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