The U.S. storage and warehouse leasing industry is currently one of the most lucrative and growing markets in the country. Today it’s worth an estimated $26 billion. There are so many different uses for commercial warehouse space that attracts businesses from a plethora of different industries. One of the lesser thought of reasons for leasing a warehouse is in the field of event and reception gatherings.
That’s exactly why Scott Thompson, owner of Thompson Farm and Nursery, is leasing a warehouse that’s over 100 years old and in need of some commercial real estate development. Thompson has agreed the lease the historic industrial warehouse space of Peanut Warehouse located in Conway, SC.
?Trying to do everything I can to preserve it,? said Thompson, who plans to reopen the Peanut Warehouse in March. ?I love the rustic look of the building. I love it as is. I don?t want to change anything a whole lot.?
The 115-year-old former commercial warehousing structure has been used for various different reasons, most recently last year when it was used as a place to host wedding receptions and other events. It was closed due to structural integrity concerns. That’s the primary reason leasing a warehouse of this size was possible at a time when the demand for storage space has an average annual growth rate of just over 7%.
Thompson already runs a venue, Bucksville Hall, at his family farm where he’s hosted similar events and plans to reopen the Peanut Warehouse to resume these functions. In addition to things like weddings, Thompson wants the space to be used to host corporate events, bluegrass festivals, and political stump meetings.
Knowing Thompson’s background, the owners of the Peanut Warehouse actually reached out to him about potentially leasing a warehouse. He was happy to oblige and agreed to a 25 year lease.
?I like old Conway,? Thompson said. ?I like the old buildings. I hate to see them deteriorate.?
Approximately 62% of the 59 million square feet of warehouse development under construction by the end of the third quarter in 2013 was being constructed without signed tenants. When it comes to older buildings like the Peanut Warehouse it’s just about finding the right person.