go to Starbucks to get internet (my office internet didnt recognize me yet and would not let me on) in order to connect by web to my e-mail (which I could not access in my office).
Today, I think I will be able to get most of the data files transferred. Right now I would say I am near 75% functionality. By the end of the day, I hope to be at 90% functionality. 100% perhaps will come sometime next week.
In spite of this, I have managed to squeeze in a little real estate. It looks as though we are finishing negotiations on a couple of leases which is not bad for mid November.
Have a great day all.
David
David W. McCoy
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Parkway
Louisville, KY 40299
Tuesday, November 16, 2010
Rainy Days are Good Days for Property Tours
Finally having a rainy day in Louisville! Overall, we have had a dry year. I think that I heard we were more than 7 inches below normal rain fall for the year and more than 2 inches below normal for November (until today) So, since it is not a weekend and I am unaware of any weddings or funerals that might be compromised, I am all for a rainy day.
IN FACT, I would argue that a rainy day is a great day to tour or inspect commercial real estate property. Well maybe not land, but definitely industrial, office and retail. The reason is that when it is raining, you have a better chance of finding problems with leaks or drainage that can cause problems. Actually, now that I think about it, I think I would say it is even good to inspect Land. Of course, being out in the rain may be a little miserable but you might be able to get a feel for drainage and possible flooding or pooling issues.
So, if you were thinking of canceling a tour because you didn't want to get out in the rain, I would advise you to take the tour. I have a rain jacket and an umbrella, so I am happy to meet you there.
Have a great day, all. Let me know if I can help with your real estate needs.
David
David W. McCoy
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Parkway
Louisville, KY 40299
ofc: 502-379-6005
I am a licensed real estate broker in KY and IN. I specialize in Commercial Real Estate and handle Land, Office, Industrial, Investment and Retail Properties. I help Landlords, Tenants, Buyer and Sellers. Let me know if you know of someone needing some help.
IN FACT, I would argue that a rainy day is a great day to tour or inspect commercial real estate property. Well maybe not land, but definitely industrial, office and retail. The reason is that when it is raining, you have a better chance of finding problems with leaks or drainage that can cause problems. Actually, now that I think about it, I think I would say it is even good to inspect Land. Of course, being out in the rain may be a little miserable but you might be able to get a feel for drainage and possible flooding or pooling issues.
So, if you were thinking of canceling a tour because you didn't want to get out in the rain, I would advise you to take the tour. I have a rain jacket and an umbrella, so I am happy to meet you there.
Have a great day, all. Let me know if I can help with your real estate needs.
David
David W. McCoy
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Parkway
Louisville, KY 40299
ofc: 502-379-6005
I am a licensed real estate broker in KY and IN. I specialize in Commercial Real Estate and handle Land, Office, Industrial, Investment and Retail Properties. I help Landlords, Tenants, Buyer and Sellers. Let me know if you know of someone needing some help.
Monday, November 15, 2010
Jeffersonville Indiana Auto Shop Available
1414 Spring Street, Jeffersonville, IN
If you know of someone looking for a place for a car shop, this property might be of interest. Some of you may remember this as the former Nationwide Auto Restoration. This property is now for sale at $320,000.
Pertinent information follows:
- Adjacent to
Clark Memorial Hospital campus inJeff ersonvilleIndiana - Approximately 7706 square feet with an additional 3832 square feet of basement storage
- Easy access to I-65
- Industrial portion has 3 separate drive-in doors
- Zoned C-2 & IS
- (2) Ingersoll Rand air compressors running in tandem
- Air lines throughout the building
- Paint booth and car lift to remain with building
- 16’ clear height
- Heavy Power
- Owner willing to remain as a tenant for industrial portion of building if desired
Let me know if you or someone you know would like to see this property. Contact me for more information or to schedule a tour. Thanks for spreading the word! Have a great day all.
David
David W. McCoy
Associate Broker
Commonwealth Commercial Real Estate
ofc: 502.379.6005
fax: 502.379.6225
cel: 502.905.5274
PS - I am a licensed real estate broker in Kentucky and Indiana. I specialize in Commercial Real Estate. I handle Sales, Leasing and Tenant / Buyer Representation and work with Land, Office, Industrial, Investment and Retail properties. Let me know if I can be of help with your Commercial Real Estate Needs
Wednesday, November 10, 2010
Louisville Commercial Real Estate Inventory
On Monday, I waded into the residential real estate waters and noted that Louisville home sales in recent weeks are down tremendously from a year ago and there seems to be renewed price depreciation. It only seemed fair to take a look at Commercial Real Estate Sales and Leasing for comparison.
Number of Listings
Today on KCREA (our commercial equivalent of the MLS), I found that we have 1635 active Lease Listings and 1480 active Sales Listings. The averages inventory levels have stayed very consistently at 1400 Sales Listings and 1600 Lease Listings. This indicates an approximate 2.2% increase in inventory of Lease Listings and an approximate 5.7% increase in inventory of Sale Listings.
Number of Leases and Sales
For the month of October 2010, KCREA reported 23 leases executed and 14 non-redundant sales. Leasing activity which has been slowly increasing since the beginning of the year seems about on par for recent weeks. Sales activity remains right on average of about 2.5 transactions per week, which has been the case for most of 2010.
Expected Time on the Market
Looking at the number of transactions and the amount of inventory, we would expect a time frame of 71 months or just under 6 years for all of the current listing to be listed. For Sales, we would expect a time period of 106 months or about 8.8 years for all current listings to be sold.
While data is nice, the important thing to note here is that we are still very much in a buyers market in Commercial Real Estate. Most people I know do not want to wait nearly 9 years to sell their property nor do they want to wait 6 years to lease it. To be successful in this market, you have to recognize this fact and market the property accordingly.
If you have any questions or comments about this information, give me a call. Also, I would love to help with your real estate needs.
Thanks, all. Have a great day!
David
David W. McCoy
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Pkwy
Louisville, KY 40299
I am a licensed real estate broker in Kentucky and Indiana and specialize in Commercial Real Estate. I handle Land, Office, Industrial, Investment, and Retail property and would love to help with your real estate needs. You can also find me on Twitter @mccoydw
Number of Listings
Today on KCREA (our commercial equivalent of the MLS), I found that we have 1635 active Lease Listings and 1480 active Sales Listings. The averages inventory levels have stayed very consistently at 1400 Sales Listings and 1600 Lease Listings. This indicates an approximate 2.2% increase in inventory of Lease Listings and an approximate 5.7% increase in inventory of Sale Listings.
Number of Leases and Sales
For the month of October 2010, KCREA reported 23 leases executed and 14 non-redundant sales. Leasing activity which has been slowly increasing since the beginning of the year seems about on par for recent weeks. Sales activity remains right on average of about 2.5 transactions per week, which has been the case for most of 2010.
Expected Time on the Market
Looking at the number of transactions and the amount of inventory, we would expect a time frame of 71 months or just under 6 years for all of the current listing to be listed. For Sales, we would expect a time period of 106 months or about 8.8 years for all current listings to be sold.
While data is nice, the important thing to note here is that we are still very much in a buyers market in Commercial Real Estate. Most people I know do not want to wait nearly 9 years to sell their property nor do they want to wait 6 years to lease it. To be successful in this market, you have to recognize this fact and market the property accordingly.
If you have any questions or comments about this information, give me a call. Also, I would love to help with your real estate needs.
Thanks, all. Have a great day!
David
David W. McCoy
Associate Broker
Commonwealth Commercial Real Estate
10444 Bluegrass Pkwy
Louisville, KY 40299
I am a licensed real estate broker in Kentucky and Indiana and specialize in Commercial Real Estate. I handle Land, Office, Industrial, Investment, and Retail property and would love to help with your real estate needs. You can also find me on Twitter @mccoydw
Subscribe to:
Posts (Atom)