How Investors + Developers Pivot to Accommodate Shifting Retail Trends

How Investors + Developers Pivot to Accommodate Shifting Retail Trends

2 years ago 0 0 1314

It’s a simple truth: The retail market and business changes more than any other property type. In “How Retail is Shifting: A Focus on Malls,” I delved into the changes happening to retail malls. Continuing that idea, let’s take a look at other trends impacting retail real estate and consider how developers and investors are pivoting to take advantage of these trends. Current Trends Impacting Retail Real Estate Bank + Drug Store consolidation and shift to online services High-Density Residential Development in urban + close-in suburban areas Cultural demand for broader Entertainment Experience + Personal Service Continued popularity of Dining Out + Prepared Foods Growth of unregulated services, such as Uber Growth of Amazon, including its new private-label brand initiative With these trends in mind, the retail industry’s developers, property owners and retailers must adjust their thinking. Here’s a few ways that’s happening: Ways Retail Industry Leaders Pivot Addition of

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How Retail is Shifting: A Focus on Malls

2 years ago 0 0 1467

A recent article in The Atlantic opened with this: “According to Ellen Dunham-Jones, an architect and professor at Georgia Tech, there are about 1,200 enclosed malls in the United States, and about one-third of them are dead or dying.” The good news shared in the article, however, is that 211 malls are being retrofitted to accommodate other uses—some being used as colleges, medical centers, churches and even parks. Re-imagining malls offers hope to what looks like a rather dim mall future. The prominence of e-commerce, the exit of department store anchors and the growing popularity of open-air, mixed-use developments all contribute to the demise of second-tier traditional malls. Department Store Dilemmas Department store chains, like Sears and JCPenney, are closing in second-tier malls and in secondary markets. The big-name retailers are experiencing diminishing store traffic as more people buy online. This is not necessarily bad for the retailer, but online

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How Office Space is Changing

2 years ago 0 1 1439

No matter what business you are in, you snooze, you lose. Concepts, space, location—it’s all dynamic, always moving around. You must keep your finger on the pulse at all times because the market is always in flux. How Office Space Is Changing Office space design is changing rapidly. Here are some examples: Co-working concepts like Roam and WeWork accommodate small business needs. Start-up incubators help young entrepreneurs launch business ideas. Large companies opt for high-density, free-form office space. Office design and needs for law firms shift drastically. Proximity to transit and highway accessibility become more important. Traditional office layouts become obsolete; older office buildings are re-imagined. Going back to urbanist Richard Florida’s idea of the creative class discussed in an earlier blog, the idea to mingle different disciplines in the same space to create synergy is gaining traction. This trend and changes in technology have a profound impact on office

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How Public-Private Relationships in Real Estate Development Are Growing

2 years ago 0 0 1242

My previous blog post considered why public-private relationships in real estate development are being more widely utilized and are creating more investment opportunities. Let’s continue that discussion… THE WHY Here’s a quick recap of why I think this is happening: Emergence of high density-mixed use product Growing project size Need for public financing (both for community impact developments and supporting infrastructure) While the public sector has become more involved in the actual developments, it also has offered financial incentives to private interest to encourage certain types of developments in certain places. I’ll call these THE WHAT Community improvement districts (CIDs) Tax allocation districts (TADs) Special public interest districts (SPIs) Opportunity Zones Bond financing Community Improvement Districts (CIDs) In Community Improvement Districts (CIDs), jurisdictions allow businesses in established districts to self-tax in order to make internal improvements. Often property owners pay a fee to participate in the district, and district members,

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The PUBLIC-Private Relationship in Real Estate Development

2 years ago 0 0 1382

Zoning and Permitting. Eminent Domain. In the past, that was about the extent of local jurisdictions’ involvement in private development. But my how times have changed. THE WHY There are three main reasons the public involvement in public-private relationship is growing: (1) the emergence of high density-mixed use product; (2) project size; and (3) the need for public financing. Zoning Changes Traditionally, developers would buy the land or property and do whatever they wanted. Government or public involvement in the process was limited to zoning and variance permitting, and, in some cases, exercising its right of eminent domain and contribution to infrastructure. Historically, zoning districts were restricted to one type of use (i.e. office or industrial).There was very little mixed use product. With rare exception, zoning did not take into account putting all uses up in the same place and at the same time. If changes were required, public hearings

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