Paul Land, owner of Plaza Commercial Realty
What types of franchises are coming?
Consumers generally think of franchises as being retailers such as McDonald’s, Subway, etc. However, franchises are not limited to retailers. In the service sector, there are many other opportunities, from home health maintenance to janitorial supplies. There are parts and maintenance franchisors, so there is a match for each entrepreneur or the opportunity to go it on your own.
How do you think land around Battle High School will develop?
I wish I had that crystal ball. I can say that commercial activity, especially retail and office sectors, generally follows residential development rather than follow it. So any new commercial property development in that area is likely to be methodical and seem slow to other areas. Recall that major employer State Farm Mutual insurance’s relocation if its regional headquarters to south Columbia followed about 18 years after rock Bridge High School opened. That major employer provided some of the impetus for subsequent retail activity to occur in south Columbia and another 20-year period for most of it to fill in. So our expectations in commercial real estate activity are going to be evenly paced, not meteoric.
What excites you daily about commercial real estate?
The excitement comes from helping people match their business goals with property. Sometimes that’s sales activity, sometimes that’s lease activity, but there is always activity. In business there is constant evolution of space needs. Good brokerage practice requires being on top of the market choices to streamline choices for customers and clients. The most fun in our brokerage business is seeing the way different companies do business. We learn so much. The specialization in this country is remarkable.
What is in Columbia’s future?
Columbia’s future is bright, but only those living here today can change it. We are capable as a community of throwing up roadblocks to new business entries, or we are capable of encouraging new business entries. as long as Columbia’s population continues to grow at a steady rate, so will the businesses that support it. There is no singular industry or business that solves all employment or all service needs of a community. Rather, it is the combination of many businesses that defines a community’s viability in the commercial sector.
What is vacancy and why do you measure it?
Vacancy is unoccupied realty or underutilized realty. It is a measure of a business community’s health or its robustness, and it is a consequence of change. Some businesses grow, some shrink or shift. Each shift can spell change in physical space needs. Commercial real estate brokerage is just matching inventory needs with the evolving space requirements.
What is the highest-priced realty in Columbia?
Generally speaking, there are traits that follow certain business choices. Retailers, for instance, demand strategic locations near residential neighborhoods or visibility or access to major roadways. The more traits sought, the more refined the search becomes, and the more narrow the choices become. Scarcity of product is what determines if a real estate value rises. It’s not complicated; it’s supply and demand 101, only it involves what is on the land.how do you track inventory?
How do you track inventory?
Each year we conduct a market study, a summary of industrial, office and retail properties. We track vacancies to measure against past year’s performance and national performance. Columbia commercial space vacancies, like unemployment, are better than the nation’s.