The tight economy is tough for realtors

SPANISH FORT, Ala. - Are you looking for a spot for a new office or maybe some space to open a store? If so, realtors are looking for you. You can even call them collect. "It is definitely taking longer."

Agent Allen Cameron with Grubb and Ellis, deals exclusively with commercial real estate. He said the market is flat and business is tough. "This is the time to go out and work harder than ever."

There's no choice but to grind. Cameron said buyers are still out there, but you have to work hard to get them. The brand new, but empty Circuit City building in the Spanish Fort Town Center is a glaring example of the problems in commercial real estate.

These problems are likely to get worse as more companies face bankruptcy. Monday, S&K Menswear filed for Chapter 11. The store in the Eastern Shore Center has already been closed and according to Moody's Investment Service, more major companies may soon follow. Giants like Rite Aid, Blockbuster, Chrysler, and Krispy Kreme. "They're more interested in paying down debt and getting their arms around what their business are today." Cameron said.

Not all though is doom and gloom. Developers at the Town Center are looking for businesses new to the area to fill out the smaller stores. And Cameron said high-end office space still sells.

His company has leased out more than 70,000 square feet in the RSA Tower alone, and there's also other hopes."If we are fortunate to regain EADS that should make it to where we'll forget about this recession." Cameron told us.

Nothing like a little positive thinking. There's some good news for the developers at the Spanish Fort Town Center; they say a major retailer just inked a deal to move in. They'll divulge which one later this week.