Anyone have an idea what the rents (NNN) would be for a 40,000 SF retail space in central PA? I have an opportunity to list a space formerly occupied by a national grocery store tenant (space now vacant), and trying to do some research on rents.

The center is near Bloomsburg, PA, and is a second generation retail space. I know the rent ultimately will depend on what type of tenant takes the space, TI money, etc., but just trying to get a baseline number for a vanilla shell box.

Thanks

Costar will give you that info........

Super Realtor - you're certain that Costar publishes rental rates for closed transations on retail properties??

Yes they actually call and obtain the rates. Costar is very expensive to join going upwards of 800 to 1,000 a month. You can get alacarte services for cheaper or pay to research just a few items but it can get expensive.

Costar has very detailed leasing and sales data where Loopnet focuses more on the marketing and selling of listings. Loopnet has alot more tire kicker buyers where Co-star has fewer buyers but are generally more serious.

Call a Certified General Appraiser in the area. They will have the data you need and will be less that Costar.

Super realtor - I appreciate your reply however, I have two potential issues with Costar's rental data: 1. Yes, even though they follow up, the brokers are not required to provide the rental data. Most retail brokerage firms in my area do not disclose leasing rates so only a fraction of the market data is captured by Costar; 2. The rental rates on closed deals that are published by Costar (or any service) may not be a true reflection of the market. For example, if the market rate is $20/sf for a vanilla shell w/ no TI, but a deal got done at $25/sf with TI dollars, the published rate of $25 doesn't paint an accurate picture of the market.

You said you were looking for a baseline and not an exact number.

Commercial is like anything else. You can do your Pro-forma and projections but it's an art not an exact science. The market will tell you if it's too high or not.

Alot of rent per sq ft depends on location,traffic count,direction of main traffic flow and if traffic goes heavy both ways and is the time of day that traffic goes heavy on there side correlate to that type of businesses hours of operation. Usually corner location will command a higher per sq ft. Older locations unless renovated will command lower per sq ft.

Sometimes if it's a shopping center and they need an anchor they will give a lower per sq ft deal because they won't be able to lease the smaller side shops without having a good anchor for traffic.

Usually you can drive around from this property you are comping and look at other retail spaces and shopping centers and then look at vacancy rates. If there are alot of vacancies then demand is not as strong for retail space.

When we look for new development we drive around and see what is going on in the area and who our competition is.

Super - I'm well aware that an exact number is impossible to produce as the state of the market is not static, and the variables like vacancy rates, traffic counts, site location (eg, signalized intersection, etc), all factor in to the demand for a location, and consequently the price a retailer is willing to pay.

My posting on this board was simply to use one more avenue to help derive rental rates, nothing further.

Call some other agents that have similar listings...

...It's usually that simple... Unless I'm missing something here...

Did you look in the MLS at all? They should have some commercial leases in it.

Maybe $3-$9 a square foot here in the southwest side of the state ...I know that's pretty broad, but it really depends on what others are charging & things like location...

Guys, guys, guys....as I stated in my prior post my question was simply to use one more avenue to help derive a rental rate. I am well aware of calling other agents, using the MLS, Loopnet, Costar, etc.

I asked the question in the hopes that someone on the board had direct knowledge of the Central PA market. I should have been more clear on this and regrettably I was not. Again, the reason for my posting was to use ALL avenues at my disposal to help derive a rental rate.

Let's put this posting to bed...