Tips to Help You Lease that Shopping Center
When you're selling a car you make sure you clean it up real nice and make it shine from end-to-end. If you are looking to sell or lease your shopping center property, there are things that can be done to help move the property faster. Chuck Taylor, director of operations of commercial general contractor Englewood Construction, Inc., blogged recently some of his suggestions for those leasing a shopping center. Among his suggestions: move the escalators to change the flow. “[It's] one of the best ways to bring traction to less-visited portions of the mall. Most shopping malls have escalators in the center of the development. By moving escalators to the corners of the shopping center development and adjacent to anchor tenants, shoppers can now spend idle time on escalators and perhaps see stores they would otherwise simply pass.”
Shopping Center Sales up in New England Area
Sales and net leases of shopping centers in the New England area are “absolutely on fire” according to a real estate services company in Boston. Writing for the New England Real Estate Journal, Seth Richard, VP at Marcus & Millichap Real Estate Investment Services, believes the activity is the result of “massive over supply of both investors and capital targeting the Northeastern markets.” This, Richard said, has pushed unemployment levels in the region to new 5-year lows. Expansion, he said, has come across the board in the retail sector, with the discount retail segment doing very well. “The New England markets are performing well, in general. With employment growth in the higher paying technology, life sciences and financial services sectors there is new household formation. This is a correlation to the boom in development in Boston and surrounding area which is driven primarily by new young professionals seeking a more urban living environment,” Richard said.
Think You Know the Millennial Consumer?
Lots of people have lots of opinions about the millennial consumer. We've highlighted some of those opinions a few times in this e-newsletter. Here's another, this one from Adweek magazine. Declaring the millennials to be the most appealing demographic to marketers, reporter Melissa Hoffmann built an impressive infographic on this “elusive adult consumer, who has money and eschews traditional methods of communication in favor of a life largely spent online.” She notes in the graphic that, according to her research, millennials' “purchasing path is more circuitous… and is heavily reliant on word-of-mouth.”
METACHAT: GEOCODING THE DMM FILE
“Location, Location, Location” is the basic mantra of any professional involved in the commercial and retail real estate industries. As providers of comprehensive contact and retail trend information, DMM knows how critical it is to have a visual roadmap of the physical mall location and its surrounding area. We’ve developed a method of capturing and verifying geographic location points to produce high quality datapoint locations for accurate integration into site selection and analytic applications. For more, click here.
Spotlight Listing: Garden City Center, Cranston, RI