VACANT COMMERCIAL SPACE NEARS 1 MILLION SQUARE FEET IN REDDING
SHASTA COUNTY
February 20th, 2009
Kent Dagg addressed Realtors Wednesday morning regarding construction projects in
the area served by the Shasta Builders Exchange. Due to an excess of vacant commercial space(over 900,000 sq ft) in Shasta County, contractors have switched gears bidding and building infrastructure projects. Approximately 2500 plans were put out to bid the past few years and this year is no different. More than 190 projects were put out to bid in January.
Only 27 members out of 850 have dropped out of the builders exchange. Some contractors have merged with one another, others have retired and some are bidding on projects out of their prefered geographic area. Others have moved to Texas where work is more abundant.
Kent is hopeful some of the stimulus package funds will filter down to Redding. Redding city officials have targeted funds to improve the Oasis Road area as one of their top priorities. A portion of the funds will be used for street overlays. The developer of the commercial retail center planned for Oasis Road will have to foot the bill for most of the I-5 interchange improvements which are estimated at more than $30 million.
One benefit of the construction slowdown is more contractors bidding on projects which usually results in lower winning bids for the entities soliciting work. Some contractors are expanding the types of construction projects they will bid on to secure work for their firms. Kent cited Guiton Pools as an example-their firm just completed a wall along Hwy 299 in the Round Mountain area.
530-224-6767 or 530-941-7492
BRAD GARBUTT
REALTOR/BROKER ASSOCIATE
REAL ESTATE PROFESSIONALS GMAC
QUARTER CENTURY LOCAL REAL ESTATE EXPERIENCE
