Commercial Real Estate Deals Heating Up
Sharon Barnes, broker assistant for MGR Services, Inc. said commercial real estate deals have began heating up in early 2010.
Sales and leases of commercial real estate, including the new Covenant Industries office space in Corona, have increased in the last 90 days, says commercial broker assistant Sharon Barnes of MGR Services, Inc
(COLTON, Calif.) “In the last 90 days, sales and leases of commercial real estate properties have really started moving,” says Sharon Barnes, broker assistant with MGR Services, Inc.’ Colton office.
Barnes recently helped Covenant Industries, secure a lease on an office in Corona. The value of the lease exceeds $1.1 million dollars for approximately 10,000 sq. ft. of office space over the next seven years
This new office will more than triple the corporate offices of Covenant Industries which was previously located in Los Angeles County. This turn-key opportunity which includes some of the latest advances in technology will allow Covenant to exceed the requirements needed for its projects as a government contractor.
“Covenant Industries’ new office is a Class A Building, less than three years old,” she said. ”It has a lot of advanced technology, such as video conferencing, and data security, that it needs for the government contracts it has.”
“To have this facility really empowers them,” Barnes said. “They will be able to grow their company, and bring jobs to the Inland Empire.”
MGR Real Estate, Inc. serves clients from the Los Angeles area to the High Desert and Low Desert. In one recent week, its Colton and Upland offices closed almost 30 sales and leases, worth almost $7 million. These two offices also signed up another eight new listings.
The still-high availability of recently built office space in the Inland Empire, coupled with many businesses in 2010 being able to expand, is the main reason for the recent pickup in commercial property transactions, Barnes said. Because the Inland Empire is coming out of a recession, the owners of these commercial properties are willing to sell or lease for much less than they might have in 2008.
“While economic recovery is fueling business real estate transactions throughout the Inland Empire, the City of San Bernardino is poised to see some of the greatest growth,” Barnes said. “San Bernardino is developing some promising economic revitalization projects. Small business owners will want to be in a revitalized San Bernardino, but they should buy or lease their office space now, because downtown will be much more expensive real estate when its revitalization is put into place.”
A secondary reason for real estate activity in recent months is that some businesses in the Inland Empire are still struggling, and need to find less expensive offices,” Barnes said.
“Still, with property prices at their low points, many struggling businesses are able to lease new offices for less money, while not having to give up the space they were used to,” she said. “They might even be able to have more space.”
“At this time,” there are some really good deals,” Barnes said. “Landlords NEED good tenants. They can help you out if you will help them out.”
“But, as our economy improves, the rates will go up,” she said. “Small businesses need to take advantage of the excellent opportunities they have right now.”
For more information call Sharon Barnes at (909) 503-1506 or email sbarnes@mgrrealestate.com.
Trackback from your site.