Empty Buildings Become Attractive To Businesses

8:11 PM, Dec 21, 2012   |    comments
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Greensboro, N.C. - You might call them eyesores, but businesses call them gems. We're talking about empty buildings. A Triad Commercial Properties report says there is about six million square feet of commercial real estate available for lease in the Triad.

Just this week, Herbalife made the old Dell building its new home. Not too long ago, companies relied on word of mouth or phone calls to find available buildings. However, today, the internet is typically the first place they go.

What are the hot properties in our area? It all depends on the company's needs. 

This website lets companies put in all the information they're looking for---whether it be sale price or even the square footage they need.

"Companies are in a hurry when they start looking for a facility. So, having an existing facility available can really be a competitive advantage for a city or a region," Penny Whiteheart with the Piedmont Triad Partnership said.

The Triad already has several success stories such as Revolution Mill. The once abandoned mill is now home to offices.

Buildings like the one located at 4754 McConnell Road are also attractive to companies. It is a speculative building. In other words, the builder has already completed the shell of the structure. This usually takes six to nine months. Now, a company can move into this space and adapt to its needs within sixty to ninety days.

"All the properties that are vacant and available in the market right now are seeing good activity. Over the last three to six months, we've seen a definite uptick in activity and projects touring the market," Triad Commercial Properties Managing Partner Tom Townes said.

An O'Reilly Auto Parts warehouse near the McConnell Road building is a prime example of why speculative buildings are important. The company wanted to open a center quickly, so executives chose the speculative building and adapted it right away to meet their needs.

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