May 2014 Sequoia Market Update
Contents of this Newsletter
Personal Service with Strong Analytic Support - Rick Ferris
Recent Deals by Sequoia Realty Corp.
- 7575 Tyler Blvd, Mentor - 28,800 Sq.Ft. Small Business Park - SOLD
New on the Market at Sequoia Realty Corp.
- 203 High St., Faiport Harbor, OH - 3,947 Sq. Ft. Restaurant - For Sale @ $295,000
REDUCED PRICE! Properties at Sequoia Realty Corp.
- Newell St., Painesville, OH - 13+ Acres - Industrial Land - $160,000!!!
May 2014 Sequoia Market Update
Personal Service with Strong Analytic Support
Dear Friends,
At Sequoia we most value personal relationships. This has been the core of our business for decades. Nothing is as valuable as gaining the respect and confidence of our clients.
In support of that we also offer robust market analytics to aid in decision making. One of the most common questions that I hear is "What is this building worth?” As we all know from the past 10 year roller coaster, it’s a moving target.
Right now for example, in the Lake County industrial market, the vacancy rate is falling quickly and there is virtually no new construction in the pipeline. See the table below.
Dear Friends,
At Sequoia we most value personal relationships. This has been the core of our business for decades. Nothing is as valuable as gaining the respect and confidence of our clients.
In support of that we also offer robust market analytics to aid in decision making. One of the most common questions that I hear is "What is this building worth?” As we all know from the past 10 year roller coaster, it’s a moving target.
Right now for example, in the Lake County industrial market, the vacancy rate is falling quickly and there is virtually no new construction in the pipeline. See the table below.
When
the market vacancy in a certain property type falls below 7%, then
buyers and tenants find it difficult to find a space that fits their
needs. If they need to move, they may be forced to take a space that
does not completely fit what is optimal for their business.
Alternately, there is the option of building a new building. This
option typically takes close to 12 months with the planning, design,
approvals and construction required. Also, new construction is
estimated at nearly a 40% price premium versus existing construction!
In addition, of course the lease and sale price on existing building inventory rise as vacancy falls. This price increase is generally triggered at about that same 7% market vacancy threshold.
From the figure above, you can see that this market is now at about 4.5% vacancy, and it is falling fast. The longer that relocation decisions are postponed, the less options will be available in the market and the more expensive those options will be.
Would this type of information help you in making critical real estate decisions?
If so, I am happy to share the analytical information that we have. We track the entire greater Cleveland marketplace--from Avon to Ashtabula, Medina to Akron--including industrial, office, retail, and investment properties.
Let me know how I can help you, or someone that you know, make an informed real estate decision. I look forward to working with you!
Rick
In addition, of course the lease and sale price on existing building inventory rise as vacancy falls. This price increase is generally triggered at about that same 7% market vacancy threshold.
From the figure above, you can see that this market is now at about 4.5% vacancy, and it is falling fast. The longer that relocation decisions are postponed, the less options will be available in the market and the more expensive those options will be.
Would this type of information help you in making critical real estate decisions?
If so, I am happy to share the analytical information that we have. We track the entire greater Cleveland marketplace--from Avon to Ashtabula, Medina to Akron--including industrial, office, retail, and investment properties.
Let me know how I can help you, or someone that you know, make an informed real estate decision. I look forward to working with you!
Rick
PS. If you want to know "What is this building worth?”, just give me a call!
Richard Ferris, CCIM, MBA
President
440.946.8600 x103
Rick@SequoiaRealty.com
Recent Deals by Sequoia Realty Corp.
7575 Tyler Blvd., Mentor, OH
28,800 Sq.Ft. - 3 Multi-Tenant Office Buildings
- SOLD
28,800 Sq.Ft. - 3 Multi-Tenant Office Buildings
- SOLD
7338 Mentor Ave, Mentor, OH
1,050 Sq.Ft. - Retail/Restaurant
-LEASED
9952 Johnnycake Ridge Rd., Concord, OH
1,776 Sq. Ft. - Retail Unit
-LAST UNIT LEASED!
1,776 Sq. Ft. - Retail Unit
-LAST UNIT LEASED!
8334 Mentor Ave., Mentor, OH
707 Sq.Ft. - Office Unit - LEASED
-Additional Office Space Available - Contact us today!
707 Sq.Ft. - Office Unit - LEASED
-Additional Office Space Available - Contact us today!
201 Water Tower Dr. Madison, OH
9,100 Sq. Ft. Office/School Building
-LEASED
9,100 Sq. Ft. Office/School Building
-LEASED
New on Market at Sequoia Realty Corp.
NEW ON THE MARKET!
203 High St., Fairport Harbor, OH
3,947 Sq. Ft. - Restaurant
For Sale @ $295,000
For Lease @ $1,100/mo. (NNN)
3,947 Sq. Ft. - Restaurant
For Sale @ $295,000
For Lease @ $1,100/mo. (NNN)
NEW ON THE MARKET!
23889 Lorain Rd., North Olmsted, OH
2,060 Sq. Ft. - Retail Building
For Sale @ $109,000
For Sale @ $109,000
NEW ON THE MARKET!
771 S. Broadway, Geneva, OH
1,000 Sq. Ft. Dave's Cosmic Sub - Restaurant Business for Sale @ $95,000
771 S. Broadway, Geneva, OH
1,000 Sq. Ft. Dave's Cosmic Sub - Restaurant Business for Sale @ $95,000
NEW ON THE MARKET!
29374 Lorain Rd., North Olmsted, OH
3,868 Sq. Ft. - Retail/Auto Related For Sale @ $340,000
For Lease @ $3,400/mo
REDUCED PRICE! Properties at Sequoia Realty Corp.
29374 Lorain Rd., North Olmsted, OH
3,868 Sq. Ft. - Retail/Auto Related For Sale @ $340,000
For Lease @ $3,400/mo
REDUCED PRICE! Properties at Sequoia Realty Corp.
Newell St., Painesville, OH13+ Acres - Industrial Vacant Land
For Sale @ $400,000
PRICE REDUCED to $160,000!!!
777 S. Broadway, Geneva, OHBUSINESS OPPORTUNITY
1,500 Sq. Ft. - Georgio's Pizza Restaurant
Well Respected Franchise Location
For Sale @ $178,000
PRICE REDUCED to $64,500!!!
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