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ERES Founder & Managing Principal Discusses Bakken Commercial Real Estate Upswing

ERES Founder & Managing Principal Mike Elliott was featured today in the Williston Herald providing his boots-on-the-ground insight into the continued upticks in Bakken commercial real estate activity.

Apartment Units Almost Full Again

Commercial real estate market in Williston is poised to take off again

Vacancy rates went up quite a bit during the downturn, stoking fears that the multifamily sector had overbuilt for the long-term need in the Williston region. However, with crude oil prices in the $60 range, Williston apartments have filled up fast.

“Lots of people have gotten hired,” said Mike Elliott, founder and managing principal of Energy Real Estate Solutions. “We manage about 4,000 multifamily units in the (Bakken) market, and I think our average for our portfolio is 92 percent occupancy. A year ago, or even two, you were definitely in double digits as far as vacancies go, and some (multifamily) had really big vacancies.”

bakken commerical