Commercial leasing across Wilmington is on the rise, as retailers — both independent and national — are growing bullish on the region’s economic recovery.
“We have definitely seen an increase in inquires for a number of properties that we have listed,” said Nicholas Silivanch, a member of Team Silivanch and director of retail leasing and acquisitions for Coldwell Banker Commercial Sun Coast Partners. “I think there’s more optimism about the economy heading into 2012 . . . it’s a good thing.”
Indeed it’s so good, that existing shopping centers are getting filled up faster than many anticipated.
More than 25 commercial leases have been executed within greater Wilmington between late November and early January, according to data compiled from various commercial brokerage firms across the city.
Many firms report even more could be signed in the coming days.
According to a recent forecast released by Los Angeles-based commercial brokerage firm CB Richard Ellis Group’s economists, space available for leasing at U.S. local shopping centers will decline this year for the first time since 2005.
Nationally, the availability rate — the amount of space marketed and ready for tenant construction — is slated to fall 12.4 percent for neighborhood and community shopping centers by the end of 2012, according to a recent CB Richard Ellis Group analysis. That’s down 13.3 percent this time last year.
Another factor helping to fuel leasing activity is the price for commercial spaces.
Rates and asking prices for commercial office and retail spaces are also down more than 10 percent, from rates three years ago — now ranging from $19 per square foot for class-A space, to $7 for class-C and -D space.
Many commercial brokers point to downtown Wilmington, the Market and College street corridors and Mayfaire areas as driving the bulk of the city’s new commercial activity.
Here are some of the most recent listings in the greater Wilmington area.
College/Market corridors:
University Centre, College Road and New Centre Drive: Port City Mattress, 1,200-sq.-ft.; Southern Exposures Sunroom, 2,400-sq.-ft.
6737 Market St. – Badcock Home Furniture and More, 24,000-sq.-ft.
7722 Market St. – Marine 17, 9,100-sq.-ft.
4406 Market St. – Liberty Tax, 2,600-sq.-ft.
8137 Market St. – AA Storage expansion/renovation.
3435 S. College Road – Lifepoint Church, 30,000-sq.-ft.
418 S. College Road – Kickback Jacks restaurant, 3,800-sq.-ft.
Mayfaire area:
Offices at Mayfaire, 6752 Parker Farm Road – Wells Fargo Advisors, 12,000-sq. ft.; WellCare, 12,000-sq-ft.; Dunhill Professional Search and Government Services, 2,900-sq.-ft.; N.C. Farm Bureau Insurance, 4,179-sq.-ft.
1015 Ashes Dr., Suite 205 – Studsvik Scandpower, Inc, 2,500-sq.-ft.
OTHERS:
5628 Carolina Beach Road – IHOP restaurant, 1.5 acres.
300 Shipyard Blvd., Suite 203 – SEPI Engineering and Construction.
2250 Shipyard Blvd. – New Hanover Regional Medical Center Employee Fitness Center expansion, 3,200-sq.-ft.
4910 N. U.S. Highway 421 – D. Roberts Company, 7,800-sq.-ft.
2642 Carolina Beach Road, Unit B – Liberty Tax, 636-sq.-ft.
7721 Alexander Road – Coastal Community Baptist Church, 12,000-sq.-ft.
420 Eastwood Road – K’s Café expansion/renovation.
103 Village Road, Unit C – Liberty Tax, 1,500-sq.-ft.
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