Mobile Office Market Survey
John Toomey III, CPM® is a Broker and Mobile New Business Development Coordinator in our Mobile, Alabama, office with over 30 years’ experience in the commercial real estate industry. He recently completed an Office Market Survey of the West Mobile and Mobile CBD markets, with plans to periodically update the survey to track trends and establish absorption rates.
Here’s an excerpt from John’s Market Assessment:
Our office market has seen challenging times the last five years. Some buildings have fared better than others in terms of occupancy. The good news is while the Mobile Office Market vacancy rate has been relatively stagnant, it has recently started to improve. The Downtown Mobile Alliance and the City of Mobile were successful in creating a statewide Historic Tax Credit in October 2013. After going into effect, this tax credit has been instrumental in spurring office redevelopment. Many historic, but vacant, buildings were revitalized using these tax credits and put back into commerce. One such example is the RSA Van Antwerp Building located in the CBD. This roughly 60,000 SF building has taken over 2 years to renovate and will open summer of 2015 with Phelps Dunbar and BBVA Compass Bank occupying most of the building, essentially pre-leasing nearly the entire building before it comes online.
We have seen a fair amount of leasing activity in our office market the last 12 to 18 months. Unfortunately, a lot of space was subleased, which does not have the desired effect on our rental rates and absorption rates. The Trustmark sublease at RSA Trustmark Building is an example. Newly restored buildings like RSA Van Antwerp Building add more inventory to the market. It is a positive step to see these buildings restored, but it remains to be seen how this will affect future rental and absorption rates.
In summary, we expect the office market to see leisurely positive growth in the future.
Please click here to view and download the PDF of the Mobile Office Market Survey. This survey provides a good summary of the Mobile office market and my hope is that it becomes a valuable resource in the market.
Stirling Properties Welcomes Thomas Bryan to the New Orleans Team
Stirling Properties is pleased to announce the addition of Thomas Bryan to the Commercial Brokerage Division as Sales and Leasing Executive. Thomas will work from the company’s New Orleans, LA office located at 615 Baronne Street, Suite 100.
Mr. Bryan began his Commercial Real Estate career in 2007 and has since accrued a wealth of knowledge through leasing, sales and property management experience. He is currently responsible for the marketing and leasing of approximately 350,000 square feet of retail space. In addition to his retail landlord representation, Mr. Bryan has worked extensively with national, regional and local retail clients in a tenant representation capacity, including Lee Nail Spa, Alton Lane, Devon & Blakely, School of Rock, and MetroPCS to name a few.
Mr. Bryan is a native of Richmond, VA where he most recently worked as a Sales & Leasing Associate for CBRE. He is a graduate of the College of Charleston with a degree in Business Administration.
Mr. Bryan can be reached at 504-523-4481 or via email at tbryan@stirlingprop.com.
Stirling Properties Announces Most Recent Transactions in Alabama
Below is a list of Stirling Properties’ most recent closed transactions in the Alabama area. For more information on the individual transaction, please contact the Agent associated with that transaction.
MOBILE, ALABAMA
- The building formerly utilized as El Chico Restaurant, located at 830 I-65 W. Service Road, has been leased to La Cocina Mexican Restaurant. La Cocina plans to open its second Mobile location in the 5,800 square-foot building this fall. Jeff Barnes of Stirling Properties handled the lease.
- Amedisys Home Health of Mobile has recently relocated and expanded their offices at Mobile Office Park. They are now located in Suite 204 in Building 2, and occupy over 5,200 square-feet. Jill Meeks of Stirling Properties handled the relocation and expansion.
Stirling Properties is located in One St. Louis Centre, 1 St. Louis Street, Suite 4100 in Mobile. For more information regarding our services, please visit us at www.stirlingproperties.com.
Stirling Properties’ Angela McArthur Secures Two Locations for Five Guys Burgers and Fries
Earlier this month Angela McArthur, Broker Associate with Stirling Properties, closed on two locations for Five Guys Burgers and Fries in Florida.
Downtown Pensacola will be enjoying Five Guys this fall at 440 E Chase St next to Newk’s Eatery, who just recently redeveloped a former Wintzell’s. The second restaurant will be located at 4796 Highway 90, Suite 3, Pace, Florida and will open in the spring. The building is being developed by Trademark Properties of Pensacola and will break ground in the coming weeks.
For more information regarding these transactions contact Angela McArthur at 251-375-2481 or amcarthur@stirlingprop.com.
Stirling Properties Announces Latest Investment Sale in Mobile, Alabama
Stirling Properties’ agents Justin Toomey and Andrew Dickman recently completed the sale of a 100,000 square-foot United States Postal Service facility in Mobile, Alabama. The industrial distribution warehouse, located at 4538 Shipyard Road, was sold for $3.1 Million on Friday, July 31, 2015. Justin and Andrew represented the seller, Alabama Gulfstar, LLC and a local Mobile based investor group with the acquisition.
For more information regarding investment sales, leasing opportunities or any of your real estate needs contact Stirling Properties at 251-375-2495 or visit www.stirlingproperties.com.
Stirling Properties Welcomes Johnny Tolson to the Lafayette Team
Stirling Properties is pleased to announce the addition of Johnny Tolson to the Commercial Brokerage Division as Sales and Leasing Executive. Johnny will work from the company’s Lafayette, LA office located at 1819 W. Pinhook Road, Suite 200.
Mr. Tolson holds a Bachelor of Arts in Economics as well as a minor in Business and Communications from the University of Arkansas where he was a member of the baseball team. He was also an active member of Phi Theta Kappa, the Leaders on Campus Program, FCA, and involved in philanthropy work through Salvation Army and Samaritans Purse. During his college tenure, Mr. Tolson received the H.M. Ivy Scholarship, Circle of Excellence award, Who’s Who Among Students in American Universities, was an Academic All-American and earned First Team All-Conference and First Team All-Region All Region honors in baseball in 2012.
Representing both Landlord and Tenant needs, Mr. Tolson has gained knowledge and experience in many facets of the industry, including retail, industrial, office and specific site selection work.
Mr. Tolson is currently a member of the Realtors Commercial Alliance (RCA) and the Retail Brokers Network (RBN). He can be reached at 337-572-0275 or via email at jtolson@stirlingprop.com.
