Commercial real estate deals in Sioux Falls continue during pandemic

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SIOUX FALLS, S.D. (KELO) — Before the pandemic hit, Sioux Falls was seeing a lot of growth, especially with new business and new commercial buildings going up around the city. But now, there’s no question the pandemic has had an impact on some newly planned commercial properties.

“Certain projects have you know slowed or paused until there is clarity as to how long this may last,” Van Buskirk Commercial Real Estate Agent Ryan Tysdal said.

While some commercial deals have paused or even died due to the pandemic, Tysdal says in Sioux Falls, even the pandemic has not stopped growth.

“There’s still a ton of buying and selling going on. A lot of people acquiring commercial real estate, looking at starting new developments. It has not come to a screeching halt by any means,” Tysdal said.

Van Buskirk companies is now offering virtual showings of commercial properties to local and national retailers looking to grow.

“I represent Dollar Tree, Family Dollar, Harbor Freight Tools, those industries are very opportunistic and they’re looking for deals, they’re looking for sites in markets like ours and they’re very much expanding right now,” Tysdal said.

While some new commercial deals may still be going through, what about those new businesses that may have just opened up right before this pandemic began?

“If there is a silver lining of a pandemic it’s that we’re all in this together. Tenants are working with landlords, landlords are working with their lenders…there’s generally a spirit of cooperation just to get through this together,” Tysdal said.

So far, Tysdal says most new and current businesses are finding a way to make it work, even through the hardship.

“We haven’t seen a lot of vacancies at this time mainly because of the PPP money, that has created a lot of relief for business owners whether it’s a restaurant, retail, it’s created a lot of relief,” he said.

One example of a major new project still moving forward is a new west side Fareway at 41st and Ellis road that will break ground Wednesday. Dollar Tree is also breaking ground on a new 10,000 square foot facility in the same area later this summer. 

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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