Amarillo commercial real-estate market growing, national chain companies set to move in
The business activity is growing as we start 2021.
AMARILLO, Texas (KFDA) - Some Amarillo commercial real-estate companies were surprised by the interest of many businesses still coming to town with the pandemic and now Soncy, Georgia and I-40 are expected to grow with many national tenants that are set to move in soon.
Commercial real-estate companies in Amarillo saw a lull for just a short period of time in 2020.
Most of the businesses moving to Amarillo are national chain companies.
“For 2020 for us on the commercial end, I mean there was a period of about 60 to 90 days early on. You know, due to COVID there was a lack of confidence in the market. And things just kind of stood still, more, less for a period of time. And then it was almost like a light switch. At the end of that time, it was extremely busy. The last quarter for us was very strong and again I think it that’ll probably roll into 2021 as well,” said Justin Kite, retail specialist for Coldwell Banker Commercial.
There will be many new businesses coming to Soncy road that will bring many construction opportunities like Panera Bread, Jimmy’s Egg, Firehouse Subs, Braum’s, Five Below, O’Reilly’s, Northern Tool, Boot Barn and more.
“There are several businesses I am dealing with that would be new to town, several that are expanding, several that are just moving,” said Aaron Emerson, broker owner of Gaut Whittenburg Emerson Commercial Real Estate.
Amarillo EDC has been around for 30 years and right now is the most activity they’ve seen since they started.
“Our activity has steadily increased actually. It started off at the first of the year busy and then really picked up during the pandemic. And from the most part, from the activity we’ve seen, it’s not really pandemic related. It’s just I think a lot of people are looking to expand their business or to relocate. And we think that, you know, obviously, we think that Amarillo is a great place to do that,” said Kevin Carter, president and CEO of Amarillo Economic Development Corporation.
The Firstbank Southwest building downtown has increased its occupancy rate since they lost big tenants. Now they are in the process of adding apartments.
“We’ve rebuilt most of the vacant space and as a result we’ve leased up most of the vacant space. So, the building occupancy is roughly 85 percent right now with a lot of activity just right now. And I expect that occupancy percentage to go up you know, a few more points. It takes a pretty big lease to make, to get a percentage point in this building. But we have several leases out, I signed a couple of them yesterday. So, activity is very good,” said Emerson.
Those apartments are under construction with plans to be finished by the end of this summer.
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