Commercial real estate market booming in Bismarck

The commercial real estate market is booming in Bismarck, and planning for new developments is increasing.

Last year, COVID took its toll on commercial real estate and put future developments on hold.

“Inquiries are coming in, so we are satisfied with the inquiries. For the first time we see national inquiries being called in Bismarck and looking for real estate, ”said broker George Yineman.

Yineman said the national attention is giving way to other large chain companies to bring their business to Bismarck.

“A national entity, a national franchise, is like crumble cookies. If you’ve been there to see what kind of national influence has taken place, it’s spring activity in the market and trade and interest in something new works. It’s supported, ”he said.

Kristyn Steckler of Commercial Real Estate Advisors says the market continues to grow. The seats at Sunrise Square are booked up quickly.

“There is a training facility, dentistry and a shake place, a chiropractor and a pizzeria,” said Steckler.

And now a second extension is planned for Sunrise Square.

“The prices are extremely competitive and the interest rates are certainly good. Much of this activity is driven by lower interest rates, ”Yineman said.

Business Banker’s Jason Ulmer says interest rates as low as 4% translate into higher overall savings.

“You can use your money better. We are definitely seeing a lot of buyers and there is a lot of money in the area, ”said Steckler.

Not only are the prices low, but the construction costs for the supplies are also low.

“As far as construction goes, the decline in timber construction is now giving developers the green light,” said Yineman.

Companies stick with their leases, but many adjust the amount of square footage they need. Steckler says companies are shrinking because employees are still working from home.

“Some of them are taking up larger sites and some of them are even shrinking. The leasing transactions are plentiful, ”said Steckler.

Brokers hope the commercial real estate market will continue to grow.