The Future of Commercial Real Estate

“They’re trying to see if they’ll be able to secure a space for a long period of time. Right now they’re getting short-term leases, some of these smaller companies,” Beeman said.

Beeman says the companies he works with keep their leases and not leave them.

But what about large companies that occupy rented space?

Beeman says they are trying to figure out if they can bring their full-time workers back or if they need people who can continue to work from home. It’s a mystery and companies are trying to put the pieces together to move forward.

“We are still seeing activity in the downtown market so I think the future is bright. Personally, I think we will likely see less office space that is much needed as a company. But they still want the opportunity as a team to work. I definitely don’t expect a full vacancy, “Beeman said.

Down the street is the Rochester Downtown Alliance, and General Manager Holly Masek agrees with Beeman. This is a time to invest in local businesses.

“We are very excited about the new life in the city center,” said Masek.
Some of these companies are Threshold Arts, White Space, and Chez Bojji. Which all opened their doors not so long ago.

“There have been some losses along the way, but there are life cycles in cities,” Masek said.

There are currently around 53 commercial property listings for sale near Rochester, according to LoopNet.

Masek believes in the commercial real estate market and says that if you are looking to start a business, now is the time.

“I think the appetite for connections is huge. It’s a great place to find a company. I think the future will be good,” said Masek.

Some of the companies moving into the heart of downtown are the law firm Schatz, which is replacing the Honest Bike Shop, and Google, which is entering the offices of Conley Maass Downs.