SIOUX FALLS, S.D. (Dakota News Now) – Jodi Schwan with SiouxFalls.Business visited to discuss commercial real estate vacancies and a new family entertainment center coming to Harrisburg.
We’re getting a look halfway through the year at commercial real estate vacancy in the city, and it’s becoming clear that interest rates and other factors are starting to take a toll.
Look around town and you’ll definitely see some “space available” signs, but depending on the sector, the market really hasn’t moved too much from the start of the year and largely can be considered a healthy market.
We are seeing some of the office space, especially downtown, becoming absorbed, which is a positive sign.
Retail is largely holding its own for now, and industrial and multifamily also have been fairly steady.
We are hearing that deals are taking longer to get done — especially to make the numbers work — and we know that some leases will be coming that were done before rates increased, so we’ll see how businesses are able to absorb that as the year goes along.
Turning to entertainment, a new option is coming to Lincoln County. A new family entertainment center is under construction in Harrisburg.
Union Social will be part of the Air Madness building, so your kids soon will be able to play arcade games and go bowling in addition to the trampolines and other equipment within Air Madness.
The area replaces a laser tag and escape room space.
There will be 12 bowling lanes with music, lights and games incorporated, indoor yard games, ax-throwing, pool tables and about 50 arcade games.
The restaurant is being described as higher-end bar food including burgers, pizza and appetizers.
The plan is to open in October.
To stay up to date with the latest local business headlines, visit SiouxFalls.Business.
Copyright 2024 Dakota News Now. All rights reserved.
