Our Partners and Co-operative Companies
Commercial One Brokers
and Maples Properties have formed a new company for the Branson Market. Maples Properties of
Branson, LLC. This new venture
will merge the experience and market knowledge of Commercial One Brokers with the Property management expertise of Maples
Properties.
Our new company is responsible for over a
quarter million square foot of office and retail space in Branson and we are
expanding daily. The company was formed
in July 2007 out of a tremendous need for professional property management in
the Branson area. We are proud to be
able to offer full service property management services to the community.
Lawn-Tech and it’s sister companies maintain our properties and our
customer’s properties. We enjoy a 10+
year relationship with this family of companies and have grown with them from a
siple lawn care company to a multifaceted group of
companies that are capable of offering extensive maintenance services to us and
our customers. Lawn-Tech offers complete
lawn care, lot maintenance, chemical application services, janitorial and
housekeeping services, high power steam cleaning and power washing, hardware
replacement and repairs, and much more…
A recent study of available retail
space located in the Branson city limits indicates that thmarket
is nearly ninety-five percent occupied. The study was conducted by
The
criteria selected for analysis was broad in scope yet was categorized in
segments so that sub-markets could easily be studied and defined as well. The properties included in the study had to
be for retail use only, multi-tenant buildings of five thousand square feet
minimum and within the city limits of Branson.
Commercial
One Brokers gathered this information for each qualified property from sources
that included appraisers, property managers, county records, and from in-house
records maintained by the company. The
data collected included total leasable space, occupancy rate, published or
recent net rental rates, anchor tenants, common area maintenance charges as
well as the age of buildings.
“Results
for the overall market analysis demonstrated an extremely strong occupancy and
absorption rate in the retail sector”, said
“It’s
clear that the momentum generated by the construction of Branson Landing has
created the spark that has ignited the local retail market,”
The
“Off Highway 76” sub-market is defined as any qualifying property not fronting
on Highway 76. The majority of these properties are located on Gretna Road
(expanded) which is defined as that corridor from Business 65 on the east thru
Highway 248 and Gretna Road then south on Highway 165 to the city limits. This sub-market category introduced several
newly constructed properties this year that are still in the initial “lease-up”
marketing stage and thus reflect above average vacancy. The occupancy rate for this sub-market
however was still a very strong 93.8%.
In general, the rental rates were the highest for properties north of
Highway 76. The range in net rental
rates was $10.00 to $17.00 per square foot per annum, depending upon the age of
the building.
The
“Highway 76” sub-market was defined as any qualified retail property fronting
on highway 76 except specialized properties such as outlet malls and the
Branson Landing retail mall. The occupancy
rate of this sub-market is approximately 95.9%. Actual occupancy was skewed
slightly down due to the inclusion of one much older property that was included
in the total. If that older property
were removed from the data, an occupancy rate of approximately 98.2% would then
be reached for this submarket. Net
rental rates range from a low of $13.00 per sf/year to a reported high of
$27.00 per sf/year. The properties that were generally built prior to 1997 received
the lower range of rents. It is noted
that properties of 20,000 square feet or larger in size and were less than
eight years old typically demanded the higher rental rates.
The
“Outlet Mall” properties were viewed as a sub-market due to the tenant type and
marketing approaches they follow. Outlet
Malls generally lease only to manufacturers and factory direct “off price”
retailers. These properties
are usually not available to general retail tenants. In reviewing this sub-market the current
occupancy is 92.9%. Actual rental rates
are not readily available or widely published.
In discussion with local and national management firms, the rates are
typically negotiated and are based on the total number of stores and the total
amount of space a tenant leases throughout the country from a particular Outlet
mall landlord. In addition, many of
these tenants are leasing 10,000 sq ft plus stores in the market and may lease
several hundred thousand feet through-out the country from one landlord.
Commercial
One Brokers has categorized “The Branson Landing” as a sub-market due to the
size and unique nature of the property.
The Landing currently has a 96.5% occupancy rate. While this property certainly falls within the
parameters of another sub-market, it also commanded rental rates much above any
currently being paid in the area.
While
the size, rental rates, quality and management are very dissimilar among the
four sub-markets evaluated; there is only a slight variation in the occupancy
rates. The major point of difference
between the categories is the amount of total leasable space available.
Commercial
One Brokers will formally update this report annually and will continually
update the numbers internally. It is anticipated that in coming years, as more
historical data is available, Commercial One Brokers will be better able to
demonstrate and project annual absorption rates.
Commercial
One Brokers is a full service commercial brokerage company that specializes in
retail, office, site selection and investment properties in the Branson and
Hollister markets. The company is located in the
Commercial One Brokers LLC. make no assurances whatsoever regarding the accuracy,
completeness, timeliness, or usefulness of any information contained or
referenced in this report. Commercial
One Brokers LLC. does not
assume any risk whatsoever for your use of the information contained
herein. Any questions regarding this
information should be addressed to your own independent appraiser, attorney or
other professional.
In using the information contained in this newsletter you agree
that neither Commercial One Brokers LLC. nor any other
party is or will be liable or otherwise responsible for any decision made or
any action taken or any action not taken due to your use of any information
presented in this newsletter.