High demand for downtown Columbia real estate

1 year 2 months 4 weeks ago November 24, 2015 Nov 24, 2015 Tuesday, November 24 2015 Tuesday, November 24, 2015 4:07:00 PM CST in News
By: Megan Kelly, KOMU 8 Reporter
Embed Code Copied

COLUMBIA – Downtown Columbia is a highly sought after in terms of space, according to a recent survey by Plaza Commercial Realty.

The survey found only two percent of commercial space is vacant out of the three million square feet downtown.

"Right now there's a pretty deep line of businesses that want to be downtown to occupy that space," Mike Grellner said, vice-president of Plaza Commercial Realty.

However, for one business owner in Columbia, doing business downtown was not as appealing. Tamela Wyatt, owner of Suite Leaf Nutrition, said she considered downtown but wanted a more relaxing atmosphere for her clients.

“I was really looking to get out of the hustle and bustle. As much as I love downtown I wanted a place where people could come and relax,” Wyatt said.

For the rest of Columbia’s space outside of downtown, the survey listed a four to seven percent vacancy rate.

According to Grellner, this four to seven percent rate is still extremely low, especially when comparing it to other markets of similar size at a 10 percent vacancy rate.

 The two percent vacancy rate only applied to downtown’s Community Improvement District (CID). The CID encompasses 50 square blocks and over 600 businesses, non-profits and government entities.

“That super low vacancy rate tells us that our downtown is robust, it’s healthy, it’s vibrant, which is great but of course if you’re a business wanting to get open in downtown the space is hard to come by right now. It’s a premium in terms of price,” Grellner said.

Wyatt said her decision to be outside of downtown was not based on affordability. Instead, she said she saw the Corporate Lake area as the perfect place to open her nutrition shop.

“Price wise, I would say it was pretty comparable… the price wasn’t that much of an issue and I loved it here so I was willing to make that leap,” Wyatt said.

Ruth LaHue, owner of My Secret Garden, also said there wasn’t too much of a difference in prices between locations downtown and elsewhere in Columbia. My Secret Garden has been downtown since 1989. LaHue said when she wanted to move her business to another location, she continued to look downtown because she said she loves doing business there.

 “The Downtown District has been very helpful to me over the years. They do some marketing that helps us. They’ve helped us when we were moving to our new location and working with the city," LaHue said.

The Downtown Community Improvement District portions part of its funding to improve economic development downtown by recruiting certain businesses, supplying market research for investors and creating marketing opportunities for businesses.

Grellner said he isn't surprised by the results of the study because of Columbia's booming economy and recent population growth.

 “I think overall, we just have a lot of characteristics in our economy that make it robust, that continue to create population growth and that translates to occupied square footage,” Grellner said. 

About 60 percent of the CID’s budget was put towards economic development downtown, according to a 2015 financial statement.

The CID, created in 2011, is funded through property assessments in the District as well as a half-cent sales tax.

Join the conversation on our Facebook page.

More News

Grid
List
ST. LOUIS (AP) — A federal appeals court is ordering a resentencing for a southwest Missouri restaurateur in a $5.5-million... More >>
1 hour ago February 22, 2017 Feb 22, 2017 Wednesday, February 22 2017 Wednesday, February 22, 2017 11:17:30 AM CST in News
JEFFERSON CITY (AP) — Missouri Gov. Eric Greitens is shunning the state plane and instead relying on private donors and... More >>
1 hour ago February 22, 2017 Feb 22, 2017 Wednesday, February 22 2017 Wednesday, February 22, 2017 10:26:10 AM CST in News
ST. LOUIS (AP) — Authorities say an officer has fatally shot a man who is accused of firing at officers... More >>
2 hours ago February 22, 2017 Feb 22, 2017 Wednesday, February 22 2017 Wednesday, February 22, 2017 9:39:50 AM CST in News
UNIVERSITY CITY (AP) — A suburban St. Louis Jewish cemetery badly damaged by vandals is getting a show of support... More >>
2 hours ago February 22, 2017 Feb 22, 2017 Wednesday, February 22 2017 Wednesday, February 22, 2017 9:29:00 AM CST in News
JEFFERSON CITY (AP) — A proposal that could allow travelers to drink alcohol at flight gates at St. Louis and... More >>
2 hours ago February 22, 2017 Feb 22, 2017 Wednesday, February 22 2017 Wednesday, February 22, 2017 9:21:54 AM CST in News
COLUMBIA - Police released surveillance photos on Wednesday related to a recent attempted robbery at Kilgore's Pharmacy on Chapel Hill... More >>
2 hours ago February 22, 2017 Feb 22, 2017 Wednesday, February 22 2017 Wednesday, February 22, 2017 9:20:00 AM CST in News
MARSHFIELD (AP) — A southwest Missouri prison supervisor has been charged with pushing a female employee into a cell while... More >>
3 hours ago February 22, 2017 Feb 22, 2017 Wednesday, February 22 2017 Wednesday, February 22, 2017 9:17:00 AM CST in News
COLUMBIA – The American Foundation for Suicide Prevention is hosting a State Advocacy Day on Wednesday to raise awareness for... More >>
3 hours ago February 22, 2017 Feb 22, 2017 Wednesday, February 22 2017 Wednesday, February 22, 2017 8:59:00 AM CST in News
COLUMBIA – The Columbia Chamber of Commerce is holding a financial services forum with representatives from Congress and local bank... More >>
9 hours ago February 22, 2017 Feb 22, 2017 Wednesday, February 22 2017 Wednesday, February 22, 2017 2:32:00 AM CST in News
COLUMBIA - When the FBI arrested terror suspect Robert Lorezo Hester, his friend and neighbor Analee Shatlain said she was... More >>
14 hours ago February 21, 2017 Feb 21, 2017 Tuesday, February 21 2017 Tuesday, February 21, 2017 10:06:00 PM CST in News
COLUMBIA - Some people on the front lines of drug abuse prevention and rehabilitation have suggestions for parents on how... More >>
14 hours ago February 21, 2017 Feb 21, 2017 Tuesday, February 21 2017 Tuesday, February 21, 2017 9:32:43 PM CST in News
JEFFERSON CITY (AP) — Vice President Mike Pence has planned to visit Missouri Wednesday to tour an equipment and engine... More >>
17 hours ago February 21, 2017 Feb 21, 2017 Tuesday, February 21 2017 Tuesday, February 21, 2017 7:16:00 PM CST in News
ST. LOUIS (AP) — The wife and stepson of the leader of a Ku Klux Klan group who was found... More >>
18 hours ago February 21, 2017 Feb 21, 2017 Tuesday, February 21 2017 Tuesday, February 21, 2017 6:17:41 PM CST in News
COLUMBIA (AP) — Democrats are asking Missouri Gov. Eric Greitens to allow an expansion of family leave options for employees... More >>
18 hours ago February 21, 2017 Feb 21, 2017 Tuesday, February 21 2017 Tuesday, February 21, 2017 5:39:34 PM CST in News
COLUMBIA - The Columbia City Council rolled out an overhaul of city development and housing rules Monday. The city... More >>
19 hours ago February 21, 2017 Feb 21, 2017 Tuesday, February 21 2017 Tuesday, February 21, 2017 4:58:00 PM CST in News
JEFFERSON CITY (AP) — Missouri lawmakers are considering proposals to update state driver's licensing procedures to comply with federal law.... More >>
19 hours ago February 21, 2017 Feb 21, 2017 Tuesday, February 21 2017 Tuesday, February 21, 2017 4:41:00 PM CST in News
COLUMBIA – Emotions were high as people told gut wrenching stories about how they are affected by the Affordable Care... More >>
20 hours ago February 21, 2017 Feb 21, 2017 Tuesday, February 21 2017 Tuesday, February 21, 2017 3:54:00 PM CST in News
JEFFERSON CITY – Gender accessibility has become a controversial topic on a national level, and a bill presented at a... More >>
21 hours ago February 21, 2017 Feb 21, 2017 Tuesday, February 21 2017 Tuesday, February 21, 2017 2:50:00 PM CST in News
Columbia, MO
Broken Clouds 58°
1pm 74°
2pm 76°
3pm 78°
4pm 78°

Select a station to view its upcoming schedule:

Coming Up Next

12:00p
KOMU 8 News @ Noon
12:30p
Inside Edition
1:00p
Days of Our Lives
12:00p
Jerry Springer
1:00p
Maury
2:00p
Judge Alex

Tonight's Schedule

7:00p
Blindspot
8:00p
Law & Order: Special Victims Unit
9:00p
Chicago P.D.
7:00p
Arrow
8:00p
The 100
9:00p
KOMU 8 News @ Nine on The CW
9:30p
Seinfeld