I suspect most folks are extremely happy to see 2020 coming to a close! This was a year of much heartache and suffering. Covid was a game changer that permanently changed social norms and likely the course of (at least US) history as well!
In the commercial real estate realm, Covid definitely created distinct categories of winners and losers. The winners included manufacturers and owners of industrial properties. With people staying home and not spending money on travel, discretionary income poured into manufactured products for homes and personal use. Industrial vacancies remain historically tight.
The losers included many owners of office and retail properties. Numerous white collar workers transitioned to “working from home”, which has now become professionally and culturally acceptable – meaning that largescale telecommuting is now fully viable and here to stay. As office leases expire, many are not being renewed or tenants are requesting reduced square footage, thereby increasing office vacancy. The one exception to this appears to be small individual office spaces or executive suites, which are seeing good demand in popular “in-migration” areas such as Nevada County.
In the retail sector, typical brick and mortar stores have suffered immensely. Once the pandemic starts to fade they will in large part be replaced by service- and entertainment-based retailers that can more effectively compete with the likes of Amazon.
| AVAILABLE FOR SALE - Q4 2020 | |||
|---|---|---|---|
| Location | Sq. Ft. | Price | Price/SF |
| Industrial | |||
| 875 Idaho Maryland, Grass Valley | 4,320 | $599,000 | $138.66 |
| 810 Whispering Pines Ln, Grass Valley | 5,097 | $850,000 | $166.76 |
| Office | |||
| 2344 & 2352 Nevada City Hwy, Grass Valley | 3,212 | $450,000 | $140.10 |
| 563 Brunswick Rd # 11, Grass Valley | 1,272 | $229,000 | $180.03 |
| 565 Brunswick Rd # 11, Grass Valley | 1,028 | $125,000 | $121.60 |
| 565 Brunswick Rd # 9, Grass Valley | 1,387 | $190,000 | $136.99 |
| 360 Crown Point Cir, Grass Valley | 20,542 | $3,700,000 | $180.12 |
| 964 Golden Gate Ter, Grass Valley | 5,740 | $825,000 | $143.73 |
| 13421 Grass Valley Ave, Grass Valley | 13,136 | $1,395,000 | $106.20 |
| 220 Main St, Nevada City | 3,169 | $849,000 | $267.91 |
| 1740 - 1744 E Main St, Grass Valley | 7,139 | $1,750,000 | $245.13 |
| 1781 E Main St, Grass Valley | 1,945 | $697,000 | $358.35 |
| 1784 E Main St, Grass Valley | 907 | $398,000 | $438.81 |
| 900 E Main St, Grass Valley | 23,137 | $3,699,500 | $159.90 |
| 734 Maltman Drive, Grass Valley | 2,000 | $349,000 | $174.50 |
| 2428 Nevada City Hwy, Grass Valley | 1,853 | $560,000 | $302.21 |
| 104 New Mohawk Rd, Nevada City | 26,336 | $2,500,000 | $94.93 |
| Medical/Dental | |||
| 123 Margaret Ln, Grass Valley | 2,936 | $199,000 | $67.78 |
| 300 Sierra College Dr #250, Grass Valley | 1,740 | $635,000 | $364.94 |
| 300 Sierra College Dr #165, Grass Valley | 4,787 | $1,578,000 | $302.90 |
| 700 Zion St, Nevada City | 12,000 | $2,500,000 | $208.33 |
| Retail | |||
| 210 Broad St, Nevada City | 21,675 | $2,000,000 | $92.27 |
| 233 Broad St, Nevada City | 7,927 | $1,695,000 | $213.83 |
| 311 Broad St, Nevada City | 1,320 | $495,000 | $375.00 |
| 315 Broad St, Nevada City | 4,979 | $1,350,000 | $271.14 |
| 250 Colfax Ave, Grass Valley | 1,531 | $469,000 | $306.34 |
| 21515 Higgins Rd, Auburn | 3,192 | $1,200,000 | $375.94 |
| 104 E Main St, Grass Valley | 1,387 | $399,000 | $287.67 |
| 106 E Main St, Grass Valley | 4,240 | $1,350,000 | $318.40 |
| 124 E Main St, Grass Valley | 6,000 | $650,000 | $108.33 |
| 840 E Main St, Grass Valley | 28,706 | $4,550,000 | $158.50 |
| 123 Mill St, Grass Valley | 5,000 | $795,000 | $159.00 |
| 150 - 152 Mill St, Grass Valley | 5,586 | $899,950 | $161.11 |
| 131 - 137 Olympia Park Rd, Grass Valley | 5,808 | $1,325,000 | $228.13 |
| 102 - 108 Union St, Nevada City | 14,000 | $3,200,000 | $228.57 |
| AVAILABLE FOR LEASE Q4 2020 | |||
|---|---|---|---|
| Location | Sq. Ft. | Min Base Price/SF | Max Base Price/SF |
| Industrial | |||
| 410 Crown Point Cir, Grass Valley | 7,104 | $0.63 | $0.63 |
| 13046 Loma Rica Dr, Grass Valley | 2,400 | $0.60 | $0.60 |
| 13185 Nevada City Ave, Grass Valley | 1,900 | $0.65 | $0.65 |
| 545 Searls Ave, Nevada City | 4,500 | $2.85 | $2.85 |
| 810 Whispering Pines Ln, Grass Valley | 5,097 | $1.10 | $1.10 |
| Office | |||
| 126 S Auburn St, Grass Valley | 5,100 | $0.45 | $0.45 |
| 131 S Auburn St, Grass Valley | 921 | $1.51 | $1.51 |
| 463 - 465 S Auburn St, Grass Valley | 1,200 | $1.33 | $1.33 |
| 605 S Auburn St, Grass Valley | 5,463 | $1.35 | $1.45 |
| 375 Brunswick Rd, Grass Valley | 5,798 | $1.28 | $1.28 |
| 464-458 Brunswick Rd, Grass Valley | 6,814 | $1.58 | $1.88 |
| 563 Brunswick Rd # 9, Grass Valley | 1,015 | $1.35 | $1.35 |
| 124 Clydesdale Ct, Grass Valley | 7,352 | $0.75 | $0.75 |
| 428 Colfax Ave, Grass Valley | 1,154 | $1.20 | $1.20 |
| 333 Crown Point Cir, Grass Valley | 7,925 | $1.70 | $1.70 |
| 350 Crown Point Cir, Grass Valley | 6,469 | $1.55 | $1.55 |
| 355 Crown Point Cir, Grass Valley | 4,800 | $0.60 | $0.60 |
| 360 Crown Point Cir, Grass Valley | 9,603 | $1.39 | $1.49 |
| 431 Crown Point Cir, Grass Valley | 11,100 | $0.85 | $0.85 |
| 488 Crown Point Cir, Grass Valley | 5,168 | $1.60 | $1.80 |
| 149 Crown Point Ct, Grass Valley | 728 - 1,161 | $1.25 | $1.25 |
| 962 Golden Gate Ter, Grass Valley | 6,206 | $1.50 | $1.50 |
| 964 Golden Gate Ter, Grass Valley | 3,040 | $0.85 | $0.85 |
| 13100 Grass Valley & 12438 Loma Rica,Grass Valley | 3,600 | $0.75 | $0.75 |
| 200 Litton Dr, Grass Valley | 3,000 | $1.40 | $1.40 |
| 224 Main St, Nevada City | 1,400 | $1.50 | $1.70 |
| 1740 - 1744 E Main St, Grass Valley | 2,728 | $1.40 | $1.40 |
| 900 E Main St, Grass Valley | 4,625 | $1.63 | $1.83 |
| 970 E Main St, Grass Valley | 1,150 | $1.35 | $1.35 |
| 944 - 1020 McCourtney Rd, Grass Valley | 5,639 | $1.68 | $1.68 |
| 117 New Mohawk Rd, Nevada City | 1,625 | $1.30 | $1.30 |
| 138 New Mohawk Rd, Nevada City | 5,700 | $2.25 | $2.25 |
| 101 - 106 Providence Mine Rd, Nevada City | 8,202 | $1.55 | $1.55 |
| 200 - 208 Providence Mine Rd, Nevada City | 19,468 | $1.55 | $1.55 |
| 310 Providence Mine Rd, Nevada City | 15,089 | $1.75 | $1.75 |
| 400 Providence Mine Rd, Nevada City | 72,110 | $0.95 | $0.95 |
| 305 Railroad Ave, Nevada City | 1,500 | $1.55 | $1.55 |
| 313 Railroad Ave, Nevada City | 1,469 | $1.35 | $1.35 |
| 420 Sierra College Dr, Grass Valley | 1,750 | $2.00 | $2.00 |
| 1012 Sutton Way, Grass Valley | 3,200 | $1.87 | $1.87 |
| 426 Sutton Way, Grass Valley | 850 | $1.41 | $1.41 |
| 908 Taylorville Rd, Grass Valley | 2,870 | $1.66 | $1.66 |
| 1415 Whispering Pines Ln, Grass Valley | 15,357 | $0.95 | $1.25 |
| 819 Whispering Pines Ln, Grass Valley | 3,375 | $0.75 | $0.75 |
| 692- 698 Whiting St, Grass Valley | 952 | $1.16 | $1.16 |
| Medical/Dental | |||
| 470 S Auburn St, Grass Valley | 1,066 | $1.22 | $1.22 |
| 563 Brunswick Rd # 5, Grass Valley | 1,473 | $1.55 | $1.55 |
| 123 Margaret Ln, Grass Valley | 2,700 | $1.20 | $1.20 |
| Retail | |||
| 114 Argall Way, Nevada City | 1,160 | $1.21 | $1.21 |
| 306-308 Broad St, Nevada City | 500 | $1.77 | $1.77 |
| 650 Freeman Ln, Grass Valley | 19,596 | $1.95 | $2.20 |
| 130 Joerschke Dr, Grass Valley | 800 | $1.30 | $1.30 |
| 131-139 Joerschke Dr, Grass Valley | 3,928 | $1.10 | $1.20 |
| 840 E Main St, Grass Valley | 11,727 | $1.60 | $1.60 |
| 633 - 653 Maltman Dr, Grass Valley | 4,200 | $0.63 | $1.11 |
| 111 W McKnight Way, Grass Valley | 9,375 | $1.50 | $2.15 |
| 2032 - 2118 Nevada City Hwy, Grass Valley | 9,392 | $1.76 | $1.76 |
| 984 Plaza Dr, Grass Valley | 6,300 | $1.30 | $1.30 |
| 1035-1043 Sutton Way, Grass Valley | 3,890 | $1.70 | $1.70 |
| 399-471 Sutton Way, Grass Valley | 2,285 | $1.60 | $1.60 |
| 735 Zion St, Nevada City | 3,200 | $0.84 | $0.84 |
| RECENT TRANSACTIONS - Q4 2020 | |||
|---|---|---|---|
| Location | Sq. Ft. | Sale/Lease | Close Date |
| 312 Broad St, Nevada City | 5,155 | Sold | 10/8/2020 |
| 355 Providence Mine Rd, Nevada City | 1,302 | Leased | 10/27/2020 |
| 231 - 233 Colfax Ave, Grass Valley | 4,440 | Sold | 11/5/2020 |
| 141 - 143 E Main St, Grass Valley | 7,750 | Sold | 11/6/2020 |
| 117 Neal St, Grass Valley | 7,040 | Sold | 12/18/2020 |
| 426 Sutton Way, #104, Grass Valley | 850 | Leased | 12/27/2020 |
