I have been cold calling owners of buildings 25,000 square feet and larger, offering owners valuations of their property. Most everyone knows that it's probably worth a lot less than it was a few years ago, but how much less? In the past two weeks I have met with three different property owners. Interestingly, although I have been calling owners of all property types, each one of these is a uniquly different manufacturing property. Two of the properties are very similar with older +/- 65,000 square foot buildings on huge 6 acre yards. Both have excellent redevelopment potential, and these days the land value isn't too much different from the building value. As I have researched these properties I have learned that what they are worth today is not too much different from what they were worth 10 years ago. In fact, their rental value may even be a little less. One is owner occupied and the other has been leased for 10 years. The third property was specifically built for constructing structural steel. It has a 38,000 square foot 30' clear metal building with oversize 25' x 25' doors and high capacity bridge cranes. This property also has two other 9,900 and 6,700 square foot freestanding buildings that could be leased to other businesses. All three buildings sit on about three acres. I am happy to say that this business is doing so well that they hope to move to a larger facility.
The owner of one property was really just curious about what his property is worth today, and really isn't interested in selling right now. That's cool with me. I was happy to meet with him and talk and learn about his plans for the future. One day, I may be able to help him.
If you want to know what your property is worth. I would be happy to talk with you too.
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When it comes to leasing any property there are some serious choices to be made. Industrial property is no different and to a degree industrial property has certain special considerations for the real estate agent in serving their client with the leasing requirement.
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