Lease Rates Increase in Downtown Bismarck - KXNet.com - Bismarck/Minot/Williston/Dickinson-KXNEWS,ND

Lease Rates Increase in Downtown Bismarck

Posted:

Real estate is about location, location, location. And timing.

A few years ago average lease rates in Bismarck ranged between 10 and 11 dollars a square foot.

These days, the average rates are closing in on 15 dollars a square foot.

That's city wide.

In the limited downtown area, costs can be up to 3 dollars more per foot.

Mike Chaussee explains that those who grabbed their spaces when the getting was good are smiling now.

"I've seen entire buildings go up, I've seen entire buildings be rehabbed, I've seen expansions, I've seen sub-leasing - it's just absolutely crazy."

Stacy Sturm talks like she's been in downtown Bismarck for decades.

Nat --

But her business has only been in this space for three years.

"It's sort of crazy because when I said we were going to move URL Radio downtown everyone said, 'are you sure?' - like it was the worst decision ever...They said the parking is bad, there's nothing going on."

there's plenty going on now. Times have changed -- Bismarck isn't what it used to be...

"If I needed help I could have laid out on the street and bled to death - nobody would have found me - but now it can be 10, 11, midnight and the street's full of people," says Sturm.

Just a few blocks from where Sturm is leasing, the next business to lease this space will pay about five times what she is paying.

"As the demand for, again, whether it's homes, whether it's office space, whether it's new land on the outskirts of Bismarck. The demand for all those has increased. And obviously sometimes that brings with it a price increase," says Brian Ritter of the Bismarck-Mandan Development Association.

Even with the prices, representatives from the downtown association say they need more space to meet demands.

"Retail space - we could use more of that - that's in real high demand, for restaurants. Anywhere between 3000 and 5000 square foot mark is in very high demand, which is good for us because that means businesses are wanting to move in," says Kate Herzog of the Bismarck Downtowners Association.

Those that got in early consider themselves lucky, Sturm is paying well under market value and her lease isn't up for a few years.

"If I was a bigger business, would I pay $3000 a month to come downtown? Probably. As a retailer I think I would," says Sturm.

In the meantime she'll keep broadcasting to her Internet audience and the MANY passers-by downtown.

Mike Chaussee KX News.

The assistant director of the Downtowners says the group is working to add living space downtown as well.

  • Bismarck/Mandan NewsMore>>

  • Boy Scouts Clean Construction Sites for Community Service

    Boy Scouts Clean Construction Sites for Community Service

    Friday, April 18 2014 8:21 PM EDT2014-04-19 00:21:26 GMT
    Boy Scouts know when they sign up they'll be doing some community service. So, when a couple of crews signed up to collect trash at some local construction sites, it was expected. What they didn't expect,
    Ethan Porter and Scout crews 123 from Bismarck and 54 from Mandan brought about 30 people to clean up garbage near some construction sites.
  • Killdeer Residents Speak About Oil Boom Effects

    Killdeer Residents Speak About Oil Boom Effects

    Friday, April 18 2014 7:08 PM EDT2014-04-18 23:08:27 GMT
    A day after the Dyad shutdown, Killdeer residents share the impact of the oil boom on their community. The oil business brings all types to this once quiet town. Everything is affected... from restaurants
    A day after the Dyad shutdown, Killdeer residents share the impact of the oil boom on their community. The oil business brings all types to this once quiet town. Everything is affected... from restaurants
  • Dyad Environmental Statement on Health Dept. Order

    Dyad Environmental Statement on Health Dept. Order

    Friday, April 18 2014 6:44 PM EDT2014-04-18 22:44:51 GMT
    "Dyad Environmental is a new company, who began processing TENORM less than 30 days after posting a $1.25M bond, and spending two years obtaining appropriate permits and licenses.
    "Dyad Environmental is a new company, who began processing TENORM less than 30 days after posting a $1.25M bond, and spending two years obtaining appropriate permits and licenses.
  • BusinessMore>>

  • Documents detail another delayed GM recall

    Documents detail another delayed GM recall

    Sunday, April 20 2014 7:33 PM EDT2014-04-20 23:33:19 GMT
    Government documents show that General Motors waited years to recall nearly 335,000 Saturn Ions for power steering failures despite getting thousands of consumer complaints and warranty repair claims.
    General Motors waited years to recall nearly 335,000 Saturn Ions for power steering failures despite getting thousands of consumer complaints and more than 30,000 warranty repair claims, according to government documents...
  • 5 features an Amazon phone might offer

    5 features an Amazon phone might offer

    Sunday, April 20 2014 7:33 PM EDT2014-04-20 23:33:10 GMT
    Rumors of an Amazon smartphone reached a fever pitch this week, with several tech blogs speculating that the device could be due out this year.
    A report this week in The Wall Street Journal that Amazon is planning to release a smartphone has prompted industry analysts and technology blogs to muse about what the device might offer.
  • Kraft recalls 96,000 pounds of Oscar Mayer wieners

    Kraft recalls 96,000 pounds of Oscar Mayer wieners

    Sunday, April 20 2014 7:33 PM EDT2014-04-20 23:33:08 GMT
    Kraft Foods is recalling 96,000 pounds of its Oscar Mayer wieners because they may mistakenly contain cheese.
    Kraft Foods is recalling 96,000 pounds of its Oscar Mayer wieners because they may mistakenly contain cheese.
Quick Clicks
Closings/Delays
View list
Calendar
What's happening?
Lottery Results
Feeling lucky?
Viewer Photos
Submit yours!
Road Report
Current conditions
TV Listings
See what's on
Gas Prices
Check near you
E-Mail Newsletter
Signup now

Most Popular

Stories
Videos
loading...
Powered by WorldNow
General information or questions:
kxinfo@kxnet.com

News:
Bismarck:
Phone: 701-223-9197
News Fax: 701-223-1985

News:
Minot:
Phone: 701-852-2104
News Fax: 701-838-1050
All content © Copyright 2000 - 2014 WorldNow and KXNET. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service.