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Commercial Market Report - Upper Valley Region - 4th Quarter, 2008

12-02-08
Amy Margolis
Amy Margolis: Commercial Real Estate Agent in Lebanon, NH

VOLUME ONE - Upper Valley Region - Commercial Market - 4th Quarter, 2008

It's that time of year where we tend to look backward rather than forward. I intend to use this forum to keep others appraised of the commercial leasing activities in the New Hampshire side of the Upper Valley (defined as Lebanon, West Lebanon, and Hanover) on a quarterly basis. I focus on this area as it is my area of expertise as well as the commercial and economic center of our region. Please feel free to sign up for posts to this blog so that you can stay current on these market trends.

I focus on commercial leasing for office and retail uses, as these are my specialty. I am pleased however to report to anyone interested in learning more about any other type of property or matter related to commercial real estate if you are interested and would like to contact me for any specific question or interest.

Commercial - Office

  • Currently there are 14 properties (16 listings) available for lease
  • CLASS A office spaces are being listed from $15.00 - $18.00 per square foot
  • CLASS B office spaces are being listed from $12.00 - $14.00 per square foot
  • CLASS C office spaces are being listed from $8.00 - $10.00 per square foot
  • Many of the listings have been on the market for greater than 30 days

Commercial - Retail

  • Currently there are 6 properties available for lease
  • CLASS A retail spaces are being listed at $25.00 per square foot and ARE NOT leasing
  • CLASS B retail spaces are being listed at $10.00 - $14.00 per square foot
  • CLASS C retail spaces are being listed at $6.00 - $8.00 per square foot
  • Many of the listings have been on the market for greater than 60 days

In summary, the Upper Valley market has seen a slow down this past year - retail and office prices were soaring last year for CLASS A properties at over $20.00 per square foot NNN, as you have seen from the above, the office sector has already made the adjustment to a lower listing price however retail has held on to the higher asking prices - and is paying the penalty of vacancy - for it. It is my professional opinion that the retail sector needs to adjust their asking prices similarly to the office sector to see their inventory move off the shelves.

In addition, I have seen a greater demand for smaller, private and executive suites (up to 800 square feet) and have had a much harder time renting larger spaces that do not have the ability to be subdivided. Retail-use spaces have made marked movement into medical uses for private practices and in only those flexible use properties have I seen demand. The consumer has a broader variety of spaces - and terms - to choose from now, as in residential, and are taking their time to select carefully. The lending crunch hasn't completely crippled the commercial marketplace here as of yet anyway, but it has given way to a greater need for landlord-financed fit-up or other incentives to get the customer in the door. My company, Lebanon Property Management has really begun to make a name for itself in this way because we deal directly with the tenant, can offer these great incentives & flexibility, AND have a crew available to do the actual construction. This has streamlined our negotiation process & move-in timeline.

White mountain First Snow photos, Beutiful New Hampshire scenes.

11-29-08
Steve Loynd
Steve Loynd: Real Estate Brokerage in Woodstock, NH

I found my Digital Camera in my pocket this morning so I took a few of these from my yard, and few by just rolling down the window on my way to work today.

Rte 175 Woodstock off exit 31 of Interstate 93.

Riverside Estates Subdivision Off Rte 3, Daniel Webster Highway.

Upper Grandview Dr. From a Listing I have in Woodstock NH.

Upper Grandview Drive, Same house different direction, Woodstock NH.

My back Yard, piles of dirt hidden by the snow..where my pond is being dug.

Ski Season has Started..these are my views on the way to work each day.

If you live here this is what you could wake up to everyday, no bad Huh!

Why Log, Post and Beam, and Timber Frame Homes makes sense.

Simon Halliday: Real Estate Agent in Bristol, NH

Natural resources fuel the building industry, and many of the materials used deplete those resources at an accelerating rate. The world is becoming more conscious of how human actions can impact the planet. The best emerging choice is wood, a sustainable resource. With proper management, wood can supply our needs for generations while new young forests absorb more carbon dioxide and release more oxygen than old forest reserves.

New England Cedar Homes draws from these reserves and also with the implementation of new Timber Frame Building systems, many of our products are engineered to utilize smaller pieces of wood applied together to make a stronger, more efficient building member. Drastically reducing wood waste.

Why Wood?....
We build with a variety of materials, from traditional products such as steel, wood, concrete and masonry to more modern alternatives such as plastics and composites. Assessing the environmental impact of each of these materials requires a look at the full life of the product, from its extraction to manufacturing through its use in service to disposal. At every step, each of these products can impact our environment. Out of all of these materials, wood emerges as the most environmentally responsible choice available today. Wood's natural attributes make it uniquely suited to both the performance and environmental demands for modern building materials.

Wood is the only naturally renewable building material produced today and its existence alone generates many good things for the environment. For example, a young forest produces 1.1 tons of oxygen and absorbs 1.47 tons of carbon dioxide for every ton of wood fiber, which stores the carbon. A typical 2,400 square foot wood house represents 28.5 tons of stored carbon dioxide, or the rough equivalent of seven years' of emissions from a small automobile.

As a natural material, wood is safe to handle and use, is biodegradable and can be recycled easily. Wood is converted into thousands of products, from lumber, panels and paper to shoe polish, liquid soaps and cologne.

Forest harvesting and renewability....
There is a popular misconception that America's forests are disappearing and that we are running out of trees. The facts, however, show just the opposite.
Forest growth in the U.S. has exceeded harvest continually since the 1940s. According to the Forest Service , the U.S. forest inventory has actually increased by 39 percent since 1952.

The U.S. is the leader in reforesting, planting some 2 billion new trees a year. The forest products industry is responsible for 41 percent of all replanted forest acreage. Thanks to these efforts, there are 10 million more acres of forestland in the U.S. today that there were 15 years ago.

The forest products industry does more than just plant and harvest trees. As foresters, wood products companies follow rigorous standards and forest practices to protect the trees, soil, air, water and wildlife.

Responsible choices....
It all comes back to choices. If we are to join the growing number of responsible people who advocate the sustainable and wise use of our natural resources, we must measure our choices between one building material and another. We must look at all aspects of each material, from extracting to manufacturing to final use, and consider the variety of impacts such actions can have on our planet.

By nearly any measure, wood offers the best choice among building materials for most uses. It is strong, light, durable and safe to handle. It uses less energy over its lifetime, generates little pollution and is biodegradable for disposal. It is naturally renewable and there are ways to assure that the wood we use is being produced sustainably and responsibly.

We have the ability to take anything we want from this earth. But we also have the responsibility to take it wisely and give back what we can.
We all have choices. In building materials, there is only one clear choice: wood.

My biggest sale of the year just closed...yeah-Hoo! *a 1031 poster child*

11-21-08
Steve Loynd
Steve Loynd: Real Estate Brokerage in Woodstock, NH

I took out all the tools to get this one done. We had an out of state sale (relinquished property), we had a radon system,association documents and issues to tackle, there were battles over fixtures and decorations. We worked through addendum's ,extensions, lost garage door openers, inspection repairs, signatures from several different locations and multiple wire transfers. But today it's done, the drama is over (at least on one deal), and I have to tell you; having a good qualified intermediary made this all work. If you have not taken the time to learn about like kind exchanges, there is no excuse. If you want to improve your knowledge of the real estate market and open yourself up to bigger and more lucrative transactions take a class in 1031 exchanges.

Ski to your front door at Loon mountain for under $1,000,000..sorry this one just closed.

Snow guns are going at Loon..& my 400th post cool how that worked out

11-19-08
Steve Loynd
Steve Loynd: Real Estate Brokerage in Woodstock, NH

This marks the start of the new Ski Season, the guns are going full blast today.

November 2008, the guns are on it's 21 degrees out and opening day is

planned for 11/22/08 at Loon, they can lay down the white stuff pretty

fast if the cold temperatures stay where they're at. Gondola lift / left side.

Kancamagus Detachable Quad Getting the full court press by the snow

guns, should be able to ski in a bout 3 days.

The Governors pavilion, next to the Governors base lodge, take one last

look at the grass, it will be gone for the next 5+ months by Tomorrow

See You at Loon Mountain, Lincoln NH. Steve@alpinelakes.com

If you see me coming don't blink..or I'll be gone