Retail, office, industrial real estate thriving

For decades folks have taken pleasure from life in the Ozarks, and for the year 2000 this may be especially so for those involved in the commercial real estate market.

Property values have continued to appreciate and numerous development projects loom on the horizon. All sectors of the commercial real estate market including retail, office, land and industrial warehouse are thriving.

The following is a summary of the Springfield commercial real estate picture by category and section of the city.

Retail

New shopping venues are popping up in all areas of Springfield:

In the northwest sector, North Kansas Expressway has seen strong demand from national retailers such as Walgreens, Staples and Lowe's, and 2001 will bring a new 12,000-square-foot strip center adjacent to Hobby Lobby at Kansas Expressway and Kearney.

Although not as dramatic as the northwest sector, in the northeast, North Glen-stone's few remaining vacant parcels are being claimed for more restaurant and lodging.

Institutional development at Ozarks Technical College and Government Plaza has created strong pressure on the price of midtown commercial land parcels.

Expect the city of Spring-field's Jordan Valley Park and the $6 million refurbishing of the Grand Seville Boutique Hotel to spawn additional private ventures in the retail/restaurant arena.

Kansas Station, a retail development at Kansas Expressway and Battlefield, and the expanded Grizzly Complex have provided an abundance of available square footage in the southwest sector of Springfield.

Additionally, the recently vacated 80,000-square-foot Smitty's/Albertson's store is under contract to an investor who is acquiring new tenants.

At the corner of Republic Road and Kansas Expressway, in addition to the existing Albertson's and Signature Bank, several parcels of ground are either sold or under contract near the existing Remington's. This area of town will see even further growth with the eventual expansion of Kansas Expressway.

The southeast sector, the hub of Springfield's retail trade wheel continues to dominate the retail picture.

New retail developments include the upscale 40,000-square-foot French Quarter Plaza on Republic Road, the 20,000-square-foot Battlefield Towers at Battlefield and Lone Pine and a new 30,000-square-foot office and retail development on East Kingsley.

Other potential developments include the northeast corner of Highway 65 and Battlefield and the southwest corner of National and Battlefield.

Additionally, the recently vacated 75,000-square-foot Builder's Square facility and Montgomery Ward store offer large box users more options.

Office

Midtown and south Springfield continue to be the high-demand office locations in Springfield:

Although the Jordan Park Complex will eventually spawn new office development, 2001 will most likely not see any new private development in the midtown area.

New office condominium developments continue to sprout up across south Springfield. Phase I of Eastgate Office Park is now visible along Highway 65 south of Sunshine and another new office condominium project is under construction at the corner of Weaver Road and South National.

Also nearing completion is Bradford Place on East Bradford Parkway consisting of 25,000 square feet plus.

With the recent occupancy of some larger contiguous office spaces at 3534 E. Sunshine, Primrose Office Park and Kelly Plaza, Springfield is now experiencing a shortage in large office space (12,000 square feet or greater).

Expect some savvy developers to correct this deficiency very soon.

Industrial

Industrial development is mainly focused in the municipally sponsored land tracts, namely Partnership Industrial Center East and Partnership Industrial Center West, which is under construction.

The city of Springfield's joint venture with City Utilities and the Springfield Business Development Corp. has limited private development of industrial parks, with the exception of phase II of Battlefield Business Center in southwest Springfield and Northcreek Business Park located at Neergard and East Kearney.

As we watch interest rates slide lower and Springfield's robust economy reach higher, we certainly can look for the commercial real estate market to continue to flourish.

Indeed, 2001 promises to be another pleasurable year for the commercial real estate sector in the Ozarks.

(Ken Schwab is a commercial real estate agent for Wilhoit Properties Inc.)