In addition to Progressive Real Estate Partner’s primary focus on the retail real estate market in Southern California’s Inland Empire, we continue to expand our presence to the Eastern San Gabriel Valley (605 Freeway east toward the Los Angeles County line). As a result, I have combined data from this marketplace with the Inland Empire … Continued
I am pleased to share that ten of the Progressive Real Estate Partners team have just returned from a few very intense days at the ICSC Las Vegas Conference which is the largest annual gathering of retail real estate professionals. Our team estimates that we shook hands, hugged, fist bumped, and of course talked and … Continued
I recently had the opportunity to attend and participate as a retail panelist at the RENTV Inland Empire State of the Market Conference. I enjoyed sharing the podium with Matt Magnaghi of Kimco Realty Corporation, Chris Kehl of SRS Real Estate Partners and Todd Huber of Paragon Commercial as we provided an update on the … Continued
I have always found that the Marcus & Millichap (NYSE: MMI) quarterly and annual SEC reports are very informative and, in my opinion, present the purest form of data about the investment sales brokerage business. Reading these reports helps me understand information like average deal size, transactions per broker, expense ratios and similar data that … Continued
If someone tells you with certainty what your retail property is worth in today’s market, you can be confident that they are either naive or not giving you the full picture. Following the 2021-2022 era of record velocity and low cap rates the market is at a crossroads. On one hand, there is not enough … Continued
Unfortunately, it has become all too common for corporate retail tenants to attempt to renegotiate their rent when the lease term is coming due even when the store is a strong performer AND there are options built into the lease to renew at pre-determined and agreed upon rents. This practice has become big business for … Continued
On April 1, 2024, the minimum wage for fast food workers who work at a “National Fast Food Chain” will increase to $20/hour in California. This is a full 25% higher than the current $16/hour for all other workers. This minimum wage is the major provision of Assembly Bill 1228 that was signed by the … Continued
There have been a lot of articles and blogs detailing all the events of 2023. Although it’s always good to reflect back and learn from experience, at Progressive Real Estate Partners we’re more focused on understanding the current environment and looking forward. SoCal’s Inland Empire region continues to enjoy population growth, new housing developments, job … Continued
As the year 2023 winds down, many in the real estate industry try to find some time over the next few weeks for education, introspection, and self-improvement. Along those lines, I’m always on the lookout for good reads and the following are five books that I have personally read in 2023 that I would recommend: … Continued
I’m pleased to share that I recently earned the CCIM Designation following over 200 hours of course work and successfully passing the 6-hour exam in Seattle last month. The acronym CCIM stands for Certified Commercial Investment Member. This designation has been earned by over 25,000 people since 1967 and about 13,500 individuals currently hold the … Continued
Last week, twelve members of the Progressive Real Estate Partners team traveled to San Diego to attend the 2023 ICSC Western Conference. Since our firm is primarily active in Southern California this is always one of our favorite conferences because of the California and overall West Coast focus. Our team interacted with hundreds of our … Continued
After reviewing the 3rd quarter 2023 stats for SoCal’s Inland Empire retail real estate market, it’s clear we’re still enjoying a favorable market BUT I realize how one interprets the information largely depends on their perspective. Included in this graph is the most recent data compared to the 10-year “average” and 10-year “best” stats. Clearly … Continued