November 13, 2019
K.C. Conway’s commentary will return next week as he will be presenting in Austin, Tex. and Miami his week.
Happy Veterans Day to all who have served in the U.S. armed forces. Click here for detailed statistics from the Census Bureau about the 18 million military veterans in the United States.
The following preview of Wednesday Insights articles highlight some areas of ACRE’s recent research: The growth and evolution of retail and increasing demand for food halls.
Retail continues to grow and evolve, according to a recent paper authored by KC Conway and published through a partnership between the Alabama Center for Real Estate and the CCIM Institute.
“This report is not another examination of retail’s demise, because quite the opposite is occurring,” Conway says. “With total retail sales increasing at an average annual rate in excess of 4.35%, this is a story of how retail will continue to grow and evolve, fueled by e-commerce, technology, logistics and innovation.”
The report contains five predictions for the future of retail, while also debunking several myths.
Changes in consumer preferences are driving demand for food halls across the United States, according to a new report from JLL. Data from the U.S. Department of Agriculture states that millennials spend 44% of their total food budget on dining out, while over half of adults (52%) want to seek out new cuisines.
Food halls are witnessing explosive growth in Boston, for example, as landlords add value to their office buildings by creating an atmosphere of authenticity and entertainment, which is created in part by innovative chefs, unique offerings, and specialty foods.
The outlook is bright as “The modern-day food hall represents an entirely new way for commercial landlords to utilize existing space and a lower-cost operating model with today’s most innovative chefs. Across the country, developers are integrating this profitable amenity to increase the quality of life for office tenants, residents and visitors alike. Food halls help to drive foot traffic and create an authentic vibrancy that is almost impossible to create otherwise. Looking ahead, the concept of the food hall will surely continue to change, but, with history as a guide, the integration of food, community and commerce will continue to be a cornerstone of modern society.”
NATIONAL NETWORK MEMBER NEWS
LEGAL / RISK MANAGEMENT
WORKFORCE DEVELOPMENT (powered by CCAP)
ACRE Industry Presentations
CCIM Georgia Chapter: Annual Luncheon