Our featured property this week is the former Fuego Cantina & Saloon building in the heart of the historic Five Points South. Located at the corner of 20th Street South and 11th Ave South, this property is in a prime location for the next up-and-coming restaurant or retail opportunity. The property is comprised of 3,858 square feet of building space and 600 square feet of patio space. Continue reading “Featured Property: 1101 20th Street South”
This week’s featured property is a new retail development under way in Helena, Alabama. Located at the corner of Highway 17 & Helena Road, the Helena Crossings shopping center is in the heart of the Helena retail district and will share an intersection with Walmart Neighborhood Market, CVS Pharmacy, Walgreens and Publix.
Retail real estate in Birmingham continued to improve in 2015, with lowering vacancy rates and tenants looking for creative ways to expand their footprint in the market. A lack of available space has caused a serious demand for new developments. Although there was not much in the way of new development in 2015, we expect 2016 will bring more new construction. Continue reading “2015 Birmingham Retail Market Review with David Ashford, CCIM”
It was such a great article (that we also happen to agree with whole-heartedly) that we reached out to Brad for permission to post it here on our blog. Luckily for us, Brad agreed! Continue reading “The Benefits of a Network”
“New Development” is a phrase we haven’t heard a lot in the last several years in the Birmingham market, however, times are changing.
In 2014, the Birmingham retail market saw new tenants and restaurants, an increase in high-end grocers and the talk of new development. This last year was certainly a good year for the Southpace Retail Division and we look forward to an even better year in 2015.
The overall vacancy rates didn’t change much in 2014, going from 9.8% in the first quarter to 9.7% in the third quarter. However, the market conditions have improved. We’re seeing increased rents and less concessions across all retail markets in Birmingham. I would expect this to continue throughout 2015 due to the lack of available space creating a serious demand among tenants looking to break into the Birmingham market.
Grocery stores in our market continue to be a hot topic, only this year it’s the high-end grocers that are making a splash.
Last Friday, Southpace brokers attended the 21st Annual CCIM/NAIOP Central Alabama Commercial Market Symposium. Although the majority of downtown Birmingham lost power that morning, the speakers didn’t let the darkness deter them and the conference continued successfully. See below for a recap of what was discussed regarding each market.
All around Birmingham, new places are opening up and bringing more people into the city. With more businesses coming in and the expected population growth, it’s an exciting time to be a business owner in the area.
We’re proud to have been of help in placing the following businesses across the Birmingham area and encourage you to visit them now that they’re officially open!