Coldwell Banker Commercial - Growth on the Horizon?
By Graham Smith and Scott Powell - Coldwell Banker Commercial
Exciting changes are taking place with the intention of enhancing Bermuda’s appeal as a domicile for international businesses. Recent legislative changes have been proposed that will provide opportunity for job makers in Bermuda. The ultimate effect is to encourage businesses already set up in Bermuda to remain here and to stimulate other companies to set up accommodation in Bermuda.
Also of interest is the formation of The Bermuda Business Development Corporation (BBDC). BBDC was formed through the merger of Business Bermuda and the Insurance Development Council to ensure that business development efforts in Bermuda have a common strategic direction. They are an independent organization partnering with both the public and private sectors in order to sustain existing international business, while actively developing new business in Bermuda to contribute to GDP and job growth.
Changes in the commercial real estate market are already apparent. There are clear signs of increased activity in the commercial leasing market. Not only does the domestic market continue to move to quality, we are now receiving requests from several new companies looking to set up in Bermuda and we are seeing some growth from International companies looking to expand their Bermuda operations. In 2013 to date we have seen companies new to the island absorb 4000+ square feet of office space, with existing international companies expanding by approximately 14,500 square feet.
On the sales side, while commercial inventory numbers change regularly, we currently have in excess of 143,000 square feet of commercial space available for sale. Property types include warehouse space, office buildings, restaurant space, retail opportunities and lots of land, and are located throughout the island. Prices range, starting as low as $500,000 to $14,000,000.
The word seems to be out that Bermuda is more actively seeking to make the establishment of companies more user friendly with the rescinding of the term limit work permit policy, proposed changes to the Incentives for Job Makers Act, and availability of quality residential accommodation and office space. This was not the case a few years ago when Bermuda’s ability to accept new companies was severely limited by lack of space and high costs. Apparent moves in other competitive jurisdictions may also be playing into Bermuda’s hands at a time when we are able to take on new businesses.
CBC is pleased to have been involved in domestic relocations to Waterloo house & IAS Park.
Contact: Graham Smith 247-1824 or Scott Powell 247-1823