I recently had the opportunity to participate in the International Council of Shopping Center’s (ICSC) 2020 Congressional Fly-Out Program. In past years, ICSC has arranged for a group of its members to visit Washington, DC to meet with their elected officials and advocate on behalf of the retail real estate industry. I never participated in … Continued
Explosive industrial development, robust job creation, housing appreciation, record low interest rates, massive infrastructure improvements and substantial growth at Ontario International Airport all contributed to a strong retail real estate market for SoCal’s Inland Empire in 2019 and set the table for a likely positive 2020. Here are just a few recent Inland Empire economic … Continued
I was recently contacted by a Riverside County Economic Development official asking for my thoughts on how the cities in the county can help foster more independent retailers, especially restaurants, to open new locations. He indicated this is a “hot topic” amongst many of the city’s economic development departments. In response, I shared some of … Continued
As we head toward year-end, here’s a snapshot of the latest retail real estate stats for SoCal’s Inland Empire with some commentary about each: Vacancy: Retail vacancy continues to decline. It reached 6.8% as of the end of the 3rd quarter, but that was before Forever 21 announced that it was dumping about 300,000 SF … Continued
Another ICSC Western Conference in the books and this year I had a very specific goal: to meet and talk with as many retailers and tenant reps as possible. Unfortunately, these days I don’t get as much of an opportunity to interact directly with retailers and their brokers so ICSC presented a perfect opportunity thanks … Continued
Although the weather is still hot as we approach the end of summer, leasing activity has certainly cooled down a bit. In 2018, we experienced 5.3M square feet of leasing activity which was a little less than the 5.7M square feet that we averaged from 2011 to 2018. This year we are on track to … Continued
Based upon the vast amount of land throughout SoCal’s Inland Empire, we have put substantial resources into developing our commercial land brokerage business. According to Costar, there are presently 2,038 commercially zoned parcels that are actively on the market in the Inland Empire. In the 12 months ending June 30, 2019, only 272 have sold. … Continued
I googled the term “Sleepy Equity” and I found nothing. I can’t remember exactly when or from whom I first heard the expression, but this is a term that we have discussed at Progressive Real Estate Partners a lot recently. We believe Sleepy Equity is one of the biggest reasons why an investor should consider … Continued
The single tenant retail market is still exceptionally strong as maturing investors continue to sell more labor intensive properties and search for simplicity while deferring substantial capital gains. At Progressive Real Estate Partners, we have had a lot of success both selling some of these more intensive properties and helping our clients exchange into single … Continued
WOW – what a great ICSC RECon this year! The show definitely delivered with a jam packed program of literally something for everybody in retail real estate. Over 30,000 people attended the non-stop 4-day conference. The Progressive Real Estate Partners team was there in force and participated in well over 150 formal and informal meetings … Continued
The 85,000 sf Store is NOW OPEN in Lake Forest, CA Past readers of my blog know that my wife, Lauren, and I enjoy visiting new retailers that come to Southern California AND especially those that are new to the Inland Empire, or likely to open here in the near future. So when I suggested … Continued
I recently had the opportunity to attend an economic development event in Downtown Riverside that highlighted all the hotel, residential and retail activity happening in the area. For me, the high point of the get together was visiting the Riverside Food Lab, the Inland Empire’s first food hall as well as spending some time with … Continued