BISMARCK — Business is booming in the Bismarck and Mandan areas.
Talk to any business owner and they’ll tell you there’s no shortage of available retail space.
But are there enough new or growing businesses to fill all the new strip malls?
Kyle Holwagner is a broker with Commercial Real Estate Advisors in Bismarck and said the market is always based on a supply and demand curve.
“One will lag or lead the other and often times when you have a high-pressure market, then you’ve got the demand, then typically the supply is a little bit lower, and in the situation right now the supply is a little bit higher than the demand. And it’s also based on location, so some areas if it’s dependant on North or South Bismarck or Mandan, dependant on what people are looking for, those sites could easily get occupancy or sometimes wait a while for tenants to move into them,” said Holwagner.
He added that now is a great time for those looking to move or expand because the region is on the backside of near historic growth from 2009 and 2015 and prices are cheaper.
Business owners looking to do just that usually talk to a developer like Randy Rhone, who’s helped countless businesses expand into the Mandan area. He said tastes are always changing.
“We think that there’s more of a target to a neighborhood shopping center, smaller, littler, tinier shopping centers that have direct access to the consumer which will provide more service-based business versus retail-based,” said Rhone.
He added that it’s best to have a mix of mom and pop stores with corporate-owned ones for diversification.
One of those mom and pop businesses is Balancing Goat Coffee Company in northwest Mandan.
Co-owner Dawn Hager choose a new building over an older one because the new building offered a drive-thru when they wanted.
“We were up for both options, but we knew we needed space for a drive-through and a yoga studio, so to find something like that that was already built in a location that we know was going to be perfect for us was hard, so that why we ended up building,” said Hager.
The one constant through our interviews was this: traditional brick and mortar stores are not what new businesses are looking for in this day in age.