We might sound like a broken record, but Rapid City’s real estate market just continues to break records – record sales, shortest days on market, building permits issued and lowest inventory in recent history. Rapid City is booming. Despite virus shutdowns, rising gas prices and global market uncertainties, investment in Rapid City continues to be strong as companies continue to move into the area and capital looking to invest seems endless. As you will see in our attached stats for 2021, due to the low inventory of existing real estate, land sales are taking off and the development pipeline is starting to fill up. This should be good news for existing property owners as rental rates should see upward movement to keep pace with the new product being delivered at higher prices.
Space for lease is also getting harder to find as built out, move in ready space is getting snapped up. We have prospective tenants looking for warehouse/industrial space of all sizes and mid-sized office space 2,000-5,000 SF. If you have space that might be a fit, contact our leasing agent, Gina Plooster – gina@rapidcitycommercial.com or 605-519-0749 - to set up an appointment to discuss.
Notable closings for our team this last quarter included 10 E Mall Drive, a multi-building office and industrial complex in north Rapid City; 890 Lazelle St, the former Regional medical clinic in Sturgis; and 320 acres of commercial development land on Nike Rd north of Country Rd. If you have plans to sell in the next couple of years or are just interested in taking advantage of the record high prices and quick closings, we would love to talk with you.
New recent listings include:
- Land - 1424 Luna Avenue 3.5-acre general commercial parcel between Pizza Ranch and the Staybridge Suites adjacent to Rushmore Crossing. $799,000
- Land - 621 E Mall Drive (7.23 Acres): 7.23-acre general commercial parcel on E Mall Drive/Lacrosse, east of Hilton Garden Inn, utilities to site. $1,995,000
- 630 East Blvd N 16,988 SF storage warehouse on 0.45 acres off of E North Street – Needs Work - $275,000
- 803 St Patrick Street Bursch Travel building, 3,304 SF office building on a high traffic corner. $490,000
- 5301 Mt Rushmore Road 99,605 SF office campus on 12.17 acres (NAU Campus). $9,995,000
- Hillside Country Cabins 18 cabin vacation rental property on the way to Mt Rushmore - Hwy 16. $2,999,000
- New for Lease - 7201 Mt Rushmore Road 2,810 – 6,220 SF: Renovation of former Stamper Gold factory at Catron and Hwy 16. Conversion to 6 retail or office suites, north unit reserved for restaurant or brewery. Impressive views of the Hills to the west. $15-$18/SF/YR NNN.
Sincerely,
Chris Long, SIOR, CCIM
Keller Williams Realty Black Hills
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