Since the arrival of COVID, the commercial space for lease market has been topsy-turvy. As 2023 slowly grinds to a close, we cast our eyes on the future of commercial property for lease and attempt to make sense of it all.
Wea re RDS Real Estate, and commercial property for rent is our business in the Greater Fort Worth area, with over two-million square feet of properties to choose from. Call us at 817-439-3224 for more information. If the property you want exists, we can find it for you.
But this article is about the future, so let’s get our crystal ball out and see what it tells us.
The current status of commercial space for lease.
The current status of commercial property in most cities is uncertainty piggybacking on trepidation. Take a quick tour of most cities and it won’t take long to see “For Rent” signs on many of the storefronts. Let’s face it, COVID gutted this economy, and simply because COVID is no longer a major threat does not mean the economy will suddenly roar back. People still remember. People are caution about making a major investment. And that is perfectly understandable.
Having said all that, there are some great values on commercial and industrial property for rent in most cities. Those empty retail shops can be had for much less than they rented for ten years ago, and that is good news for someone with a good chunk of investment capital on hand.
The future of commercial space for lease.
As of the writing of this article, 3rd quarter of 2023, the economy is slowly bouncing back, but it is a sluggish bounce-back, and there is no guarantee that bounce-back is a trend you can rely upon. Everyone is cautious, from the buying public to investors to commercia developers. It’s a bit like sitting through a hurricane. The front wall of the hurricane blows through (COVID), followed by the calm of the eye (today) and then the expected howling winds of the backwall of that hurricane. People are still waiting for the backwall to arrive, and that means making investments on commercial property is something people are being very careful about.
Our suggestion, then, is to look at alternatives which will not cost you as much as traditional commercial properties. In that way you are re-entering the game but hedging your bets at the same time.
Still too expensive? Go funky alternative!
What do commercial property alternatives look like? One perfect example, in Fort Worth, is Box Office Warehouse Suites in the Fort Worth Design District. Box Office Warehouse Suites is a business park made entirely from recycled shipping containers. The units are relatively small, the cost of construction is pennies on the dollar compared to traditional commercial construction, and that means much lower leasing costs.
As much as we would love to tell you that the norm will be returning soon, we do not believe that to be the case. We do believe the economy will be robust once again, but it may not look the same as the process plays out.
A final word about RDS Real Estate.
RDS Real Estate is locally owned and operated, leading the way in the Greater Fort Worth area with anything you may need i.e. a warehouse for rent, shop for rent, garage for rent, loft for rent, you name it, we’ve got it. Call us today and turn us loose to find what you really need.