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to create better foot-traffic flow and help struggling retailers. Many shopping centers owners have difficulty leasing or keeping consistent retail tenants in certain portions of their shopping mall. More importantly, this demographic concentration would appeal to retailers such as toy stores or a children’s clothing store.
Between 2018 and 2022, Englewood’s national construction work in the cannabis retail industry grew by 100% and we expect that trajectory to continue as more states legalize recreational marijuana use and cannabis firms expand into new markets. That said, state regulations do add some additional layers to the nuts and bolts of these projects.
Now that spring is officially here, I wanted to reflect on the Chicago retail construction trends and news we’ve seen so far in 2011. From the new commercial construction projects we know are in the pipeline, to what I heard at the recent Bisnow Chicago Retail Summit , I am cautiously optimistic. Good News/Bad News. Michigan Avenue.
As a shopping center landlord or retail developer, you might find yourself with a big empty retail space you need fill – especially if you had Borders or Circuit City as a tenant. Say a big tenant signs a lease that leaves you with 7,500 square feet. that leased attractive tenants such as Koenig & Strey Real Living.
What are Today’s Best New Retail Developments? With the way the commercial real estate market has been the last several years, people are looking to commercial construction experts for the best construction tips on how to proceed with a successful new retail development. Restaurant. Shopping Center. Hospitality. Office/Industrial.
All of this commercial construction activity is taking place because smart owners and retail investors realize they need to refresh, rebrand and reimage the shopping experience to be competitive in the future. This has emboldened them to not only take on new long-term leases, but also expand the footprint of their traditional retail space.
(Updated 2/20/23) Retail real estate has shrunk over the past three years according to CBRE’s report “ US Real Estate Market Outlook 2023 ”. With less retail construction happening, there is less opportunity for businesses to move into this type of space.
Consumers kept money in their pockets, retailers stopped expanding and owners ceased new retail construction for their facilities. In most cases, these malls need significant retail commercial construction upgrades and updates to compete for top-tier retailers. 4) Solid retail connections. Tel: 847-233-9200 x710.
There are some great opportunities, especially in retail construction , as highly motivated landlords are offering prime locations with attractive rents. You can bet smart retailers will continue to mimic the magic shopping experience Apple has created with their retail stores. Apple Magic. International Invasion. Fast-Casual.
Perhaps the most important aspect in this process will be engaging a national retail commercial contractor for advice and feasibility studies. 1) Don’t be afraid of a big retail construction project. Believe it or not, a lot of shopping center landlords and retail investors are afraid of a shopping mall construction project.
But just how would Chicago hosting the Olympics affect the city’s restaurant and retail construction activity ? Given the fact that most national and international retailers already have stores in Chicago, most retail construction will involve remodeling and expansion of existing stores. Here are a couple of my predictions….
While I think everyone in the retail industry likes to hear news that 2011 retail sales are up – as it usually means new retail construction projects are in the pipeline – it’s still tough for shopping center landlords to make deals work with retail tenants. This is most popular with big retailleases in 2011.
First of all, the time frame for leasing and building out a space – whether a dispensary or cultivation facility – is often dictated by when new laws around marijuana usage go into effect. Security features, for one, are a major difference between a dispensary and a ‘typical’ retail store. Good News for the Local Retail Landscape.
Developers Think Outside the Big Box to Fill Retail Vacancies. Retail news got pretty negative in 2018, with major brands such as Sears and Toys R Us shuttering and leaving behind vacant stores across the country. There are a ton of ideas out there and it’s exciting to be part of the process.
On one hand, retail sales continue to show improvement from last year, yet the suburban shopping mall – or at least the traditional enclosed shopping mall – seems to be on the way out. Most retailers today want less space. It’s a mixed bag of commercial construction news for shopping center developement. Qualify your team.
We saw drawings for new Chicago restaurant projects, retail construction work, office renovations, school construction and learning center additions – you name it, we saw it. Developers and retailers that would normally go 2 deep in bidding went 4 deep. HIGH – Everyone was submitting drawings in 2011. I was wrong.
Hodges is Executive Director of the Construction Writers Association, and a former Bovis Lend Lease executive, among other firms. In addition, a number of Groups are forming that will require leadership including Construction Technology, Social Media, Home Center/Retail, Architectural/Engineering, Chief Marketing Officers and more.
We’ve also translated our experience in working with restaurant and retail brands on national rollouts to new partnerships with major cannabis players who are expanding in multiple markets simultaneously. . In the past, RECon was pretty much dominated by retail, with just a smattering of reps from restaurant and other sectors.
We saw much-improved activity in shopping center construction – not necessarily the building of new malls, but in general commercial contractors working with landlords and developers on pre-construction services , such as commercial construction budgeting to help them propose attractive lease deals for new tenants.
When it comes to current retail and commercial construction trends , we all know there aren’t a lot of new shopping centers under construction right now, or new office buildings under construction for that matter. we came in on time and under budget without one complaint from any of the retailers. No complaints? I’m your guy.
I recently sat down with Kim Sawyer and Tina McGrath, two of our experienced Business Development team leaders, to gain their perspective on what they’ve learned from talking to our existing and potential retail, restaurants, automotive, senior housing, and hospitality clients.
Commercial real estate development involves the process of acquiring, designing, constructing, and leasing or selling commercial properties such as office buildings, retail centers, and industrial parks. This can be done through a purchase or lease agreement. To Lease or Sell?
For a number of reasons – usually cost, location or a lease agreement – commercial real estate owners are opting to refresh or remodel their retail stores , restaurants and hotels instead of building new commercial construction projects.
Lease Hold Improvements. Lease language can be long, tedious, and yet full of important details. If there aren’t already those permissions included, then lease hold improvements can be negotiated when you renew your lease. There are other ways to negotiate a lease hold improvement. Maintenance Coverage.
Look for a solid increase in commercial construction renovations verses new locations, which should hold especially true with new retail construction. 4, seasonal stores that require short-term leases and less construction will still be hot in 2010. 2. Green is Gold. And as stated in No.
The potential applicability of the BFPP protection to a tenant who leases contaminated or formerly contaminated real estate has been the subject of debate for the decades since the CERCLA’s enactment. economy, when in any given year the vast majority of real estate transactions are leases and not contracts of sale. . § 9601 et seq.,
Club Car has introduced a lease program for its Carryall Utility Transportation Vehicles (UTV). The “3 & Out” program is a three-year lease to independent retail businesses, construction companies, and industrial sites who want access to four-wheel drive vehicles without the capital investment…
The potential applicability of the BFPP protection to a tenant who leases contaminated or formerly contaminated real estate has been the subject of debate for the decades since the CERCLA’s enactment. economy, when in any given year the vast majority of real estate transactions are leases and not contracts of sale. . § 9601 et seq.,
a homeowner with leased photovoltaic panels on their roof) in southern Nevada by approximately $623 per year, having the effect of increasing electricity costs for the many (including disproportionately, the poor). But the retail rate is at an actual loss to the monopoly utility.
Rivian has signed a lease in Brooklyn for its first New York City retail store. The lease at 360 Wythe Ave. The group will be opening a flagship in Williamsburg, according to a statement on Monday. spans more than 12,000 square feet and will be a showroom for electric vehicles. Williamsburg's…
With 332 retail properties, the REIT''s portfolio encompasses over 43.9 Department of Energy''s Better Buildings Alliance as an inaugural Green Lease Leader, leading the market by incorporating lease clauses that help overcome market barriers and align tenant and property owner interests to save energy in commercial buildings.
an electronics-focused e-retailer, has announced plans to locate a new warehouse facility in Indianapolis, IN, creating up to 150 new jobs by 2015. The City of Industry, CA-headquartered company will invest $20 million to lease, renovate and equip an order fulfillment facility in Indianapolis. Newegg’s California headquarters.
The mall of the future 0 dbarista Tue, 08/22/2023 - 10:39 Shopping Centers There are three critical aspects of mall design that, through evolution, have proven to be instrumental in the staying power of a retail destination: parking, planning, and customer experience. This are crucial to the mall of the future.
Maryland residents may be eligible for a one time excise tax credit, up to $3,000.00, when they purchase or lease a qualifying plug-in electric vehicle through June 30, 2017. The rebate is 50% of the purchase and installation price capped for residential at $900, commercial at $5,000, and for retail service stations at $7,500.
Retail accounts for more than $2 trillion in total GDP impact with consumer spending accounting for more than two-thirds of the U.S. The Tarpon Point Resort at Marina Village is home to a number of upscale retail shops and restaurants. By the BF Staff From the March/April 2016 Issue. Credit: City of Cape Coral). percent.
million square foot mixed-use development, will bring new living, office, housing, retail, and community space improvements to the Longwood Medical Area (LMA). Longwood Place project, a proposed 1.7
Cambridge Properties is primarily a retail developer. is unlikely to include soft-goods retailers as tenants. Cambridge’s Vice President of Leasing and Development. But its proposed University City entertainment district in Charlotte, N.C., We’re looking to ‘Amazon proof’ the district,” explains Jay Priester, Jr.,
Instead, the USGBC and Destiny USA developers announced that all retail units inside the mega-mall would seek LEED certification: “It’s never been done before,” said [USGBC CEO Rick] Fedrizzi as [Destiny USA developers] sat nearby.
Tenants, who with greater frequency are required by law or policy to lease only green premises (from the federal government to multi family residential builders and colleges to retail builders) are a fast growing requester of opinions.
NOVEL Atherton adds a significant amount of new rental apartment units and retail space to Charlotte's historic South End neighborhood. Leases run from about $1,400 to just over $3,000 per month. . Lease-up has exceeded expectations, averaging 31 per month, while rents are 10% higher than in comparable neighboring communities. . .
LBX Company LLC announced the formation of LBX Capital, a financial services organization that will provide retail and wholesale financing exclusively for Link-Belt excavators, material handlers and forestry machines in the U.S.
Fully leased by Netflix, the building includes digital production facilities and a 13-story atrium. ICON at Sunset Bronson Studios is an office high-rise with a creative twist.
The change is significant for buildings pursuing LEED or Green Globes certification, for buildings with GSA or other government space leases tied to an ENERGY STAR score of 75, for buildings in cities with mandatory benchmarking, and for the more than 450,000 commercial properties that have an ENERGY STAR score. You have 75 days to act.
Tenants, who with greater frequency are required by law or policy to lease only green premises (from the federal government to multi family residential builders and colleges to retail builders) are a fast growing requester of opinions.
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