Baldwin, Greene, Morgan & Putnam Real Estate Market

Baldwin County, Milledgeville

GCSU opened 150,000 sq ft Library and Information Center

GCSU opened another 300+ beds in a new residence hall to keep up with enrollment

Barberitos and Velvet Elvis Restaurants opened downtown

Pizza Hut, Wing Street, Long Johns Silver’s and A&W Rootbeer will open in December

International House of Pancackes opened at the Super Walmart Center

DOT update:

The bypass that was scheduled to link Hwy 441 N to Hwy 49 has been dropped

The median for Hwy 441 north from downtown as been put on hold

Water & Sewer continue to move out Hwy 441 North

Greene County, Lake Oconee Area

During the past two years the Lake Oconee area, as well as the rest of the country, the commercial market has seen phenomenal growth in inventory of both office and retail properties. This boom in the market created high levels of construction activity and high levels of vacancy in both retail and office. The new construction of affordable and permanent housing in the Lake Oconee area will allow the commercial market to mature. The more permanent residents you have to support the service providers, the more success the retailers and businesses will have. This should lower vacancies, firm up rental rates and increase absorption. The newer properties continue to perform better than the second generation space.

Greene County opened many new businesses and services this year.  To name a few:

Home Depot  is now open at Hwy 44 at I-20

Charles Miller & Co (landscape design)  Lake Oconee

The Lodge at Lake Oconee (formerly HI exp) Lake Oconee

Blinds are Us Lake Oconee

Merle Norman Cosmetic Studio Salon & Spa @ Lake Oconee

Big Catch Lakeside Grill  Lake Oconee

Shane’s Rib Shack –Harmony Crossing Lake Oconee

Oconee Marine  Harmony Rd. Lake Oconee

Historic Mill Studio scheduled to open in February will host art workshops

 

Planning & Zoning recently approved:

58 acre site for a retirement center and nursing home along Hwy 44 adjacent to Reynold’s Landing

407 ac tract at Carey Station Rd for 850 homes to begin construction in early 2007.  This is part of a large planed delelopment consisting of 1700+ acres.

Putnam County- Eatonton area

The Welcome Center opened to service the Baldwin, Greene, Putnam & Morgan counties

Port Armor was aquired by Reynold’s Plantation

Lake Oconee Pharmacy at Lake Oconee located next to the Magnolia Market

Gary’s Garden Center at Lake Oconee

BB&T opened a new Financial Center across from Lake Oconee Village- Publix

Crooked Creek Marina & Restaurant on Lake Sinclair

Provision Audio and Accessories @ 300 S. Jefferson  Eatonton

Fleur De Lys Restaurant  (Southern Cooking ) in historic home in Eatonton

Oconee Fast Lube located next to Walmart in Eatonton

Maggie Lane @ 103 Jefferson Ave  Eatonton

Bernard’s Family Funeral Care in Eatonton

Addison’s Lakeview Plaza just completed construction (ready for tenants) on Hwy 441 Eatonton

Morgan County 

Many new residential  and mixed use developments are underway

CR Bard Sterilization Plant is new to the county, employing 30

In summary and looking into 2007, in these areas, as well as the rest of the country, retail owners have benefited from American’s buying passion.  Vacancy rates are still there.  Developers will need to plan for the fact that construction costs will drive retail and office rental rates as well as the fact that e retail sales continue to explode.  As fuel costs increase, the consumer will stay closer to their home/office base and will use the internet to do more of their shopping.  Growth in E retail sales will eventually transfer into less retail space needed.  The retail market is soft in this four county area; however the uniqueness and settings of some of these shops will allow the market to remain more stable. The influx of more permanent residents and housing vs vacation/weekend neighborhoods will bring more people to the area to support the goods and services available.  Both retailers and landlords will benefit forthcoming.

 

 

Patty Burns
Commercial Real Estate Agent
Macon Commercial Office
487-746-9421

 

 

 

 

Trip Wilhoit
Commercial Real Estate Agent
Macon Office
478-746-9421