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  • News

    COLDWELL BANKER COMMERCIAL ATLANTIC BROKERS LEASE FOR NAIL SALON/SOCIAL MEDIA INFLUENCER STUDIO

    NORTH CHARLESTON, S.C. (Sept. 27, 2023) – Coldwell Banker Commercial Atlantic recently brokered the lease for a new retail space in North Charleston that will operate as a nail salon and social media influencer studio. The 11,985 square-foot space is located at 5301 Indigo Fields Blvd., Suite 101-106. Coldwell Banker Commercial Atlantic brokers represented both sides of the transaction. Jing (Julia) Donovan represented the tenant, Indigo Studio Charleston LLC, which operates Oh La La Salon. Oh La La Salon is a salon studio with hair, makeup, and nail art spaces, including an influencer photo studio for photoshoots and short-form video content. Brent Case and Hannah Kamba represented the lessor, HW-Indigo LLC. The salon is in a newly developed shopping center, developed and managed by Hardy World, LLC. The shopping center fronts Dorchester Road, next to the intersection with Ashley Phosphate, and offers easy access to I-26 and I-526. The traffic count is above 40,400 vehicles per day. The shopping center has excellent visibility and access from Dorchester Road with a multitude of uses available ranging from retail, office, medical and flex. There is an opportunity for a large restaurant with a patio.About Coldwell Banker Commercial AffiliatesColdwell Banker Commercial Atlantic, an affiliate of Coldwell Banker Commercial®, provides commercial real estate solutions serving the needs of owners and occupiers in the leasing, acquisition, and disposition of all property types.  With a collaborative network of independently owned and operated affiliates, the Coldwell Banker Commercial organization comprises almost 200 companies and more than 3,000 professionals throughout the U.S. and internationally. For additional information, visit www.cbcworldwide.com.   Media Contact:
Kevin Guhl kevin.guhl@cbhomeoffice.com973-407-5916

  • Retail

    Retail Shops Shine as a Prominent Player in Commercial Real Estate

    Retailers in the United States are defying historic lows in retail space availability by planning to launch 1,000 new stores this year, underscoring the sector's resilience amid commercial real estate challenges. Despite factors like inflation, elevated interest rates, and the closure of businesses such as Bed Bath & Beyond and Christmas Tree Shops, landlords are reporting unwavering demand for retail spaces, highlighted by The Wall Street Journal. This resilience can be attributed to the reduced retail construction since the 2008-09 financial crisis, allowing the oversaturated sector to absorb its existing real estate. Moreover, retailers are using online sales data and analytics to pinpoint ideal locations for successful stores. Contrary to predictions of online retail dominance, digital-native companies are now establishing physical storefronts after reaching their online customer acquisition limits. Shoppers are returning to stores and restaurants as pandemic restrictions ease, alleviating earlier concerns. Additionally, Commerce Department data from earlier this summer reveals that retail sales increased by a seasonally adjusted 0.7% in July compared to the prior month. American spending has risen for four consecutive months and seems to be outpacing inflation.This retail revival stands in stark contrast to the office market, which is grappling with a 30-year high in office vacancy rates of 18.2%, primarily due to the rise of hybrid work schedules. A whitepaper by Placer.ai highlights the success of Walmart, Target, and Costco amid economic challenges such as inflation and high gas prices. Despite the evolving retail landscape, these retailers serve as prime examples of how challenges can transform into opportunities. Placer.ai's Q2 2023 data suggests that shifting consumer trends are favoring superstores.In fact, both Costco and Target outperformed the broader retail sector in year-over-year (YoY) performance, with visit growth rates of 1.2% and 3.1% in the first half of 2023, compared to the overall retail sector's 0.3% decline. Conversely, Walmart seemed to be more affected by inflation, possibly due to its visitors having a lower median household income compared to Costco and Target shoppers, experiencing a 0.9% decrease in foot traffic compared to H1 2022. However, recent weekly visit data indicates a potential Walmart rebound. Between June 19th and July 24th, the chain recorded year-over-year weekly visit growth, suggesting a positive trajectory and hinting at year-over-year growth in the second half of the year.For commercial real estate investors, staying attuned to retail trends is of paramount importance. The ability to anticipate and respond to these trends can make the difference between a successful investment and a poor decision. Understanding which retailers are thriving and why, as well as grasping the nuances of changing consumer behavior, can inform strategic decisions regarding property acquisitions, leases, and developments. Incorporating these insights into investment strategies can help commercial real estate investors identify prime locations, optimize property portfolios, and ultimately maximize returns on their investments. 

  • Multifamily

    Challenges in the Affordable Housing Space: What to Know

    The U.S. is facing a potential loss of nearly 200,000 affordable housing units in the next five years as government protections expire for hundreds of rental properties, allowing landlords to set their own rents, highlighted by The Wall Street Journal. The main program used by the federal government to encourage developers to build affordable housing is a 30-year tax credit. However, specific agreements that assisted low-income renters are set to end, giving landlords the option to charge market rates for their units instead of continuing with the government program. Due to a period of high rent growth, many landlords are expected to raise rents significantly. Between early 2021 and the summer of 2022, asking rents for market-rate units increased by 25%, according to Apartment List, a rentals website. By 2027, up to 188,000 low-cost rental apartments funded by the government tax credit could convert to market rate, as reported by Moody's Analytics. Certain cities, such as Dallas, Chicago, and Houston, are at risk of losing a significant portion of their affordable housing. During the pandemic, a considerable number of affordable housing units vanished, with a decline of 400,000 apartments and rental homes for families in poverty between 2019 and 2021, according to the National Low Income Housing Coalition, which analyzed U.S. census data. Some of this loss was attributed to the expiration of tax credits, as mentioned by Moody's Analytics.Without longer affordability agreements or new subsidies, approximately 100,000 units of tax-credit housing could expire annually by 2033, according to Peter Lawrence, director of public policy and government. Rent increases following expiration can be substantial, as affordable housing rents are typically 38% below market rates on average, but after expiration, they rise to about the same level as market-rate properties of comparable quality and location, according to a study by Freddie Mac.This situation has left some long-term renters in difficult situations. The Wall Street Journal article shares the story of an 85-year-old renter in California who lives on a monthly income of $1,000 and has experienced minimal rent increases for nearly three decades. However, in 2021, the landlord opted out of the federal tax credit program, causing the rent to more than double, going up to as much as $1,300. Landlords have been major supporters of the tax credit program, and many have built large businesses by operating affordable housing. But without new subsidies or incentives, building owners will likely take advantage of the recent hot market and raise rents to meet the rising costs of maintenance, insurance, and property taxes. The solutions to this looming challenge will require cities and government agencies to work with landlords and developers to encourage investment into affordable housing projects, while simultaneously creating the incentives to do so. It is a complex situation that won’t easily be solved but without collaboration to address the need, it is clear that fewer options will be available. That doesn’t bode well for the future of many who are in desperate need and could end up without a safe and secure place to live.