Redmond businesses scramble, adapt amid struggles to find, keep commercial real estate property
‘If you wait or hesitate at all, it will not be there’, broker says
REDMOND, Ore. (KTVZ) — In this changing economy, where prices are constantly going up, finding or keeping an affordable piece of commercial real estate has become an added struggle, forcing some small businesses to close or find creative ways to adapt.
“Lots of people moving into the area, and inventory that we’ve been struggling with makes it hard to find a buyer the property they’re looking for,” Jeff Larkin, owner of Jeff Larkin Realty, said Monday. “When we do find that property, we’re going up against multiple offers.”
One Redmond business owner decided to offer his services as a mobile business, which allows him to keep it local.
“For the time being, I’m definitely wanting to stay in the trailer,” Colby Betschart said. “I just see right now, with rental prices being so extreme, and lease prices — I feel like this is going to be the best bet for the market right now.”
Betschart opened Chemically Dependent Hair Salon and Supply Center just one month ago.
“I’ve just heard way too many people renting and leasing for a higher price, and then the building being sold out from underneath them and then having to move. And so I decided to put the money into a trailer, where they can’t do that,” Betschart said.
Betschart said he believes his decision is more profitable, when it comes to rental prices.
Larkin said with so much in flux, it’s important for businesses to become adaptable.
“Be ready to jump, and be all ready to go when a property does come up — because if you wait or hesitate at all, it will not be there,” Larkin said.