COEUR D'ALENE, Idaho - If you're looking for a commercial property in downtown Coeur d'Alene, now might be the time as there are a half dozen vacant properties along Sherman Avenue.
The reason for so many vacancies? Over the last year, some entrepreneurs have been forced out of business because of the economy. Others have moved locations because of a spike in rent that doesn't reflect today's market.
Whatever the case, there are plenty of vacant commercial properties on Sherman Avenue.
After only 7 months in business, Saint Joseph's Consignment Furniture and Decor is closing shop. Stephen Nielsen owns the property and just started the search for a new tenant.
?I?m sure the economy has some of it. It's a consignment shop where there's certain people who go after gifts like this and she just said it wasn't working out,? Nielsen said.
Nielsen isn't alone. An architectural firm located at 6th and Sherman is downsizing and their building is now up for sale or lease. The property's broker says it's a sign of the times.
"Everything is cyclical and we are in a down cycle right now, residentially and commercially, we're optimistic that it's going to improve, we're seeing signs of improvement,? Kim Cooper with Select Brokers said.
Even with a handful of leases being written and some buildings being sold, the economic downturn is forcing commercial property owners in this resort community to get creative in their search for tenants.
?It?s not unusual to see landlords to agree to make improvements at their own expense, to configure the space to accommodate the tenant,? Cooper said.
Another trend being seen in Coeur d'Alene is that some property sellers have been willing to finance deals themselves.
While neighboring landlords try to fill vacant buildings in whatever way possible, Stephen Nielsen is hoping for the best.
?It?s a great location here, it just needs to find the right tenant and it will hopefully get rented out," Neilsen said.
- Give 4 Kids raises over $58k for Children's Miracle Network
- Man who lost leg in motorcycle crash reunites with dentist who saved him
- 3D printing technology helps cardiologists save lives
- National Prescription Drug Take Back Day
- Spokane man accused of sexually assaulting women faces serious penalties
- Idaho city officials eye former mill site along Spokane River