Commercial occupancy rates in Fort Wayne

Posted by Mike Sylvester - 7/30/09 @ 5:50 pm - Filed Under Featured, Local Politics, State Politics

It should come as no surprise that commercial occupancy rates in the Fort Wayne area have decreased again.  In 2008 in Fort Wayne 14.39% of commercial space was unoccupied.  In 2009 in Fort Wayne the percentage increased to 16.44%.

This means all of the following:

  1. Commercial values in the area have dropped since there is more unoccupied space (competition).
  2. Rents in the area have decreased for the same reason.

Hopefully the Mayor and his staff realize this and if they decide to purchase new office space they will keep this in mind and ensure they offer a low price for any property they purchase.

Hopefully the state of Indiana realizes that if this trend continues all of the local commercial property will continue to drop in value; however, Indiana will still be collecting as much as 3% of the value of the property via property taxes.

Mike Sylvester

Comments

2 Responses to “Commercial occupancy rates in Fort Wayne”

  1. Jeff Pruitt on July 31st, 2009 1:13 am

    Hopefully the Mayor and his staff realize this and if they decide to purchase new office space they will keep this in mind and ensure they offer a low price for any property they purchase.

    I’ll be holding my breath…

  2. Fred Rost on July 31st, 2009 2:28 pm

    “… Indiana will still be collecting as much as 3% of the value of the [commercial] property via property taxes.”

    Unless it’s acquired by Government.

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