Susan Gordon, Business Reporter

In spite of the real estate boom islandwide, which some say is now leveling off, the market for commercial properties located in the heart of Jamaica's capital, downtown Kingston, remains sluggish.

Real estate experts say the long talked-about restoration of Kingston and the impending International Cricket Council (ICC) Cricket World Cup 2007 to come off at Sabina Park, are having no impact on the slow turnover of properties there.

"Downtown is a world by itself," said realtor Anya Levy of Valerie Levy and Associates. "It's not an indicator for the rest of the market," she added, stating that she had nothing positive to say about the location with respect to the real estate business.

Average turnaround

Unable to give an average turn around time on commercial properties downtown, Levy said it took a "long time" for properties to get sold.

She told the Financial Gleaner that she has had a 30, 000 square feet property, formerly the old RBTT bank building on Tower Street in Kingston on the market for about two years.

However, Peter Brown, real estate agent at Coldwell Bankers Jamaica Limited, brought the commercial situation downtown into perspective when he suggested to the Financial Gleaner that "In downtown, the closer you are to Parade (downtown square) where there is high foot traffic, the better it is for you," he said, referring to those who own commercial properties and intend to sell.

Slow movement

"Other properties tend to move much slower," he added. But Levy discounted the argument saying a King Street property on her list has been on the market equally as long as the Tower Street property.

Brown has two properties on Hanover Street listed for over a year now. The properties he said though small were ideal for micro-business as one was a former printery. "We've had response, but nothing serious."

Levy said she could not give an exact figure on how much the market was losing from underused properties, but she insists that downtown could eventually mirror New Kingston, saying it needed a master plan.

"No where else in the world do you have waterfront properties and people are afraid to stroll," she said.

- susan.smith@gleanerjm.com