Commercial real estate owners change tactics

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Story Published: Mar 25, 2009 at 6:27 PM MDT

Story Updated: Mar 25, 2009 at 6:35 PM MDT

By Mary Sturgill

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We all know the housing market is a little slow right now, but what about the commercial real estate market. Commercial real estate owners are changing their tactics in this tough economy and the owners of this building here at Eagle Pines Plaza in Ammon are hoping to soon be able to cut this sign down.
These are signs of the times and you've probably noticed them all around. So because of all the competition, one group of owners is changing the way they market their commercial building. Part owner Scott Hinschberger explains, "We built the building with the idea of renting it out to different office buildings, maybe even some retail space down here in the lower part."
Instead of just renting suites, their new plan to sell the space as commercial condominiums. "We decided to do that to try and offer a different way for people to be able to get into a building they would like to start or grow a business in to and number two, is we think it's kind of a cool thing. Somebody would be able to buy a portion of a building rather than just rent." Hinschberger explains.
And this particular 20 thousand square foot steel building has a lot to offer. "So Possibly how many condos do you have available for sure?"
"there's four for sure, there's four quadrants to the building plus this large open area in the center which would be common area. Or we could subdivide these each into two or more, could have up to 8 or 10 even." says Hinschberger.

And apparently it's a popular alternative concept.
Hinschberger explains how fast they had inquiries on their building, "We had a conversation one evening and said why don't we think of commercial condominiums. The next day we got three phone calls from different potential renters/leasers who said can we buy part of the building and so we thought maybe this is not a bad idea right now."

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