We had many options in the "Class A" space (Johnson Business Center, Savannah Bank Building), historic (Factors Walk, Broughton St) & every "nook & cranny" space found in converted historic homes, basements & storefronts that wrap around our squares. We are blessed to have something to suit every taste but, the takeaway from the tour is that we have a lot of vacant space.
As a Landlord Rep for several office & retail buildings, I've had a pick up in activity but, its still a very slow moving office market. Rates have been flat. Mid year vacancy for downtown Central Business District is around 25%. Up from last year of 15-20% & probably its low of 10% in 2006.
As a tenant, even for a renewal, let a seasoned commercial real estate agent, present company included, help you negotiate a good deal on a variety of items (free rent, additional buildout $, parking, etc.) to make sure you are not leaving anything on the table. We know how far to push & have comps on recent deals. Here's a look at some office listings: CLICK ME!
Rex Benton is a Commercial Real Estate Advisor for NAI Savannah and commercial real estate columnist for BiS:Business in Savannah business journal. He can be reached at the downtown office at 912-238-0874 or via email. Office, Industrial, Retail & Investment properties. http://www.mopper-stapen.com/
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