MOBILE MARKET WATCH
Mitchell College of Business
Center for Real Estate Studies
Industrial Properties, Part 2:
Baldwin and Mobile
Buildings For Lease and For Sale
Lots For Lease and For Sale
“Data you can use.”
“Education you can use.”
Mitchell College of Business Center for Real Estate Studies
Spring, 2007
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.
Page 1 of 21
INDUSTRIAL PROPERTIES:
BALDWIN AND MOBILE
For Lease and For Sale
Table of Contents
Introduction
Interesting Facts
Table 1.
1990-2006 Baldwin Employment
1990-2006 Mobile Employment
List of Zipcodes
Table 2.
2006 Spring/Summer Asking Lease Rate per S.F. by Zipcode
for All Data (Buildings and Lots)
Table 3.
2006 Spring/Summer Calculated Vacancy Rate by Zipcode
for All Data (Buildings and Lots) Selective statistics
Table 4.
2006 Spring/Summer Asking Lease Rate per S.F. by Zipcode
(Lots only)
Table 5.
2006 Spring/Summer Calculated Vacancy Rate by Zipcode
Selective statistics (Lots only)
Table 6.
2006 Spring/Summer Advertised Sales Price per S.F. by Zipcode
for All Data (Buildings and Lots)
Table 7.
2006 Spring/Summer Calculated Sales Price per S.F. by Zipcode
for All Data (Buildings and Lots)
Table 8.
2006 Spring/Summer Advertised Sales Price per S.F. by Zipcode
(Lots only)
Table 9.
2006 Spring/Summer Calculated Sales Price per S.F. by Zipcode
(Lots only)
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.
Page 2 of 21
Introduction
This represents the second report on commercial properties by the Center
for Real Estate Studies. Entitled “Industrial Properties: Baldwin and
Mobile,” it includes interesting statistics for the Spring and Summer, 2006.
Readers should remember that the data covers advertised “for lease” and
“for sale” data only. Final sale information is excluded.
Special thanks goes to the Commercial Property Directory, Birmingham, for
providing useful data. Other sources include the CCIMnet, Loopnet,
Alabama Power, Economic Development Partnership Alliance, and the
Center for Real Estate Studies.
Look for the additional commercial property reports.
For additional information, contact Don Epley, Director, Center for Real
Estate Studies, 251.460.6735 or depley@usouthal.edu.
Page 3 of 21
Interesting Facts
2006 Advertised Industrial For Lease (Buildings + Lots):
total properties included
53
asking lease rate per s.f.
median $4.38 on 43 buildings reporting
building s.f.
median 14,000 on 35 buildings reporting
total building s.f.
1,061,932 on 35 buildings reporting
total available s.f.
998,156 on 48 buildings reporting
available s.f.
median 10,200 on 48 buildings reporting
2006 Advertised Industrial For Lease (Lots only):
total properties included
2
asking lease rate per s.f.
median $11.25 on 2 sites reporting
total available s.f.
69,135 on 2 sites reporting
available s.f.
median 34,568 on 2 sites reporting
2006 Advertised Industrial For Sale (Buildings + Lots):
total properties included
53
sale price
median $637,500 on 50 buildings reporting
building s.f.
median 17,208 on 29 buildings reporting
sales price per bldg. s.f.
median $42.10 on 26 buildings reporting
site s.f.
median 213,444 on 35 sites reporting
sales price per site s.f.
median $4.17 on 32 sites reporting
2006 Advertised Industrial For Sale (Lots only):
total properties included
7
sale price
median $51,800 on 7 parcels reporting
site s.f.
median 21,230 on 7 sites reporting
sales price per site s.f.
median $2.39 on 7 sites reporting
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.
Page 4 of 21
MARKET WATCH
Table 1.
1990-2006 Baldwin Employment by Quarter
Nonag
Year
1990
1995
2000
2005
2006
Quarter
1
1
1
1
2
3
4
1
2
3
4
113,882
134,736
148,472
166,341
176,488
178,094
174,718
175,217
185,005
187,140
184,279
Nat'l Res
Mining, Const
7,741
10,381
11,723
14,469
15,722
16,126
17,050
17,020
18,175
18,520
18,425
Mfg
18,001
17,537
17,567
16,411
16,231
15,694
15,634
15,959
15,846
15,365
15,506
Trad, Tran
Ware, Util
27,025
30,558
33,166
38,870
40,785
41,063
40,782
40,721
41,485
42,979
43,263
Info
FiAct
ProBA
EdHS
1,275
1,464
1,842
1,599
1,704
1,822
1,759
1,844
1,895
1,962
1,921
5,793
7,124
8,051
9,921
10,767
11,198
10,974
10,779
11,547
11,742
11,570
12,573
13,474
13,915
12,951
13,614
14,858
15,358
14,585
15,708
15,726
17,114
19,676
19,496
19,749
20,015
20,169
FiAct
ProBA
EdHS
Leisure
Hospitality
22,493
27,007
27,497
23,924
23,469
28,097
27,935
24,674
Other
Services
8,029
8,398
8,468
8,209
8,151
8,561
8,854
8,604
Gov
19,519
23,081
24,469
26,268
26,674
25,197
23,759
24,164
24,792
24,410
25,562
1990-2006 Mobile Employment by Quarter
Nonag
Year
Quarter
1990
1
1995
1
2000
1
2005
1
2
3
4
2006
1
2
3
4
401.1
474.5
528.5
516.8
527.1
524.2
538.8
534.7
538.4
537.5
547.1
Nat'l Res
Mining,Const
27.4
36.8
41.6
40.2
41.9
42.6
45.7
45.2
43.8
43.5
44.7
Mfg
59.5
58.0
57.8
43.0
43.5
43.6
42.7
43.7
44.6
46.4
46.4
Trad,Tran
Ware, Util
98.0
110.7
121.1
114.1
115.7
116.1
119.1
117.4
118.8
120.4
122.8
Info
6.9
7.8
9.9
7.5
7.7
7.8
7.8
8.1
8.1
8.1
8.1
18.7
22.8
25.8
28.0
28.2
28.8
33.6
29.1
29.0
29.1
29.5
34.5
47.6
62.7
65.2
67.9
67.4
66.7
67.0
66.8
66.3
66.2
40.9
51.9
57.2
62.8
65.0
64.9
65.8
65.7
68.0
67.6
68.7
Leisure
Other
Hospitality Services
26.7
21.9
34.6
26.6
39.3
31.0
44.4
28.4
45.5
28.0
44.5
27.2
46.1
27.9
46.8
28.1
48.0
28.2
47.0
28.2
46.9
29.3
Gov
66.6
77.7
82.1
83.2
83.7
81.3
83.4
83.6
83.1
80.9
84.5
Page 5 of 21
Mobile County
Zip Code
36505
36509
36512
36521
36522
36523
36525
36528
36541
36544
36560
36568
36571
36572
36575
36582
36587
36590
36601
36602
36603
36604
36605
36606
36607
36608
36609
36610
36611
36612
36613
36615
36616
36617
36618
36619
36621
36622
36625
36628
36630
36633
36640
36641
36644
36652
36660
36663
City
Axis
Bayou La Batre
Bucks
Chunchula
Citronelle
Coden
Creola
Dauphin Island
Grand Bay
Irvington
Mount Vernon
Saint Elmo
Saraland
Satsuma
Semmes
Theodore
Wilmer
Theodore
Mobile
Mobile
Mobile
Mobile
Mobile
Mobile
Mobile
Mobile
Mobile
Mobile
Mobile
Mobile
Eight Mile
Mobile
Mobile
Mobile
Mobile
Mobile
Mobile
Mobile
Mobile
Mobile
Mobile
Mobile
Mobile
Mobile
Mobile
Mobile
Mobile
Mobile
State
AL
AL
AL
AL
AL
AL
AL
AL
AL
AL
AL
AL
AL
AL
AL
AL
AL
AL
AL
AL
AL
AL
AL
AL
AL
AL
AL
AL
AL
AL
AL
AL
AL
AL
AL
AL
AL
AL
AL
AL
AL
AL
AL
AL
AL
AL
AL
AL
Area Code
251
251
251
251
251
251
251
251
251
251
251
251
251
251
251
251
251
251
251
251
251
251
251
251
251
251
251
251
251
251
251
251
251
251
251
251
251
251
251
251
251
251
251
251
251
251
251
251
Page 6 of 21
36670
36671
36675
36685
36688
36689
36690
36691
36693
36695
Mobile
Mobile
Mobile
Mobile
Mobile
Mobile
Mobile
Mobile
Mobile
Mobile
AL
AL
AL
AL
AL
AL
AL
AL
AL
AL
251
251
251
251
251
251
251
251
251
251
58 in total
Source: www.getzips.com
Page 7 of 21
City of Mobile
ZIP CODES
36571
36572
43
36613
36611
36575
36612
36610
36618
36617
36603
36607
36608
36602
36606
36604
36603
36609
36695
36615
36693
36605
36619
ZIP CODE BOUNDARY
MOBILE CITY LIMITS
98
36582
0
1
2
Miles
City of Mobile GIS / April, 2004
Page 8 of 21
Baldwin County
Zip Code
36507
36511
36526
36527
36530
36532
36533
36535
36536
36542
36547
36549
36550
36551
36555
36559
36561
36562
36564
36567
36574
36576
36577
36578
36579
36580
26 in total
City
Bay Minette
Bon Secour
Daphne
Spanish Fort
Elberta
Fairhope
Fairhope
Foley
Foley
Gulf Shores
Gulf Shores
Lillian
Little River
Loxley
Magnolia Springs
Montrose
Orange Beach
Perdido
Point Clear
Robertsdale
Seminole
Silverhill
Spanish Fort
Stapleton
Stockton
Summerdale
State
AL
AL
AL
AL
AL
AL
AL
AL
AL
AL
AL
AL
AL
AL
AL
AL
AL
AL
AL
AL
AL
AL
AL
AL
AL
AL
Area Code
251
251
251
251
251
251
251
251
251
251
251
251
251
251
251
251
251
251
251
251
251
251
251
251
251
251
Source: www.getzips.com
Page 9 of 21
Table 2.
MARKET WATCH
2006 Spring/Summer Industrial Properties
Mobile and Baldwin
Advertised For Lease
Asking Lease Rate per S.F. by Zipcode
for All Data (Building and Lots)
property
number
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
zipcode
number
30507
36507
36526
36526
36532
36535
36535
36542
36546
36551
36551
36560
36567
36571
36575
36580
36582
36582
36582
36582
36582
36582
36582
36601
36602
36602
36603
36606
36606
36606
36607
36607
36607
36607
36607
36608
36609
36609
36609
36610
36615
36615
36617
ask lease s.f.
dollars
2.70
5.50
1.50
8.50
total advertised s.f.
number
98,817
18,000
12,500
1,250
3,600
94,049
6.50
9,400
6.50
8.66
64,500
3.96
2.50
4.32
4.25
3.50
8.40
5.00
6.00
3.01
6.00
2.40
9.00
3.50
3.45
10.00
5.28
4.00
5.68
200,000
20,800
36,000
5,000
18,100
9,960
18100
7,500
25,000
12,000
11,800
44,606
9,100
15,000
2,850
50,000
3.00
86,000
6.72
8.50
6.50
6.00
2.00
1.75
3.50
4.00
10,000
80,000
12,800
27,000
Page 10 of 21
44
45
46
47
48
49
50
51
52
53
36617
36617
36618
36618
36619
36693
36693
36693
36695
median
properties reporting
2.25
4.00
10,000
5.93
3.22
6.00
4.38
5.40
11.00
2.50
4.38
43
20,900
6,000
4,800
2,500
14,000
14,000
35
Note: An average has been entered for lease rates reported as a range.
Page 11 of 21
MARKET WATCH
Table 3.
2006 Spring/Summer Industrial Properties
Mobile and Baldwin
Advertised For Lease
Calculated Vacancy Rate by Zipcode
for All Data (Buildings and Lots)
property
number
1
zipcode total advertised s.f. advertised avail s.f.
number
number
number
30507
98,817
54,000
calculated vacancy rate
%
54.65
2
36507
18,000
18,000
100.00
3
4
36526
36526
12,500
1,250
2,400
1,250
19.20
100.00
5
36532
3,600
3,600
100.00
6
7
36535
36535
94,049
12,000
94,049
100.00
8
36542
15,000
9
36546
10
11
36551
36551
9,400
12
36560
13
36567
14
36571
15
36575
16
36580
17
18
19
20
21
22
23
36582
36582
36582
36582
36582
36582
36582
24
36601
25
26
36602
36602
27
36603
28
29
30
36606
36606
36606
31
32
33
34
35
36607
36607
36607
36607
36607
15,000
2,850
50,000
36
36608
37
38
39
36609
36609
36609
40
36610
41
42
36615
36615
80,000
12,800
43
44
45
36617
36617
36617
27,000
46
47
36618
36618
10,000
9,400
100.00
7,500
5,545
64,500
64,500
100.00
10,000
200,000
5,000
5,600
20,800
36,000
5,000
10,400
78,000
5,000
18,000
18,100
9,960
18100
100.00
100.00
100.00
7,500
7,500
100.00
25,000
12,000
5,000
12,000
20.00
100.00
11,800
11,800
100.00
44,606
9,100
8,712
9,100
6,500
19.53
100.00
2,850
50,000
14,310
86,000
100.00
100.00
18,100
9,960
18100
86,000
50.00
216.67
100.00
100.00
2,680
10,000
1,200
20,000
35,000
12.00
87,500
12,800
100.00
50,000
10,000
10,000
18,600
100.00
Page 12 of 21
48
36619
20,900
20,900
100.00
49
50
51
36693
36693
36693
6,000
4,800
2,500
6,000
1,800
2,500
100.00
37.50
100.00
52
36695
14,000
53
total
median
properties reporting
40,000
1,061,932
14,000
35
998,156
10,200
48
Note: An average has been entered for lease rates reported as a range.
Page 13 of 21
MARKET WATCH
Table 4.
2006 Spring/Summer Industrial Properties
Mobile and Baldwin
Advertised For Lease
Asking Lease Rate per S.F. by Zipcode (Lots only)
property
number
36
37
zipcode
number
36608
36608
median
properties reporting
asking lease s.f.
total advertised s.f.
dollars
number
9.50
19,000
13.00
50,135
11.25
2
34,568
2
Note: Lots were identified in the ads.
Page 14 of 21
MARKET WATCH
Table 5.
2006 Spring/Summer Industrial Properties
Mobile and Baldwin
Advertised For Lease
Calculated Vacancy Rate by Zipcode (Lots only)
property
number
36
37
zipcode
total advertised s.f. advertised avail s.f.
number
number
number
36608
19,000
19,000
36608
50,135
50,135
total
median
properties reporting
69,135
34,568
2
calculated vacancy rate
%
100.00
100.00
69,135
34,568
2
Note: Lots were identified in the ads.
Page 15 of 21
MARKET WATCH
Table 6.
2006 Spring/Summer Industrial Properties
Mobile and Baldwin
Advertised For Sale
Advertised Sales Price per S.F. by Zipcode
for All Data (Buildings and Lots)
property
zipcode
number
number
30507
36507
36507
36507
36507
36522
36522
36525
36526
36527
36535
36535
36535
36535
36551
36551
36551
36560
36567
36571
36580
36580
36582
36582
36582
36582
36582
36582
36582
36582
36606
36606
36606
36606
36606
36607
36607
36608
36608
36610
36610
36610
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
advertised sales price
dollars
3,140,000
2,645,500
699,900
699,900
375,000
365,000
5,000,000
345,500
89,900
2,100,000
325,000
4,500,000
780,000
750,000
871,200
3,000,000
422,000
9,900,000
535,000
395,000
850,000
1,250,000
900,000
135,000
1,096,000
499,000
4,500,000
250,000
94,000
82,500
825,000
495,000
550,000
515,000
195,000
650,000
500,000
550,000
5,500,000
advertised bldg. s.f.
number
16,625
16,625
18,000
17,208
1,850
78,750
83,900
94,049
5,545
14,626
297,197
7,200
5,600
18,000
26,000
5,000
7,500
107,520
9,960
9,060
9,470
14,310
86,000
25,200
50,000
38,897
Page 16 of 21
43
44
45
46
47
48
49
50
51
52
53
36612
36612
36615
36617
36618
36619
36619
36619
36693
36695
median
properties reporting
1,100,000
209,000
625,000
200,000
879,000
125,000
522,500
2,100,000
1,001,880
400,000
1,100,000
$
637,500
50
23,400
20,900
17,000
$
17,208
29
Page 17 of 21
MARKET WATCH
Table 7.
2006 Spring/Summer Industrial Properties
Baldwin and Mobile
Advertised for Sale
Calculated Sales Price per S.F. by Zipcode
for All Data (Buildings and Lots)
property
zipcode
number
1
2
3
4
5
number
36507
36507
36507
36507
36507
6
7
sales price
site s.f.
bldg. s.f.
dollars
3,140,000
2,645,500
699,900
699,900
number
304,920
17,728,920
number
36522
36522
375,000
365,000
148,104
317,988
8
36525
5,000,000
10,890,000
9
36526
345,500
10
36527
89,900
21,780
11
12
13
14
36535
36535
36535
36535
2,100,000
325,000
4,500,000
827,640
609,840
219,542
479,160
15
16
17
36551
36551
36551
780,000
750,000
871,200
18
36560
3,000,000
19
36567
20
130,680
calculated sales price
per bldg s.f.
dollars
calculated sales price
per site s.f.
dollars
10.30
0.15
.
.
16,625
16,625
18,000 .
42.10 .
42.10 .
.
17,208
21.79
2.53
1.15
.
.
1,850
0.46
186.76 .
.
4.13
78,750
26.67
.
83,900
94,049 .
53.64
2.54
0.53
20.50
.
.
.
176,200
87,120
5,545
422,000
87,120
14,626
28.85
4.84
36571
9,900,000
432,115
297,197
33.31
22.91
21
22
36580
36580
535,000
395,000
23,958
21,780
7,200
5,600
74.31
70.54
22.33
18.14
23
24
25
26
27
28
29
30
36582
36582
36582
36582
36582
36582
36582
36582
850,000
1,250,000
900,000
135,000
1,096,000
499,000
4,500,000
250,000
57,935
479,160
213,444
169,884
226,512
18,000
47.22
14.67
2.61
4.22
0.79
4.84
31
32
33
34
35
36606
36606
36606
36606
36606
94,000
82,500
825,000
495,000
550,000
36
37
36607
36607
515,000
38
39
36608
36608
195,000
650,000
40
41
42
36610
36610
36610
500,000
550,000
5,500,000
43
44
36612
36612
1,100,000
209,000
827,640
45
36615
625,000
60,984
135.26
.
2,090,880
87,120
.
.
26,000
34.62
.
5,000
7,500
107,520
9,960
219.20
66.53 .
41.85
25.10
.
.
.
9,060
9,470
54.64
58.08
19,615
130,680
14,310
86,000 .
35.99
191,664
25,200
23,400
22.28
15.45
26.26
.
.
.
25.79
3.39
.
.
11.00 .
141.40
.
.
.
50,000
38,897
2.15
2.87
.
.
.
22,220
35,600
327,136
4.26
10.00
.
16.81
0.25
26.71
10.25
Page 18 of 21
46
36617
200,000
.
.
47
36618
879,000
.
.
48
49
50
36619
36619
36619
125,000
522,500
2,100,000
.
.
.
.
.
25.00 .
.
51
36693
1,001,880
400,752
.
52
36695
400,000
1,393,920
.
1,100,000
435,600
17,000 .
53
median
properties reporting
median sales price
per bldg. s.f.
median sales price
per site s.f.
$
637,500
50
213,444
35
20,900
.
2.50
0.29
64.71 .
17,208
29
2.53
26
$
32
42.10
$
4.17
Page 19 of 21
MARKET WATCH
Table 8.
2006 Spring/Summer Industrial Properties
Mobile and Baldwin
Advertised For Sale
Advertised Sales Price per S.F. by Zipcode (Lots only)
property
number
34
35
36
37
38
39
40
zipcode
number
36606
36606
36606
36606
36606
36606
36606
median
properties reporting
advertised sales price
dollars
45,000
45,000
48,000
75,100
57,450
51,800
60,000
$
51,800
7
Note: Lots were identified in the ads.
Page 20 of 21
MARKET WATCH
Table 9.
2006 Spring/Summer Industrial Properties
Mobile and Baldwin
Advertised For Sale
Calculated Sales Price per S.F. by Zipcode (Lots only)
property
number
34
35
36
37
38
39
40
zipcode
advertised sales price
number
36606
36606
36606
36606
36606
36606
36606
dollars
median
properties reporting
median sales price
per site s.f.
45,000
45,000
48,000
75,100
57,450
51,800
60,000
$
51,800
7
calculated site
price per s.f.
dollars
1.80
1.80
2.39
5.75
2.71
2.66
2.10
site s.f.
number
25,000
25,000
20,080
13,050
21,230
19,440
28,560
21,230
7
7
$
2.39
Note: Lots were identified in the ads.
Page 21 of 21