With all the uncertainties of this year, retail real estate markets in the Northeast held remarkably strong. It’s not like they don’t have any problems. For example, the high cost of construction and limited space to accommodate growth had their impact. But the predominant issue was, and still is, shortage of vacant space for expansion.
Despite this seeming imbalance of supply and demand, the landlords are doing well, as with low vacancy rates and stiff competition for quality space, the rental rates in the Northeast are rising – predictably so.
This situation brings about stability of tenants, especially large retailers, which offers the landlords and investors greater financial security. But there is an influx of strong tenancy seekers of smaller size, with under five locations. They find it more challenging to pay high rents and have to assure the landlords that they have enough dough on their hands to make it in this tough market.
One of the consequences of this selective approach is the extended due diligence period, on both sides. The retailers, in the conditions of elevated rent, make an effort to assure that the locations they choose have the right tenant mix, while offering great demographics, easy access and high visibility.
To expedite this complicated process, large retailers employ fully staffed and quite costly analytical departments, and invest in expensive technological solutions to support this effort. What options are left to smaller players?
Ticon has the answer to this multi-million-dollar question: let us do real estate location analysis for you. Created at the intersection of real estate analytics and traffic counts for retail, Ticon can provide retailers and landlords with reliable, accurate, granular and timely data to answer all the questions they need answered, fast.
We have been working with real estate and retail industries since 2016, and through these years, we have seen real estate companies achieve substantial gains in net operating income through more efficient operating models, stronger customer experience, tenant retention, new revenue streams, and smarter asset selection.
When you are ready to learn how to painlessly apply the benefits of comprehensive data analytics to your real estate business, give us a call.
