It doesn't take a 6th sense to assume there is something wrong in the Atlanta real estate market. There are loads of Atlanta commercial real estate vacancies around town. The northern part of Atlanta in Alpharetta and Cumming seem to be particularly hard hit wiht vacancies. Sometimes it is easier to spot commercial real estate trouble - we can start with retail strips that are newly built or under construction, while there are established retail centers across the street already sitting vacant. The thought that goes through our mind is "What are they thinking?" Or "Are they even thinking?" At some point the pain of unrented commercial real estate must become unbearable. There are loads of retail stores in the Atlanta area that started to close as the price of a gallon of gas rose over $4.30 a gallon. Local restaurants, and small mom and pop shops seem to take the biggest hits. Then in November anchor stores and chain stores seemed to be closing when they declare bankruptcy. While these chain stores are not all located in the Atlanta area, they add to the excess inventory one by one. Aloss of an anchor store can hit a retail strip severly hard. When thye close, adjoinging small business suffer and close also due to the lack of traffic. This adds to the further woes for local banks financing these deals. Years ago commercial impact traffic studies were done to be sure there was enough traffic to warrant the developement. I guess this study has been put a side for a year years now, and soon a hefty price will be paid for the lack of due dilagence.
Area vacancies threat to loans By Paul Donsky The Atlanta Journal-Constitution Friday, April 17, 2009
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Hey Jim - only makes sense. If the current market has a high vacancy rate, then the new builds will probably experience the same traffic - especially in this contracting economy. Hey, that sounds like something YOU would say!
Alyce Martin in Albuquerque - THE Place To Be! (Keller Williams Realty) LOL! Ya Think?
Jim,
Vegas commercial sector is now in the same boat as yours. Market experts are predicting high turbulence in coming months.
I'm adding showers to my commercial buildings so the workaholic can just live there (and sell the house) and the businessman who is losing his house can just stay at the office! Adapting to the current environment : ) . If that doesn't work ... where is that lightening when you need it (hope the insurance company isn't insolvent)!
I looked at buying some commercial a few years ago, but couldn't find anything that would cash flow at less than 90% occcupancy.... glad I didn't get greedy!
Esko Kiuru - Las Vegas NV Mortgage Consultant (Sinifox Financial) It was just a matter of time. This was predicted and we are just ont he verge of one of the next real estate crisis.
Phil I never really got involved with commercial real estate. But it interesting that a lot of this was going to occur...due to saturation of the market and easy entry financing. What will exacerbate this greatly is the rising unemployment.