Industry insights, market outlook reports and commercial real estate
news, and trends from the Coldwell
Banker Commercial brand.
As most students resume in-person learning this fall, there are several implications for the commercial real estate market. From private schools to higher education institutions, academia is turning a new page after the COVID-19 pandemic forced millions of students into virtual classrooms.
For the battered retail sector, 2021 seems to have good things in-store. Just recently, the National Retail Federation issued a revised forecast for the year, anticipating that retail sales will now grow between 10.5% and 13.5% as the economy accelerates its pace of recovery.
During the conversation, Spiegel and McGue addressed the multifamily market as it stood pre-pandemic and what was happening. The first virtual event of its kind featured Daniel Spiegel, Managing Director, and Daniel McGue CBC's top multifamily producer in San Francisco.
Those who fled congested cities during the COVID-19 lockdowns are beginning to return to luxury multifamily buildings. GDP forecasts indicate apartment occupancy rates will return to 2019 levels by the end of the year.
Real estate premise expenses can consume as much as 20% of revenue for many businesses, making it one of the top operating costs. It is therefore no surprise that in these times of uncertainty, tenants are looking for short-term liquidity from their long-term lease commitments.
One of the best things we can do to increase business ownership in underrepresented communities is to improve access to and understanding of programs and information related to buying and owning a business. As an industry, that means increasing diversity and representation among brokerage owners.
The retail go-to-market approach continues to evolve. We frequently read about retailers growing, contracting or re-inventing their multichannel sales approach. While the second industrial revolution lasted from 1850 to 1914, it seems the current retail revolution is happening at lightning speed.
It wasn’t until 1998 that the railroad was purchased by Upstate Forever, a local nonprofit who launched a campaign for public acquisition of the line to convert it to a trail. Now a 22-mile multiuse greenway, the Swamp Rabbit Trail system stretches from north of Traveler’s Rest through Greenville.
Americans have many ways to quench their thirst, from sodas to designer waters. A visit to a ballpark often doesn’t seem the same without a hot dog and a cold beer. While per capita beer sales have fallen 12% from 20091 levels, the number of craft breweries has exploded.
According to a report from Reis, U.S. retail vacancies were at 10.2% at the end of 2018, a marginal increase from 10.0% a year earlier. Current market trends have challenged retail owners and investors with vacancies in retail spaces on Magnificent Mile, Fifth Avenue, and Main Street.