While real estate sales and rentals for the residential market have improved in the past 18 months the commercial market still lags. But Manny Santos a Realtor with Today’s Realty is optimistic that commercial rentals will pick up because of positive signs in the market.
“A lot of vacant office space and warehouses are slowly getting filled ” he said.
With 29 years of doing business on Guam M. K. Rao owner of Napa Auto Parts and Pacific Drilling is trying to get his newly built three-story commercial building rented and is working with Santos to get prospective tenants to take a look at the JRV Plaza.
The Plaza is located along Route 16 in Harmon. The office spaces take up approximately 20 000 square feet. There are five units per floor with each unit measuring about 1 134 square feet. Santos said JRV Plaza has a backup generator and an elevator for easy access to the upper floors. Each unit has two bathrooms and ample parking of 50-plus parking stalls is located at the rear of the building.
Since the completion of the $1.2 million project in April the building has attracted the attention of one major tenant. Christopher A. Torres and Melissa V. Torres have taken up the entire first floor for the opening of a furniture store Home Designs Etc.
Santos is now working on marketing the second and third floors a total of 10 vacant units for a rental price of $1 per square foot. “Some people have called and tried to negotiate lower but I think my rent is reasonable ” Rao told the Journal. He said that about 10 years ago the commercial rent per square foot was almost $2.
Santos said “A good road frontage is where every business person would like to set up their business. With this building fronting Route. 16 the business traffic is there —which is a big plus for any business because of the high visibility.” MBJ