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2012 Gulf Coast Real EstateSummit
Industrial Market OverviewMobile/Baldwin CountyJeremy B. Milling, CCIM
White-Spunner & Associates, Inc.
Industrial Market Overview
Mobile/Baldwin County
Jeremy B. Milling, CCIMWhite-Spunner & Associates, Inc.
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Mobile County-Higher Concentration of Industrial Space• Mobile River Industrial Park (Jacintoport)• I-65/Beltline Service Road (East and West)• Highway 43 Corridor• Brookley Aeroplex • Lakeside Drive/Halls Mill Road Corridor• Rangeline Road/Highway 90/Bellingrath Road
Mobile County-Higher Concentration of Industrial Space• Mobile River Industrial Park (Jacintoport)• I-65/Beltline Service Road (East and West)• Highway 43 Corridor• Brookley Aeroplex • Lakeside Drive/Halls Mill Road Corridor• Rangeline Road/Highway 90/Bellingrath Road
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More segmented within the individual municipalities• Bay Minette-Industrial Park• Loxley- North of I-10 along Highway 59 and CR 43• Robertsdale-Industrial Park• Fairhope-Industrial Park• Foley-Industrial Park• Gulf Shores-Industrial Park
More segmented within the individual municipalities• Bay Minette-Industrial Park• Loxley-North of I-10 along Highway 59 and CR 43• Robertsdale-Industrial Park• Fairhope-Industrial Park• Foley-Industrial Park• Gulf Shores-Industrial Park
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Office-Warehouse• (±) 5,000 square feet up to +/-50,000 square feet• Minimal office space (10-50%) depending on
building size and use• (±) 14’-+/-30’ eave height with average of • (±) 18’-20’• Masonry or metal construction-primarily metal in
our market• Rental Rate Range: (±) $4.50-$8.50 p.s.f.
• (±) 5,000 square feet up to (±) 50,000 square feet• Minimal office space (10-50%) depending on
building size and use• (±) 14’- (±) 30’ eave height with average of
(±) 18’-20’• Masonry or metal construction-primarily metal in
our market• Rental Rate Range: (±) $4.50-$8.50 p.s.f.
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• Office-Warehouse (example)• Office-Warehouse (example)
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Bulk Warehouse/Distribution• (±) 50,000 square feet up to (±) 350,000 square
feet• (±) 10% or less of office area• Eave height of 20’ plus• 50’ column spacing• Tilt up or metal construction• Rental Rate Range: (±) $1.50-$3.50 p.s.f.
• (±) 50,000 square feet up to (±) 350,000 square feet
• (±) 10% or less of office area• Eave height of 20’ plus• 50’ column spacing• Tilt up or metal construction• Rental Rate Range: (±) $1.50-$3.50 p.s.f.
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• Bulk Warehouse/Distribution-Johnson Development Building• Bulk Warehouse/Distribution-Johnson Development Building
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• Bulk Warehouse/Distribution-Keyport Warehousing (Baldwin County)
• Bulk Warehouse/Distribution-Keyport Warehousing (Baldwin County)
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Flex Space• Greater amount of office space with minimal
warehouse• Typically masonry construction• Located along higher traffic arteries within the City• Two examples: Dauphin Center, Gateway Center
West• Rental Rate Range: (±) 10.00-$13.00 p.s.f.
Greater amount of office space with minimal warehouse• Typically masonry construction• Located along higher traffic arteries within the city• Two examples: Dauphin Center, Gateway Center
West• Rental Rate Range: (±) $10 - $13 p.s.f.
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• Flex Space-Gateway Center West• Flex Space-Gateway Center West
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Industrial Product Types
• Gateway Center West (Rear View)• Gateway Center West (Rear View)
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Industrial Land•Inland Sites
• Typically (±) 1 acre and greater• Prices range from (±) $20,000 per acre up to • (±) $200,000 per acre ($4/s.f.)
•Waterfront Sites• Deep water: located along the Mobile River or Theodore
Industrial Canal• Barge Sites: located along small rivers or bayous with
average maintained depths of (±) 12’
• Inland Sites• Typically (±) 1 acre and greater• Prices range from (±) $20,000 per acre up to
(±) $200,000 per acre ($4/s.f.)• Waterfront Sites
• Deep water: located along the Mobile River or Theodore Industrial Canal
• Barge Sites: located along small rivers or bayous with average maintained depths of (±) 12’
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Overview• (±) 15,000,000 square feet• (±) 3,000,000 square feet available• (±) 18% vacancy rate
Vacancy Rate
7%17%
23% 21% 18%
2007 2008 2009 2010 2011
Overview• (±) 15,000,000 square feet• (±) 2,750,000 square feet available• (±) 18% vacancy rate
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Overview (cont’d)• Office Warehouse Space
• Average Asking Price: (±) $5.50 per s.f.• Average Lease Price: (±) $4.80-$5.00 per s.f.
• Bulk Warehouse/Distribution Space• Average Asking Price: (±) $2.50-$3.50 per s.f.• Average Lease Price: (±) $1.50-$3.00 per s.f.
• Flex Space• Average Asking Price: (±) $11.50 per s.f.• Average Lease Price: (±) $10.00 per s.f.
Overview (cont’d)• Office Warehouse Space
• Average Asking Price: (±) $5.50 per s.f.• Average Lease Price: (±) $4.80-$5.00 per s.f.
• Bulk Warehouse/Distribution Space• Average Asking Price: (±) $2.50-$3.50 per s.f.• Average Lease Price: (±) $1.50-$3.00 per s.f.
• Flex Space• Average Asking Price: (±) $11.50 per s.f.• Average Lease Price: (±) $10.00 per s.f.
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• Unknowns
• Employment
• Election Year Effect
• Financing
• Unknowns
• Employment
• Election Year Effect
• Financing
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Probable, but slight, uptick in activity• Continued bargains in the market
Property Location Land Improvements Price
McPhillips Site 301 Yeend St., Mobile 11 acres 41,250 Warehouse $2,375,000
Mobile South Business Pk. 5275 Business Pkwy, Mobile 1.25 acres 5,000 Office-Whouse $217,250
Stagecoach Comm. Pk. 9657 Stagecoach Circle 3 acres 12,600 Office-Whouse $428,250
Probable, but slight, uptick in activity• Continued bargains in the market
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• Existing Industries
Company Employees Projected Increase Total
Austal 2,400 1,600 4,000
ThyssenKrupp 1,600 1,100* 2,700*(24 months)
BAE Systems 800 400 1,200
EADS 200 Unknown ?
• Existing Industries
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Industrial Future in our Market• Influence of the Port and Mobile Container
Terminal
Industrial Future in our Market• Influence of the Port and Mobile Container
Terminal
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Additional Economic Development Tools• Advantage Sites-Virginia Station
Additional Economic Development Tools• Advantage Sites-Virginia Station
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Expansion of the Panama Canal• Benefits to our Region
Expansion of the Panama Canal• Benefits to our Region
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Parting Comments• 2011: Larger space faired better than smaller
office-warehouse product• 2012: Continued trend of 2011 with possible
increase in activity • EADS• Shipbuilding in Mobile on the Rise
• 2014 Prediction• Panama Canal Expansion• Intermodal Yard Completion
Parting Comments• 2011: Larger space faired better than smaller
office-warehouse product• 2012: Continued trend of 2011 with possible
increase in activity • EADS• Shipbuilding in Mobile on the Rise
• 2014 Prediction• Panama Canal Expansion• Intermodal Yard Completion
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Special Thanks To The Following• Lorrie Gaillard, Baldwin Transfer Company, Inc.• Mac Taul, Merchants Transfer Company, Inc.• Jimmy Lyons, Alabama State Port Authority• Brian Harold, Mobile Container Terminal LLC• Troy Wayman, Mobile Area Chamber of Commerce• Josh Thornton, Baldwin County Economic Development Alliance• Andy Halligan, Johnson Development
Special Thanks To The Following• Lorrie Gaillard, Baldwin Transfer Company, Inc.• Mac Taul, Merchants Transfer Company, Inc.• Jimmy Lyons, Alabama State Port Authority• Brian Harold, Mobile Container Terminal, LLC• Troy Wayman, Mobile Area Chamber of Commerce• Josh Thornton, Baldwin County Economic Development Alliance• Andy Halligan, Johnson Development