The Future of Commercial Real Estate |

The Future of Commercial Real Estate

Devin Martin
Created: April 21, 2021 10:36 PM

(ABC 6 News) - There's no doubt the pandemic has been tough on many businesses, some have shut their doors permanently, while others are opening for the first time. 

"With time hopefully we will see Rochester to what we remember it as," Bucky Beeman, real estate agent for Realty Growth Incorporated said. 

No matter where you look in the Med City, you'll see 'For Lease' signs everywhere. 

Beeman says he's seen a handful of new businesses interested in short-term leases, trying to figure out if the market is right for them.

"They're trying to determine will they be able to secure a space for a long period of time. So for the time being, they're doing shorter-term leases, some of these smaller companies," Beeman said. 

Beeman says the businesses he works with are keeping their leases, not leaving them. 

But what about large companies that occupy leased spaces? 

Beeman says they're trying to figure out if they can bring their full-time staff back or if they need people to continue to work from home. It's a puzzle, and businesses are trying to piece together the pieces to move forward.

"We're still seeing activity in the downtown market, so the future's bright in my opinion. I personally think we'll probably see less office space necessarily needed as a company. But they still want the opportunity to work as a team. I don't expect complete vacancy by any means," Beeman said. 

Down the street is the Rochester Downtown Alliance, and executive director Holly Masek agrees with Beeman. This is a time to invest in local businesses. 

"We're really excited to see some of the new life that's already coming into downtown," Masek said. 
Some of those businesses are Threshold Arts, White Space, and Chez Bojji. Which all opened their doors not too long ago. 

"There have been some losses along the way but there are life cycles to cities," Masek said.

According to LoopNet, there are around 53 commercial real estate listings currently available for sale near Rochester.

Masek believes in the commercial real estate market and says if you're looking to start a business, now is the time. 

"I think the appetite for connection is huge. It's a great place to locate a business, I think the future is going to be good," Masek said. 

Some of the businesses moving into the heart of downtown are Schatz Law Firm replacing Honest Bike Shop, and Google, which is going into the Conley Maass Downs office spaces. 

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