Philip Ende

Jim Taylor of Brixmor Property Group noted that fundamentals are strong, with minimal new supply in open-air retail spaces for several years, while demand from retailers remains robust in this interview at Nareit’s REITworld: 2024 Annual Conference. https://lnkd.in/eaJsUh7J

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Kudos to Foot Locker in the unveiling of its new format concept today at Brookfield Properties' (enclosed super regional) Willowbrook Mall in Wayne, New Jersey. The new store is more immersive than what we have come to expect, you know, the dreary typical Foot Locker mall store, which usually features its lineup of sneakers stacked six feet high across the two facing sidewalls with a middle section used for trying on footwear and the back for making the purchase. The exciting new retail format features a bold storefront, distinct in-store environment, expanded footwear and accessory selections, an emphasis on sustainability, dynamic digital fixtures, a “drop zone” that pops out new releases, a communal try-on area, elevated brand product displays and a “sneaker hub” for customized options like specialized lacing. It is to akin Broadway showmanship in retail. Even the iconic Foot Locker black and white striped uniform typically worn by store associates will be getting a refresh. Foot Locker plans to roll out the new concept right away in five cities – including the 34th Street flagship in New York City – and will inspire the remodeling of 900 stores throughout 2024 and 2025, with about 100 stores remodeled every quarter, according to Frank Bracken, Foot Locker’s chief commercial officer. This new look is not confined to North America. Additional new store concepts will be introduced in Paris, France; Melbourne, Australia; and Delhi, India in 2024. The retail chain plans to spend roughly $200 million CapEx on real estate this year alone, according to securities filings, and will be expanding rapidly into open-air centers.

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NYC Outer Boroughs Retail Development Gets Comprehensive Upgrade A real estate investment group is capitalizing on the growth potential of a high-traffic retail commercial property in New York City's outer boroughs by launching a comprehensive upgrade. They have enlisted Edwin A. Lee, A.I.A, Architect, to rethink the property's exposure and internal spaces, aiming to inject new urban vitality. The upgrade includes a strategic exterior branding overhaul to create an engaging environment for both the public and retail customers. State-of-the-art urban engagement technologies and advertising strategies will be implemented to captivate the target audience, ensuring the property stands out and attracts a larger customer base. Additionally, new accessible rooftop areas will be developed, serving as multi-functional spaces for various activities. These outdoor areas will enhance the property's appeal and provide valuable communal spaces for the local community. The combination of innovative urban design and interior renovations aims to significantly boost the property's value and income potential, transforming it into a thriving investment. #NYCRealEstate #UrbanRenewal #RetailDevelopment #EdwinALee #ArchitecturalInnovation #CommunitySpaces #RealEstateInvestment #OuterBoroughs #PropertyUpgrade #UrbanDesign https://lnkd.in/emjipHR6

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Manhattan & Brooklyn Experience an Unexpected Surge in Supply and Demand This week brought an unexpected uptick in new supply and contract signings across Manhattan and Brooklyn. In Manhattan, 428 new listings hit the market—a 59% jump from last week, though slightly below the post-Labor Day surge seen in prior weeks. Brooklyn also saw a nearly 10% increase in new listings, with 196 properties entering the market, higher than recent weeks but still below the peak following Labor Day. This increase in listings may be driven by sellers responding to heightened buyer activity, spurred by the Federal Reserve’s recent decision to lower the federal funds rate by 50 basis points earlier this fall. That decision seems to have shifted buyer sentiment, creating a sense of urgency despite a subsequent rise in mortgage rates by nearly 50 basis points in the last few weeks. Some buyers are looking to take advantage of current market conditions, hoping to secure favorable deals in a less competitive environment ahead of a potentially busier spring market while holding the option to refinance as rates are expected to trend lower. Although the recent rise in interest rates has caused some buyers to pause, the impact hasn’t yet been reflected in contract signings. This week, Manhattan saw a surprising 29% jump in contracts signed, with 242 deals—the highest weekly number since May. Brooklyn followed suit, with contracts signed up by 19%, reaching 158—also the highest since May. This surge in buyer activity resulted in the Elegran | Forbes Global Properties Consumer Sentiment Index rising significantly from +20 to +44. Read more: https://lnkd.in/ep4E_nh8 #MarketUpdate #marketcommentary #NYC #nycrealestate #manhattan #brooklyn #forbesglobalproperties Forbes Global Properties #whereyoubelong #mortgagerates #RealEstate #Elegran

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To diversify housing options and address delays in constructing multifamily projects, Greystar has launched Modern Living Solutions, a modular construction business and subsidiary, focused on delivering housing at stable and attainable price points.   My colleague Ryan Souls and I recently spoke with Boston Business Journal about Greystar’s plans to build a modular multifamily complex in Taunton, which upon completion, would be one of the largest modular projects in the state. I am proud to see Greystar using its leadership in the multifamily space in Massachusetts and nationwide to introduce new products for increasing housing production. Recognizing the immense need for housing, modular builds can deliver housing at nearly twice the speed of conventional multifamily projects while keeping costs within a feasible range.     Modular won’t replace traditional construction, but it is a fantastic complement and is a great fit for large project sites and scenarios where housing needs to be built in an accelerated timeframe. It presents us with the opportunity to get “heads on beds sooner,” which has never been more critical, given the housing crisis in the Commonwealth.   I am looking forward to seeing how the development community can utilize modular housing to create a large-scale impact on the U.S. housing supply, and how modular can spur multifamily development in Greater Boston.   Read more here: https://lnkd.in/eJPBFsfu

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Early Supply Drop and Rising Demand Tightens Market Competition Manhattan and Brooklyn saw surprising early declines in available inventory, with Manhattan’s supply down 3% to 6,578 units. While it’s common for new listings to slow, it’s unusual for overall supply to shrink this early in the season. Only 296 new listings were added, 21% fewer than the same week last year, and year-over-year supply is down 7% in the borough, fueling increased competition as buyer demand rises. Brooklyn’s market followed suit, with a 2.5% drop in available apartments, bringing the total to 3,372 units. New listings fell 20% from last week, though overall supply is still 7% higher than last year. Contract signings rose as expected in both markets. Manhattan saw a 5% increase to 197 contracts, 15% higher than last year, while Brooklyn’s signings jumped nearly 19% to 133, marking a 24% year-over-year rise. The Elegran | Forbes Global Properties Consumer Sentiment Index reflected this and rose from +22 to +29. Read More: https://lnkd.in/ewtnfAb9 #MarketUpdate #marketcommentary #NYC #nycrealestate #manhattan #brooklyn #forbesglobalproperties Forbes Global Properties #whereyoubelong #mortgagerates #RealEstate

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Manhattan and Brooklyn Show Seasonal Strength Amid Slower Inventory Growth Despite a slight dip in new listings and signed contracts this week, Manhattan’s real estate market activity remains above levels seen since the end of spring, aligning with the expected seasonal upswing this fall. Inventory rose modestly in Manhattan, with 342 new properties entering the market. However, the pace has slowed, reflecting a 22% drop in new listings from the previous week. Signed contracts in Manhattan fell by 2% to 237 but still represent the second-highest weekly total since the end of June, indicating solid buyer interest. Brooklyn, too, is seeing a similar trend. The pace of new inventory additions has tempered following months of rising inventory, but buyer demand is on the upswing. Signed contracts held steady at 158, an 18% increase year-over-year, mirroring Manhattan’s fall market resilience. Overall, the Elegran | Forbes Global Properties Consumer Sentiment Index decreased from +46 to +43 this week.  While some buyers remain on the sidelines as mortgage rates have increased by roughly 70 basis points over the past month, more are expected to reenter the market after the upcoming election. Sentiment remains cautiously optimistic, with expectations for a robust winter market as some current uncertainties settle. Read More: https://lnkd.in/eTnJg_sz #MarketUpdate #marketcommentary #NYC #nycrealestate #manhattan #brooklyn #forbesglobalproperties Forbes Global Properties #whereyoubelong #mortgagerates #RealEstate #Elegran

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Contract Volume is Steady in Manhattan; Drops in Brooklyn This week, Manhattan’s contract activity remained consistent with last week’s, while Brooklyn experienced a 22% drop in the number of contracts signed. This decline in Brooklyn led to a decrease in the Elegran | Forbes Global Properties Consumer Sentiment Index, which fell from +35 to +22. Despite the dip in Brooklyn, the overall market continues to perform well. Manhattan’s contract activity has remained steady over the past three months, excluding holiday weeks. This week marks the first significant drop in Brooklyn’s contract activity during a non-holiday week, leaving it uncertain whether this is an anomaly or the beginning of a new trend for the borough. On the supply side, Manhattan saw a 1.7% drop, while Brooklyn’s supply remained unchanged. As we approach the last few weeks of summer, with a fluctuating stock market, increased expectations for imminent interest rate declines, and a shifting political climate, the upcoming weeks will be interesting to observe. Buyers currently have a window of opportunity to secure more favorable deals before demand increases when interest rates begin to drop. Read More: https://lnkd.in/ecd9tXNf #MarketUpdate #marketcommentary #NYC #nycrealestate #manhattan #brooklyn #forbesglobalproperties Forbes Global Properties #whereyoubelong #mortgagerates #RealEstate

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Former Bed Bath & Beyond spaces are leasing fast. At one time they had over 1,000 stores and only took quality space. Our latest update on retailers backfilling these spaces is attached. I am pleased Neil Saunders of GlobalData Retail provided me with his observations of the the data. “The rapid take up of the former Bed Bath & Beyond spaces reflects that many of their stores were in good locations where other retailers are keen to expand. It also underlines the continued confidence many retailers have in physical stores.  It is notable that the top three new occupiers are all from the off-price sector, which is one of the fastest growing segments of retail as consumers hunt for great value. By and large, off-price is a concept that needs physical spaces as it does not translate to online all that well.  The transfer of outlets to service functions like pickleball also shows that many shopping centers are expanding into leisure to increase their appeal to consumers. “   Shoutout to StripMallGuy for sharing some of my data yesterday. That guy is a social media god. If you know of a BBBY that has been leased and not on my list, please send to me for my next update. I already found a new Lidl US taking one of their spaces that didn't make my list. Retail SpecialistsRetail Strategies ICSC #retailisnotdead Burlington Stores, Inc.Barnes & Noble, Inc.The TJX Companies, Inc. Lidl USSprouts Farmers MarketNordstrom Real Estate LLC Macy's Planet Fitness Shoutout to Courtney Hall and Ryder Richards for making the report look great, Teamwork !!

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🌟 Celebrating Vincent Ryan, who has been named one of New York Real Estate Journal's "Ones to Watch: Industry Leaders." 🌟 Ryan shares his advice for new leaders, discusses recent projects and challenges, and lists his favorite books and podcasts that provide aspiring construction leaders with valuable knowledge, insights, and tools to excel in their careers and drive success in their projects. Read the full Q&A here: https://bit.ly/3VkfX6U

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As interest from high-net-worth investors return, the sales of shophouses increased by 52.2% in Q1 2024 as compared to the previous quarter. The average unit price also increased by 27.1% in the same duration, from $4,380 to $5,566 psf. Since ABSD rates for foreigners buying residential properties were increased, more interest have shifted to non-residential properties such as shophouses. #sgrealestate #singaporerealestate #singaporeproperty #realestate #housing #realestatecareers #propertybuying #propertyinvestment #skillsfuturesg #upskill

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A Tale of Two Markets: Brooklyn Contract Volume Increases, Manhattan Contract Volume Decreases This week revealed a stark contrast in contract volume between Manhattan and Brooklyn. Manhattan saw a 17% decline in signed contracts, while Brooklyn enjoyed a robust 18% increase compared to the previous week. These contrasting dynamics drove the Elegran | Forbes Global Properties Consumer Sentiment Index from -4 to +20. The shift from “spring” to “summer” in the seasonal adjustment further bolstered this upward trend. On the supply side, despite a significant uptick in new inventory following the previous holiday week, overall inventory continues to decline in both boroughs, as is seasonally appropriate. Read More: https://lnkd.in/eF3SgDHa #MarketUpdate #marketcommentary #NYC #nycrealestate #manhattan #brooklyn #forbesglobalproperties Forbes Global Properties #whereyoubelong #mortgagerates #RealEstate

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Leading into Memorial Day Weekend, Manhattan and Brooklyn saw a notable rise in contract volumes, driving the Elegran | Forbes Global Properties Consumer Sentiment Index up from +18 to +30. Notably, Manhattan had the second-highest weekly contract volume of 2024. On the supply side, the recent wave of listings has subsided, and a reduction in new-to-market properties is anticipated throughout the summer. This trend will lead to a stabilization and eventual decrease in total supply. While some buyers may be preoccupied with summer plans outside of NYC, others will use the season to secure favorable deals with motivated sellers. Read the full update: https://lnkd.in/esU-k4rF Have a relaxing Memorial Day Weekend! #MarketUpdate #marketcommentary #NYC #nycrealestate #manhattan #brooklyn #forbesglobalproperties Forbes Global Properties #whereyoubelong #mortgagerates #RealEstate

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