Jackson Hole, Wyoming Commercial Real Estate Report

It’s been a while now since I’ve used this forum to address any topic directly relevant to our Industry. There’s a simple reason for this, day after day I see, I read, I hear reports from various sources providing commentary and projections on the future of the market and the industry, so the last thing the world needs is another wind bag blowing smoke.

Here are the facts for 2009 in the Jackson Hole Commercial Real Estate Market;

Total No. Leases: 7
Total No. Building Sales: 4
Total No. Lot Sales: 1
Total No. Transactions: 12
Total Volume: $17.9m

Notes:

1. Transactions include commercial leases, commercial building sales and commercially zoned land sales as reported in the MLS.

2. Wyoming is a non-disclosure state so not all transactions are reported.

3. The majority of lease transactions are conducted outside of the MLS directly between the Landlord and the Tenant.

What does this mean? Truthfully - Not very much. By the numbers 2009 was a more ‘normal’ year in the context of the past decade. 2005, 2006, 2007, 2008 were ridiculously high, 2000, 2001, 2002, 2003, 2004 were generally on par with 2009.

However, coming off a 4 year sugar high, 2009 felt like detox for our industry and for our city and county revenue streams. Less permit activity, less fees paid for applications etc.

As we know, perception is reality. 2009’s perception was pain. 2010’s forecast…you’re not going to get one here, try the hundreds of commercial commentating windbags, take the average of the forecasts, divide by your age and then stand on your head. That should give it some clarity.

Seriously, what we do know is that there is little to no commercial lending available at present and nationally the CMBS market will face many new challenges in 2010 as existing loans fall due without a new vehicle to pick them up. Until the national CMBS picture gains some clarity and direction, we don't expect to see any significant recovery in the Commercial Real Estate market.

Meagan Hill is a Commercial Real Estate Investments Specialist and Principal of NAI Jackson Hole servicing the Jackson Hole WY and Teton Valley ID markets.

For further information, contact Meagan at (307) 734-8700 or meagan@naijacksonhole.com

Social Media and Commercial Real Estate

Kevin Maggiacomo, President and CEO of Sperry Van Ness, is a fan of social media.  In a recent blog post, he responds to three common objections to being engaged in social media (which he calls "cop-outs"). He then details the benefits of using social media for commercial real estate professionals, and for clients.  I agree with Kevin!  Click here to the read the full blog post. 

The Bloom Box: An Energy Breakthrough?

(From CBS News) In the world of energy, the Holy Grail is a power source that's inexpensive and clean, with no emissions. Well over 100 start-ups in Silicon Valley are working on it, and one of them, Bloom Energy, is about to make public its invention: a little power plant-in-a-box they want to put literally in your backyard.

You'll generate your own electricity with the box and it'll be wireless. The idea is to one day replace the big power plants and transmission line grid, the way the laptop moved in on the desktop and cell phones supplanted landlines.

It has a lot of smart people believing and buzzing, even though the company has been unusually secretive - until now.

K.R. Sridhar invited "60 Minutes" correspondent Lesley Stahl for a first look at the Bloom box that he has been toiling on for nearly a decade.   


Watch CBS News Videos Online

NAI Commerce One broker Brent Wilson said, "I think this new invention could be bigger than the lightbulb." 

What do you think?  Read the full story: The Bloom Box: An Energy Breakthrough? at CBSNews.com.

Prime Restaurant Location Anchored by Edwards Theatres

The Teton Spectrum Shopping Center is the dominant entertainment and dining destination within the Idaho Falls / Ammon, Idaho market. Anchored by a 14-screen Edwards Theaters movie theater, the center draws from a large trade area which includes 14 counties within portions of Idaho, Montana and Wyoming. Current tenants include Carino's Italian Grill, Texas Roadhouse, Five Guys Burgers & Fries, Café Rio and IHOP. Adjacent anchor tenants include Target, Best Buy, Ross, Sportsman's Warehouse, TJ Maxx, Bed, Bath & Beyond and Kohl's. General Growth Properties' Grand Teton Mall (540,000 s.f.) is located immediately north of the center.
The subject property is an approx. 5,000 s.f. restaurant leasehold opportunity located directly in front of the movie theater along Hitt Road/S. 25th East. The building, currently occupied by TGI Friday's, enjoys tremendous exposure along S. 25th East, with monument signage and a significant amount of street frontage.

For more information, please click here, or contact Brent Wilson, CLS, at (208) 525-8088.

Commercial Real Estate Valuation: Not for the Faint of Heart

This week after completing a BOV for a retail pad site, I had a lengthy conversation with a local Idaho Falls appraiser about the challenging task of valuation in today's market. As commercial real estate professionals, we frequently get calls from appraisers seeking information. We also routinely complete opinion of value assessments on our clients' properties and for lenders and other institutions. But the task of valuation is a whole new ball game because of the recession. Comps from two years ago or more often don't mean much. Recent comps are few and far between. An in-depth evaluation of each property, along with an understanding of current local, regional, and national market conditions is critical. And the task is definitely not for the faint of heart.

--Kaly Shippen