According to my recent annual survey of over 8 million square feet in Bibb County, the overall retail market currently shows a 76% occupancy rate which is a slight improvement from 75% in 2010. The majority of the vacancies is attributed to aged big box buildings and poorly positioned centers with vacant anchor space.

Macon Mall Area - With the removal of the new section of the Macon Mall as well as added businesses such as Virginia College and the new Aldi Store, the retail occupancy in the Mall area has increased to about 78%.

During 2010 the Macon Georgia downtown office market remained stable with nominal absorption. The suburban office market incurred a slight increase in occupancy compared to 2009. New turn-key construction costs, including building and land, range from $125 to $180 per square foot for projects under 10,000 square feet. This represents a slight increase over the last 12 months due primarily to increases in key construction materials.

Warehouse/industrial activity increased slightly in 2010 and the trend is expected to continue during 2011. According to the most recent survey of over 17 million square feet of warehouse/industrial space, over 10,000 sf in Bibb County, occupancy is at 76%. However, when the vacant 2.2 million Brown & Williamson Tobacco Plant is removed from the survey the occupancy increases to 88%. There are approximately 30 available warehouse/industrial buildings on the market with over 10,000 square feet.

Warehouse/industrial activity remained slow during 2009 and 2010 will likely be slow as well. Occupancy overall remained stable in 2009 compared to 2008. The inventory of available buildings under 50,000 sf increased again in 2009. Thus, prospects will have more choices in the market.