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Local commercial real estate showing recovery
Local commercial real estate brokers are offering promising outlooks for the High Desert, which is showing signs of economic recovery, according to their latest market reports.
“The High Desert is finally gaining traction across virtually every sector in commercial real estate,” President Jason Lamoreaux of Coldwell Banker Commercial stated in his High Desert Market Watch for the fourth quarter. “While pricing has remained steady throughout 2012 with gradual increases throughout the year, we have seen overall inventory and vacancy rates consistently trend downward all year.”
Commercial vacancy rates in the third quarter were 48 percent lower than in January 2010, according to his report.
Lamoreaux pointed out retailers that have opened or relocated this year, including JCPenney, Jo-Ann Fabrics and Crafts, Hobby Lobby and Pancho Villa’s Mexican Grill & Entertainment. Lease rates for prime retail centers increased 47 percent in the past year and a half.
“But the most significant retail development in the High Desert this year has been the expansion of Walmart in the region,” Lamoreaux said.
Walmart opened two Supercenter stores in September in Victorville and Hesperia.
Macy’s will hold the grand opening of its Victorville store in the Mall of Victor Valley on March 20, the company announced recently.
Retail sales in the High Desert have been increasing in the High Desert for the past eight quarters, according to Ronald Barbieri of The Bradco Companies.
Barbieri said the demand for industrial space in the High Desert increased “substantially” over the past year and a half. Most of that came from large tenants who occupy more than 50,000 square feet.
The High Desert will see growth in smaller tenants when home constructions begin, Barbieri said.
“The foundation has been laid for another expansion in the real estate cycle,” Barbieri said, referring to the decreasing unemployment rate and the increasing population.
“Basically it’s looking good,” he said. “I think we bottomed out.”
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