- Associated Press - Sunday, May 7, 2017

BISMARCK, N.D. (AP) - Bismarck developers have struggled to keep up with demand in the midst of the oil boom, but over the past year offerings in the community have surpassed demand.

Since January more than 500,000 square feet of office space has been on the market in Bismarck-Mandan, The Bismarck Tribune (https://bit.ly/2pOVwkj) reported.

“We’re in a period of absorption,” said Kyle Holwagner, vice president of Daniel Companies commercial real estate company.

The open inventory includes existing space that’s unleased, under construction or in the planning process available for pre-lease, giving renters more space to consider.

“It’s a tenant’s market,” said commercial Realtor George Yineman of Bismarck Realty.

Yineman said some property owners are offering deals to be completive, including the cost of utilities and build out in the rent or offering the first month of rent free.

“It obviously hasn’t deterred some of the new builders, and they obviously have optimism that they’re going to get filled,” Yineman said.

Holwagner said he’s seen more landlords willing to negotiate. He said some owners of older buildings are also making investments to make their space more competitive with newer ones.


Information from: Bismarck Tribune, https://www.bismarcktribune.com

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