2006 has been a record breaking year in Houston County real estate for new construction in the commercial realm of retail, office, hotels, churches, schools and multi-family projects. Within the last sixty days the city is showing twenty-seven commercial projects under review, eighteen more being resubmitted for review, nineteen approved, thirty-one under construction, and twenty-one completed. We have to take our hats off to the city employees who have been able to handle the volume of work and maintain a friendly pro-growth attitude. Warner Robins has become recognized as an entrepreneurial community, and this is evident in the new businesses we see popping up everyday.
The most notable proposed developments are
- Kohl’s Center Watson Blvd west of Toy’s R Us
- Expansion of existing Kroger Russell Parkway
- Unnamed thirty acre office and retail development Booth Road
- New High School and Stadium
The experts are saying 2007 will not see the large flow of money available, in comparison to funds available in 2006, to invest at lower returns. Our opinion is the rate of return in this market never reached the low 5%-7% range that was seen in the larger markets therefore shouldn’t have the same effect on the Warner Robins market. The majority of investors in this market have been local, somewhat conservative, and purchased in the 8.5%-9.0% range with the intent to hold rather than flip the properties. The cost of construction has escalated but this has not deterred developers from building speculative retail space. As long as the supply doesn’t substantially exceed the demand, rental rates should see a slight increase in 2007.
We want to take this time to Thank our clients for allowing us to assist them in sales, leases, exchanges, and property management. We look forward to continue serving their needs in 2007 and beyond.
Ginny Wyatt, CCIM
Commercial Real Estate Agent
Warner Robins Commercial Office
478-971-8000
Bill Coley
Commercial Real Estate Agent
Warner Robins Commercial Agent
478-971-8000
