Baldwin County Association of REALTORS® 908 Plantation Blvd., Fairhope, Al 36532 Website: http://www.southalabamamls.com Telephone: 251-928-1708 Fax: 251-928-1046 E-mail: Marthataylor@baldwinrealtors.org Baldwin County Association of REALTORS® Newsletter Baldwin County Office Properties for Lease and For Sale Summer 2010 “Data you can use.” “Education you can use” This report is available on the Center for Real Estate Studies (CRES) website: http://cres.southalabama.edu/ University of South Alabama Mitchell College of Business Center for Real Estate Studies USA takes reasonable measures to ensure the quality of the data and other information produced. However, USA makes no warranty, express or implied, nor assumes any legal liability or responsibility for the accuracy, correctness, or completeness of any information, nor represents that its use would not infringe on privately owned rights. Reference to any specific commercial product, process, or service does not constitute an endorsement, recommendation, or favoring by USA. Office Report Summer 2010 Page 1 of 15 Baldwin County Association of REALTORS® 908 Plantation Blvd., Fairhope, Al 36532 Website: http://www.southalabamamls.com Telephone: 251-928-1708 Fax: 251-928-1046 E-mail: Marthataylor@baldwinrealtors.org Baldwin County Association of REALTORS® Newsletter Introduction The following report is one of four commercial reports generated by the Mitchell College of Business Center for Real Estate Studies. This report contains information for Summer 2010 Office Properties Readers should remember that the data covers advertised "for lease" and "for sale" data only. Final Sale information is excluded. The information source for the Industrial data is the Commercial Property Directory, Birmingham, AL. www.commercialpropertydirectory.com In addition to the Office report, three other commercial reports (Land, Industrial and Retail) can be found on the Center for Real Estate Studies website: http://cres.southalabama.edu Note: This data covers only properties advertised for lease and for sale as an indication of current market activity. They do not represent the total inventory. For example, the building s.f. represents only buildings that are advertised with available space. Owneroccupied property is excluded, also. For additional information, please contact: Don Epley, Director, Center for Real Estate Studies Phone: (251 ) 460-6735 Email: depley@usouthal.edu The data for this report was completed by: Office Report Shirley Harvey, MBA Student Mitchell College of Business Summer 2010 Page 2 of 15 Baldwin County Association of REALTORS® 908 Plantation Blvd., Fairhope, Al 36532 Website: http://www.southalabamamls.com Telephone: 251-928-1708 Fax: 251-928-1046 E-mail: Marthataylor@baldwinrealtors.org Baldwin County Association of REALTORS® Newsletter Baldwin County Office Properties For Lease and For Sale Summer 2010 Table of Contents Introduction Page - 2 Report Summary Page - 4 List of Zip Codes Page - 5 Table 1: Asking Lease Rate per Square Foot (S.F.) by Zip Code Pages - 6 - 7 Table 2: Vacancy Rate by Property Selective Statistics Pages - 8 - 9 Table 3: Total Market of Office Properties Advertised for Lease Pages - 10 - 12 Table 4: Advertised Sales Price per S.F. by Zip Code Page - 13 Table 5: Sales Price per S.F. by Zip Code Page - 14 Table 6: Total Market of Office Properties Advertised for Sale Page - 15 Office Report Summer 2010 Page 3 of 15 Baldwin County Association of REALTORS® 908 Plantation Blvd., Fairhope, Al 36532 Website: http://www.southalabamamls.com Telephone: 251-928-1708 Fax: 251-928-1046 E-mail: Marthataylor@baldwinrealtors.org Baldwin County Association of REALTORS® Newsletter Report Summary 2010 Advertised Office Properties for Lease: Total Properties Listed ……………………..… 28 Asking Lease Rate per S.F. …………………. Median $10.42 on 14 Properties Reporting Total S.F. …………………………………………….. Median 4,250 on 20 Properties Reporting Total S.F. ………………………………………….. 126,342 on 20 Properties Reporting Total Available S.F. ……………………………… 82,625 on 24 Properties Reporting Available S.F. …………………………………………Median 2,585 on 24 Properties Reporting 2010 Advertised Office Properties for Sale: Total Properties Listed …………………………4 Sales Price ……………………………………………Median $762,000 on 4 Properties Reporting Building S.F. ………………………………………… Median 11,500 on 4 Properties Reporting Sales Price per Building S.F. ………………… Median $95.45 on 4 Properties Reporting Site S.F. ………………………………………………. Median 131,987 on 2 Properties Reporting Sales Price per Site S.F. …………………………Median $9.17 on 2 Properties Reporting Office Report Summer 2010 Page 4 of 15 Baldwin County Zip Codes and Area Code Office Report Zip Code City Area Code 36502 36507 36511 36526 36527 36530 36532 36535 36542 36549 36550 36551 36555 36561 36562 36567 36574 36576 36578 36579 36580 Atmore Bay Minette Bon Secour Daphne Spanish Fort Elberta Fairhope Foley Gulf Shores Lillian Little River Loxley Magnolia Springs Orange Beach Perdido Robertsdale Seminole Silverhill Stapleton Stockton Summerdale 251 251 251 251 251 251 251 251 251 251 251 251 251 251 251 251 251 251 251 251 251 Summer 2010 Page 5 of 15 Baldwin County Association of REALTORS® 908 Plantation Blvd., Fairhope, Al 36532 Telephone: 251-928-1708 Fax: 251-928-1046 Website: http://www.southalabamamls.com E-mail: Marthataylor@baldwinrealtors.org Baldwin County Association of REALTORS® Newsletter Baldwin County Office Properties Advertised For Lease Summer 2010 Table 1. Asking Lease Rate per S.F. by Zipcode Zip Code 36507 36526 36526 36526 36526 36526 36526 36526 36526 36527 36527 36527 36532 36532 36532 36532 36532 36532 36532 36535 36535 36535 36535 36561 36561 Office Report Asking Lease S.F. $7.50 Total Advertised S.F. 4,800 965 $9.00 $8.00 $11.00 620 7,440 7,868 6,000 6,820 6,000 $2.70 $9.60 17,000 4,000 1,500 36,566 $10.83 $10.00 $12.31 $13.88 $12.00 $18.00 $25.00 Summer 2010 4,500 2,243 700 10000 3,020 Page 6 of 15 Baldwin County Office Properties Advertised For Lease Summer 2010 Table 1. Office Report Asking Lease Rate per S.F. by Zipcode Zip Code Asking Lease S.F. 36567 36567 36578 Median Properties Reporting $10.00 $10.42 Total Advertised S.F. 3,600 1,200 1,500 4,250 14 20 Summer 2010 Page 7 of 15 Baldwin County Association of REALTORS® 908 Plantation Blvd., Fairhope, Al 36532 Telephone: 251-928-1708 Fax: 251-928-1046 Website: http://www.southalabamamls.com E-mail: Marthataylor@baldwinrealtors.org Baldwin County Association of REALTORS® Newsletter Baldwin County Office Properties Advertised For Lease Summer 2010 Table 2. Calculated Vacancy Rate by Zipcode Zipcode 36507 36526 36526 36526 36526 36526 36526 36526 36526 36527 36527 36527 36532 36532 36532 36532 36532 36532 36532 36535 36535 36535 36535 36561 36561 Office Report Total Advertised S.F. 4,800 965 Calculated Advertised Vacancy Rate Available S.F. (%) 1,260 4,800 100% 7,000 1,750 620 7,440 7,868 6,000 6,820 6,000 17,000 4,000 1,500 36,566 4,500 2,243 700 10,000 3,020 Summer 2010 1,400 6,000 6,820 3,310 4,000 18% 100% 100% 55% 4,000 1,500 2,590 11,274 720 4,500 2,243 700 2,579 2,579 2,579 4,721 100% 100% 31% 100% 100% 100% 47% Page 8 of 15 Baldwin County Office Properties Advertised For Lease Summer 2010 Table 2. Calculated Vacancy Rate by Zipcode Zipcode 36567 36567 36578 Total Median Properties Reporting Total Advertised S.F. 3,600 1,200 1,500 126,342 Calculated Advertised Vacancy Rate Available S.F. (%) 3,600 100% 1,200 100% 1,500 100% 82,625 4,250 2,585 20 24 . Office Report Summer 2010 Page 9 of 15 Baldwin County Association of REALTORS® 908 Plantation Blvd., Fairhope, Al 36532 Telephone: 251-928-1708 Fax: 251-928-1046 Website: http://www.southalabamamls.com E-mail: Marthataylor@baldwinrealtors.org Baldwin County Association of REALTORS® Newsletter Baldwin County Office Properties Summer 2010 Table 3. Zip Building Name Code Total Market of Office Properties Advertised For Lease Location City 36507 Cottage Office Pk 2402 Hwy. 31 S. 36526 Colonial Plaza 1410 Hwy. 98 Suite K&L Daphne 1018 Stanton Road Daphne 1026 Stanton Road Daphne 36526 Manci Building 1745 Main Street Daphne 36526 Office Park Highway 98 Daphne 36526 Market Place Office 1203 US 98 Daphne 1979 26061 Capital Drive Daphne 1999 1 7966 American Way Daphne 2007 1 Spanish Fort 2009 TK Business Park Office Space TK Business Pk 36526 Office Space 36526 Investment 36526 Opportunity Austin Place Park Daphne Commercial 36526 Park MARSPEC Building 36527 Office Suites Eastern Shore 36527 Center Office Office Report 30466 Sgt Boots Thomas Dr 30500 State Highway 181, Bay Minette Yr Yr # Prkg Built Reno Floors Total S.F. Price S.F. 2004 Avail S.F. 1260 4800 1 Free 7.5 965 4800 7000 9 1750 620 Free 2000 Spanish Fort 2 2 Summer 2010 7440 7868 1400 Free 6000 6000 Free 6820 8 6820 6000 11 3310 Free 4000 Agent Info Sharon Wright 251-471-1000 Sharon Wright 251-471-1000 LaSha Powell 251-928-9890 LaSha Powell 251-928-9890 Terry McKinney 251-460-0910 Matt Cummings 251-476-6000 Dennis Frodsham 251-990-6622 Joe Steen 251-607-7880 Louise McCown 251-990-6622 Dane Haygood 251-626-7200 Frank Leatherbury 251-928-3465 Page 10 of 15 Baldwin County Office Properties Summer 2010 Total Market of Office Properties Advertised For Lease Table 3. Zip Building Name Code 36527 17000 SF Bldg $1,075,000 Location City 11141 Spanish Fort Blvd Spanish Fort Yr Yr # Prkg Built Reno Floors Total S.F. 2006 17000 1 Free Price S.F. Avail S.F. Agent Info Joe Steen 251-607-7880 David Cooper 251-639-4007 David Cooper 251-639-4007 Joe Steen 251-607-7880 Haran Hunter 251-752-3984 Louise McCown 251-990-6622 Louise McCown 251-990-6622 Philip Hodgson 251-990-6622 36532 906 Nichols Ave 906 Nichols Avenue Fairhope 1 4000 2.7 4000 36532 910 Nichols Ave 910 Nichols Ave Fairhope 1 1500 9.6 1500 36532 Office Space 915 Plantation Blvd Fairhope 411 N section Street Fairhope 2005 3 Free Fairhope 2009 1 Free 2 Free 4500 2 Ample 2243 2243 700 700 Joe Steen 251-607-7880 VisionaryUSA.com Bldg North Village at 36532 Stone Creek 24190 Hwy 98 36532 Suite C 18880 US Hwy 181 Suite 1D 24190 US Hwy 98 Suite C 36532 Pelican Square 101 Lottie Lane 36535 Office Space 1103 N Hickory Street 36532 2590 Fairhope Fairhope 2007 Foley 1 36566 11274 10.83 720 10 4500 36535 Heritage Oaks 805 N. McKenzie St Professional Cntr D Foley Free 12.31 2579 Philip Hodgson 251-990-6622 36535 Heritage Oaks Professional Cntr A 805 N. McKenzie St Foley Free 13.88 2579 Philip Hodgson 251-990-6622 36535 Heritage Oaks Professional Cntr B 805 N. McKenzie St Foley Free 12 2579 Philip Hodgson 251-990-6622 Office Report 2 Summer 2010 Page 11 of 15 Baldwin County Office Properties Summer 2010 Total Market of Office Properties Advertised For Lease Table 3. Zip Building Name Code 36561 First National Bank of Baldwin County Location City Yr Yr # Prkg Built Reno Floors Avail S.F. Agent Info 10000 18 4721 Danna Booth 251-478-7223 3020 25 Orange Beach 36561 Former Regions 24037 Perdido Beach Blvd. Orange Beach 2001 1 36567 Warehouse 23020 Grissom Drive Robertsdale 2003 1 Free 3600 3600 36567 Office Space 21545 Hwy 59 Robertsdale 1999 1 Free 1200 1200 36578 Office for Lease 36220 Highway 59 Stapleton 2004 1 Free 1500 Summer 2010 Free Price S.F. 25556 Canal Road Office Report 2 Total S.F. 10 1500 Adam Metcalfe 251-432-2600 Ingrid Jackson 251-979-7744 Ingrid Jackson 251-979-7744 Jeanne McKay 251-405-6400 Page 12 of 15 Baldwin County Association of REALTORS® 908 Plantation Blvd., Fairhope, Al 36532 Telephone: 251-928-1708 Fax: 251-928-1046 Website: http://www.southalabamamls.com E-mail: Marthataylor@baldwinrealtors.org Baldwin County Association of REALTORS® Newsletter Baldwin County Office Properties Summer 2010 Table 4. Advertised Sale Price per S.F. by Zip Code Zip Code 36526 36526 36527 36561 Median Properties Reporting Office Report Advertised Sales Price Advertised S.F. $2,500,000 $450,000 $1,075,000 $350,000 $762,500 20,000 6,000 17,000 3,020 11,500 4 4 Summer 2010 Page 13 of 15 Baldwin County Association of REALTORS® 908 Plantation Blvd., Fairhope, Al 36532 Telephone: 251-928-1708 Fax: 251-928-1046 Website: http://www.southalabamamls.com E-mail: Marthataylor@baldwinrealtors.org Baldwin County Association of REALTORS® Newsletter Baldwin County Office Properties Summer 2010 Table 5. Advertised Sale Price per S.F. by Zip Code Zip Code Advertised Sales Price 36526 36526 36527 36561 $2,500,000 $450,000 $1,075,000 $350,000 $762,500 Median Properties 4 Reporting Median Sales per Site. S. F. Median Sales per Bldg. S. F. Office Report Site S.F. 209,088 Building S. F. Calculated Calculated Acreage Sales Price per Sales Price Site S. F. per Bldg S.F. 4.8 $11.96 54,886 20,000 6,000 17,000 3,020 1.26 $6.38 $125.00 $75.00 $63.24 $115.89 131,987 11,500 3 $9 $95 2 4 2 2 4 $9.17 $95.45 Summer 2010 Page 14 of 15 Baldwin County Association of REALTORS® 908 Plantation Blvd., Fairhope, Al 36532 Telephone: 251-928-1708 Fax: 251-928-1046 Website: http://www.southalabamamls.com E-mail: Marthataylor@baldwinrealtors.org Baldwin County Association of REALTORS® Newsletter Baldwin County Office Properties Summer 2010 Total Market of Office Properties Advertised for Sale Table 6. Zip Code Property Name 36526 Daphne Mazda Location 24675 HWY 98 Investment Opportunity Austin 26061 Capital Drive Place Park 17000 SF Bldg $1,075,000 Spanish 36527 11141 Spanish Fort Blvd Ft Blvd Former Regions Bank Orange 36561 24037 Perdido Beach Blvd. Beach, AL 36526 Office Report City Sale Price Total S.F. Daphne $2,500,000 20,000 Daphne $450,000 6,000 Spanish Fort $1,075,000 17,000 Orange Beach $350,000 3,020 Summer 2010 Total S.F Avail 6,000 Agent Info Burton Clark 251-476-6000 Joe Steen 251-607-7880 Joe Steen 251-607-7880 Adam Metcalfe 251-432-2600 Page 15 of 15