Business
CBRE Group analysis: U.S. commercial real estate market improved strongly across all property types in Q2 2014
Los Angeles, 2014-7-9 — /EPR Retail News/ — The U.S. commercial real estate market improved strongly across all property types in the second quarter (Q2) of 2014, according to the latest analysis from CBRE Group, Inc.
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The office vacancy rate declined by 30 basis points (bps) to reach 14.5% in Q2 2014. This was an improvement for the national office market following a 10 bps decline in the vacancy rate in Q1 2014.
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In Q2 2014, national industrial availability1 decreased by 30 bps from Q1 2014, to 10.8%.
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The retail availability rate declined 11.7%, down 20 bps compared to Q1 2014.
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Demand for the nation’s apartment buildings continued to grow with vacancy of 4.4% in Q2 2014.
“Commercial real estate leasing activity in Q2 2014 picked up from the weather-affected levels of the prior quarter,” said Jon Southard, Managing Director of CBRE’s Econometric Advisors group. “The pace of demand can finally be described as good–without the caveat of ‘for this recovery.’”
Office Market
In Q2 2014, the suburbs edged out downtown submarkets with the suburban vacancy rate declining by 40 bps to reach 15.9% while the downtown vacancy rate fell by 30 bps to reach 11.8%. A majority of markets continued to see their vacancy rates fall during the quarter, with rates falling in 45 of the 63 office markets tracked while rising in 15 and remaining unchanged in three.
Although improvement continue to broaden across markets, those with heavy concentrations of tech and energy companies were once again among the top performers in the second quarter. St. Louis set the pace with a vacancy rate decline of 210 bps, followed by Raleigh (-170 bps), (-120 bps), Oklahoma City (-120 bps), San Jose (-100 bps) and Orange County (-100 bps). While reaming well above the pre-crisis levels, vacancies continue to decline rapidly in markets such as Las Vegas, Riverside and Tucson, whose economies are recovering from the housing crisis. Vacancy rates in all three markets fell by 90 bps in the second quarter. Of the 15 markets with rising vacancies, only in two did the vacancy rate rise by more than 100 bps: Albuquerque (+150 bps) and Richmond (+150 bps).
“The office recovery continues to advance with the lack of development in most markets as well as strength in private-sector payrolls continuing to support occupancy growth,“ said Mr. Southard. “Continued private sector job growth will be key for further office market improvement and the strong jobs gains reported for June is an encouraging sign.”
CBRE’s preliminary estimate is for the U.S. office market vacancy rate to fall to 14.4% by year end.
Industrial Market
With the availability rate falling to 10.8%, the industrial market has now seen its recovery stretch to 16 consecutive quarters, and the current level is 370 bps below the cycle high.
A majority of markets continued to improve during Q2 2014, with 40 reporting declines in availability while nine remained unchanged and 12 showed increases.
The declines in availability were led by Fort Lauderdale (-110 bps), Las Vegas, Nashville, and Atlanta (each with 100-bps decreases). The decrease in Nashville more than erases the 70-bps increase reported during the first quarter. Large markets reporting healthy declines in Q2 2014 were Philadelphia (-60 bps), Boston (-40 bps), Los Angeles (-40 bps), Detroit (-40 bps), and Chicago—the nation’s largest industrial market—fell by 30 bps.
“The improvement in the nation’s industrial sector continues as the economic expansion matures and gains more traction,“ noted Mr. Southard. “Following a challenging start to 2014 for the U.S. economy, we foresee more robust growth going forward as business conditions remain fundamentally healthy.”
CBRE’s preliminary estimate is that the national industrial availability rate will end 2014 at 10.7%.
Retail Market
Q2 2014’s retail availability rate of 11.7% was down 20 bps compared to Q1 2014 and now stands 150 bps below the post-recession peak of 13.2%. 41 markets recorded declining availability rates in the second quarter compared to Q1 2014; 22 markets recorded flat or increasing rates.
Tampa, Raleigh, Philadelphia and Charlotte recorded declines in availability rates of at or over 60 bps in Q2 2014. Markets which recorded rising availability rates were Cleveland, St. Louis and Salt Lake City; each of these markets was 40 or more bps higher than in Q1 2014.
CBRE’s preliminary estimate is for the availability rate for neighborhood and community shopping centers to decline to 11.0% in 2014.
Apartment Market
Preliminary data indicates that apartment demand continued to grow in Q2 2014, with the vacancy rate of 4.4%, a 20-bps drop compared to a year ago. The market remains tight by historical standards, with the vacancy rate below the long-term norm. The national apartment demand is now growing at a rate of almost 270,000 units or 1.9% on an annual basis, a pace that is stronger than what the market has seen historically, as well as during the last three years.
Vacancy rates declined in 38 of the 63 markets in CBRE’s coverage. Markets with the biggest year-over-year declines in vacancy (80 bps or more) included Albuquerque, Jacksonville, Sacramento, Riverside, St. Louis, Fort Lauderdale, Atlanta, Cleveland, Las Vegas, Houston, Orange County and Ventura. The markets with the largest year-over-year increases in vacancy (50 bps or more) included Greensboro, Norfolk, Salt Lake City, San Antonio, Birmingham, and Greenville. Markets with the lowest vacancy rates (at or below 3%) included Oakland, San Jose, Portland, Minneapolis, Miami, Ventura, Boston, Providence, Newark, and Pittsburgh.
Effective rent growth continued to improve last quarter, but is still remaining in the 2.5-3% per year range in most areas.
CBRE’s preliminary estimate is that the U.S. multi-housing market vacancy rate will average 4.7% in 2014.
1 Availability is space that is actively being marketed and available for tenant build-out within 12 months.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
GHENT, 14-Mar-2023 — /EuropaWire/ — Franklin Junction partners with Casper, a modern day food hall offering 100% virtual orders for takeout and delivery, to expand iconic American restaurant brands to Benelux and France. Franklin Junction founder, Rishi Nigam, and Casper founder, Matthias Laga, presented their expansion plans at the recent International Ghost Kitchen Conference in Amsterdam, Netherlands.
Franklin Junction has been named to Fast Company’s prestigious annual list of the World’s Most Innovative Companies for 2023 as they continue to deliver innovative technology solutions for restaurants in the US and now abroad. Leading the way with their proprietary Host Kitchen® model, Franklin Junction has grown into a full suite of solution services to empower restaurant success in the digital age. In 2022, Franklin Junction introduced its AI-powered digital food hall that allows consumers to order food and earn loyalty from multiple concepts in a single transaction and delivery.
“As industry leaders driving the growth of American restaurant brands in new markets, we have received a tremendous amount of interest to expand to the European market for a few years now,” shares Franklin Junction CEO Rishi Nigam. “After getting to know Matthias and the entire Casper team over the past year, we have full confidence that they are a trusted partner to expand globally with and we’re thrilled to bring iconic American fare to new diners across Europe.”
Casper launched in Ghent, Belgium and raised €5 million for their Series A in 2022 with the objective of creating a hybrid restaurant and food hall model where customers can walk-in to place orders for takeout or order through digital channels for delivery. In just a short time, Casper has expanded to over 10 locations in Belgium, the Netherlands, and France, with an expansion goal of 50 kitchens by 2024.
“We’re very excited to partner with Franklin Junction and begin by introducing Nathan’s Famous’ authentic New York flavors to our European customers in the coming weeks,” states Matthias Laga, Co-founder and CEO of Casper. “Franklin Junction uniquely understands restaurants, multi-concept food halls, and restaurant eCommerce and their proprietary processes are extremely virtuous for all stakeholders.”
SOURCE: EuropaWire
The Retailer will interview CEOs, influencers, and professional athletes on a weekly basis
New York, New York, USA, 2022-Dec-23 — /EPR Network/ — coop & spree, the New York City based contemporary retailer, has launched a podcast called coop convos, which is all things business, retail, sports and wellness. Coop convos is hosted by coop & spree CEO and founder, Brooke S. Richman, who will interview various business leaders, tastemakers, and influencers in their aforementioned industries. Since Richman is an avid New York Knicks Fan (the Spree in coop & spree comes from her childhood pup’s name which paid homage to former Knick, Latrell Sprewell), she’s even interviewed and secured some former NBA stars.
The Podcast is available on over 10 platforms, and the first episode will likely air February 1st, 202 depending on the rifting process. To date, Richman has secured over 35 prestigious guests and has already recorded episodes with Stephanie Gottlieb, founder of Stephanie Gottlieb Fine Jewelry, Dale Stabler, wellness entrepreneur and co-founder of Sweats + The City, co-founder of the Orro + Theheard apps, and Allan Houston, the 2x NBA All-Star for the New York Knicks, Olympic Gold Medalist, and founder of FISLL,
Notable confirmed guests include Emily Faith Strauss, founder and designer of EF Collection, Helen Hall-Leland, CEO of Blender Bombs and Hustle Smoothie Bar, Alexa Leigh Meyer Mufson, founder and designer of Alexa Leigh, and John Wallace, former NBA star, current investor, philanthropist and New York Knick radio host.
During the start of the pandemic in March 2020, Richman moved temporarily from her NYC apartment to her childhood home in Greenwich, CT, where she learned how to code and created her e-comm website, coopandspreevip.com. Since her Elizabeth Street store in NYC was closed due to the pandemic, she had all her vendors ship her orders to her CT home where she fulfilled them. When she wasn’t opening new merchandise or packaging her clients’ orders, she would use Instagram live as a way to engage with her coop & spree audience, since she no longer could interact with them in person. She decided to start interviewing different designers and influencers, many of whom she knew and many of whom she had never met, and she absolutely loved it. So did her audience. It turned into a weekly tradition and the rest, as they say, is history. Not only did these weekly IG TV “interviews” create much needed connection at a time of unprecedented isolation, but also, they provided Richman, and coop & spree, with a new way of engaging with both customers and vendors.
Coop convos has the same format as Richman’s IG lives, where Richman focuses on each guest’s career path and personal story, in a relaxed format, that seems less like an interview and more like two old friends catching up. While the Podcast’s main goal is to provide valuable and informative insights and resources to those specifically interested in entrepreneurship, retail, sports, and wellness, Richman promises it’s also filled with lighthearted banter and just the right number of laughs.
WEBSITES:
coopandspreevip.com
coopconvos.com
FOLLOW ON INSTAGRAM:
@coopandspree
@coop_convos
ABOUT COOP & SPREE
coop & spree, the brainchild of founder and CEO Brooke S. Richman, first opened in August 2014 in downtown New York City’s Nolita neighborhood as a multi-brand contemporary women’s apparel, accessory, and jewelry boutique. While it was solely brick-and-mortar by design when it opened, coop & spree had to pivot during the COVID-19 pandemic and is now a full-fledged omni-channel retailer with over 70 brands. It operates both a physical store in New York City’s NoHoc neighborhood, via appointment only, and has an e-commerce shopping site. In addition to selling women’s contemporary apparel, accessories, and jewelry, coop & spree has expanded its product offering to include an extensive assortment of children’s apparel and accessories, health and wellness products, paper goods, novelty items and more. coop & spree was just listed this month as a winner on the Inc. Magazine’s Best of Business 2022 list in the “Lean and Mean” category due to its unwavering commitment to philanthropy, specifically to NYC based non-profits which help underprivileged youths in NYC. It’s been featured in publications such as Women’s Wear Daily, The New York Times, US Weekly, Huffington Post, Business Insider and more.
For media inquires:
media@coopandspree.com
NICOSIA, Cyprus, 2022-Sep-28 — /EPR Network/ — ContactPigeon, one of the leading omnichannel customer engagement platforms for retailers in Europe and the USA, expands its operations in Cyprus. By building up a special team of professionals that will be based in the neighboring country, ContactPigeon will be providing its customer engagement services to its cross-industry clients that are operating there. With this expansion, the Greek startup aims to consolidate its reach to the thriving Cyprus market.
Furthermore, ContactPigeon becomes an official sponsor for the 14th e-Commerce Conference that took place in Nicosia, Cyprus on the 20th of September 2022.
The E-Commerce Conference by IMH is a benchmark for the e-commerce industry in Cyprus. With industry experts as keynote speakers and leading businesses as sponsors and participants, the conference presents the upcoming, international trends in the e-commerce sector as well as case studies that provide attendees with valuable knowledge and insights. The 14th E-Commerce Conference is addressed to entrepreneurs, Commercial Managers, Marketing & Communication and advertising professionals, Digital Managers, and also those who are interested to start operating in the e-Commerce sector.
This year, the participants had the opportunity to meet with ContactPigeon members at its booth and learn about the company’s activities and the benefits of its omnichannel customer engagement platform.
About ContactPigeon
ContactPigeon empowers marketing leaders and business owners with the only omnichannel customer engagement platform built for retailers. The platform is designed to deliver perfectly timed and personalized messages for each customer, regardless of whether the point of contact is offline or online. The company has been awarded numerous industry awards and distinctions since 2015 and is also a member of the Pledge 1% corporate philanthropy movement. Its client base consists of hundreds of retailers in Europe and the USA such as Fujitsu, Tommy Hilfiger, GAP, and L’OREAL.
Contacts
Anna Fotopoulou
Content Marketing Coordinator
+30 211 8006178
marketing@contactpigeon.com
www.contactpigeon.com
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