Commercial Real Estate Education

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By: spaceselectors   June 14, 2019

Great Location Study: Food Safety Rating

A great location has an "A" rating for food safety. I think it must have been some time in the late '80s or early '90s when I first saw a white placard with a blue capital letter 'A' in the window of a restaurant. I can't remember the city I was in, but it was on the east coast. I do remember that I asked myself, "Why would anyone want to go into a B-rated restaurant when there's an A-rated option close by?" Before the thought could even fasten onto my memory, a group of three you guys barrel

By: spaceselectors   June 14, 2019

Great Location Study: Historical Significance

A great location has historical significance. Le Pont des Arts, 'the Bridge of the Arts' or 'The Arts Bridge, in Paris, France is situated among some of the most significant art and cultural institutions in the world. Local pedestrians and tourists from around the world swarm across this bridge every day like fire ants marching in procession to and from their nest. There are many people that use the bridge to go to work, school or simply for a nice walk. However, in the mid-2000s, people b

By: spaceselectors   June 14, 2019

Great Location Study: Duplicative Uses

Executing leases and creating rental revenue is the top priority for a landlord. Opening stores where potential customers live or work is a priority for retailers. This co-dependency explains a few categorical waves of specific types of retail concepts seemingly opening (and closing) everywhere, every day. At one point in the '80s, then '90s, then mid '00s, frozen yogurt shops were exploding in strip centers all across the U.S. In the mid '00s, a wave of specialty burger shops tried to sizzle

By: spaceselectors   June 14, 2019

Great Location Study: ‘Misters’

A great location has 'misters'. There's the faintest hint of Spring on our minds if not in the air for those of us that have endured the U.S. winter of 2018-2019. As futile as it may be, I've been reflecting on the hot days of summer. However, I haven't forgotten that the sweltering hot days are as unrelenting as the bitter cold ones. Thankfully, decorative plumbing fixtures, aka 'misters', provide relief on sweltering days. Landlords usually provide great patio space for restaurant tenant

By: spaceselectors   June 14, 2019

Great Location Study: Events

A great location hosts significant events. Great locations in commercial real estate are not necessarily all about day to day transactions. There are great locations throughout the country that provide the opportunity for people to simply congregate and be together. At times, one has to pay for the right to party at a concert, wine tasting or food festival. At other times, one can simply sit on a bench in front of a gazebo and listen to free music or walk along a sidewalk and view the chalk a

By: spaceselectors   June 14, 2019

Great Location Study: Ground Floor

A great location is on the ground floor. One way or another, growth comes from the earth. Even land that appears to be frozen, scorched, dry or barren can sustain life at the ground level. Yet, the further away we move from the ground, take a '14er' (meaning a 14,000-foot mountain) for instance, there's little sustainable life above the timberline. With no oxygen, it's harder to breathe. While there are rare exceptions to this rule, the same paradigm holds true in retail. I once heard an o

By: spaceselectors   June 14, 2019

Great Location Study: Tax Base

A great location has a solid tax base. Taxes. The mere word guides any moderate conversation about economic stability into a dungeon of anxiety, vitriol and exhaustion. 'So why bring it up?' When a municipality has a solid tax base from which to RESPONSIBLY manage the public needs of its constituency, real estate values are generally more stable and real estate investment is generally more robust. The alignment of those planets comes together more often than cynical minds

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