More than 260,000 square feet of commercial real estate available in Downtown Fayetteville

By Faith Hatton, posted Apr 28, 2023 on BizFayetteville.com

Downtown Fayetteville is seeing a need for tenants in commercial multi use properties.

Downtown Fayetteville is in need of tenants with approximately 260,616 square feet of commercial property being reported as for sale throughout the Cool Spring Downtown District during the first quarter of 2023.

Nonprofit organization Cool Spring Downtown District is working to keep potential buyers informed on the real estate opportunities available on their website. Partnering with the Fayetteville Cumberland Economic Development Corporation and using the subscription service Costart, CSDD has a full list of available commercial properties available for sale on their website.

There are currently 22 properties listed with information such as address, total available space broken down by square footage, parking ratio and even the leasing company publicly available on the CSDD website.

According to CSDD President and CEO Bianca Shoneman, the list only features commercial properties, not residential and the current price per square foot in the Fayetteville Municipal Service District is actually lower than average.

“We have close to 2.1 million square feet of building stock in downtown Fayetteville and our current vacancy rate sits at about 14 percent,’ Shared Shoneman. “The average rent per square foot ranges anywhere from $16 to $32, which is a big range, but the average right now right, [between] the range of 16 to 32 or so, the average is $19.07 per square foot. And all that really depends on the quality of the upset parking availability. Whether or not the building is turnkey, the type of lease that you enter in. So, there's so many factors that can influence the lease rate or market base.”

Shoneman also shared it was her personal mission to bring as many restaurants to the downtown area as possible, wanting to take advantage of the diversity of Fayetteville and expand the options of walkable restaurants available.

“We do have a limited number of kitchen spaces available, but we have, one property like the where the Bourbon New Orleans was historically located over on Gillespie Street that is a fully renovated kitchen available for lease. We also have another kitchen and the one hundred block of Hay Street under construction, and then we have in Prince Charles kitchen that is not yet outfitted it but is willing to be upgraded as a commercial kitchen for a restaurant area. And so, there's so many opportunities to plug in as a restaurant for here in downtown Fayetteville. And we would love to see more of that global cuisine located downtown,” shared Shoneman. “When I first started three years ago downtown, we had about 14 restaurants. We're up to about 18 restaurants right now, which is really nice. And a lot of folks don't realize that restaurants, coffee shops, breweries have food service available and things of that nature. So, this food scene is a growing commodity and asset for us in downtown Fayetteville.

The list is updated quarterly with new developments and can be found online here.

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