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A cargo ship stranded inside an Egyptian shipping channel could
prompt companies to stockpile even more surplus goods in the future,
potentially leading to hundreds of millions of square feet of additional
absorption within the already booming industrial sector, experts say.
The accidental grounding of the Ever Given cargo ship Tuesday inside Egypt`s Suez Canal, which handles about 10% of global trade, is reportedly costing the global trade market an estimated $400M an hour in lost value because no ships can pass through the canal — 15 were stuck behind the Ever Given as of Thursday morning — and the situation could take weeks to resolve.... ...more
RSK: It may help the warehouse sector in the long run but if I cannot get my cup of coffee for under $10 I might get a bit "hangry"! AT least as of this date, the front of the ship has been cleared but it will take weeks to get all the back logged ships through the canal and on to their respective ports of call.
Ken Notes: I`ll bet you ten bucks you can`t turn this thing around.... hold my beer...
The sectors that added the most jobs in March hint at just how much the economic reopening might revitalize the US labor market.
Businesses added 916,000 nonfarm payrolls last month, according to Bureau of Labor Statistics data published Friday morning. The reading handily beat the median estimate of 660,000 payroll additions from economists surveyed by Bloomberg, and signaled that partial reopening, improved vaccination, and new stimulus fueled a strong uptick in hiring.
- Sectors with the strongest job gains in March signal reopening will fuel a swift economic rebound.
- Leisure and hospitality businesses counted for one-third of last month`s gain of 916,000 payrolls.
- Hiring in the government and construction sectors improved significantly from the prior month.
RSK: I can tell you first hand that the largest most pressing problem for restaurants is finding help. Our group could not open some of the outdoor seating on a beautiful Easter weekend because of this. Not a lot of incentives for many to go back with covid relief and unemployment money...
An ever-growing consumer appetite for e-commerce has stoked record demand for warehouses and other logistics infrastructure
Despite the COVID-19 pandemic, or, rather, because of it, e-commerce powered a banner year for warehouses and the industrial real estate sector in 2020. ...more
“E-commerce was the trend of last year,” said Carolyn Salzer, senior research manager of industrial logistics at Cushman & Wakefield, the commercial real estate services firm headquartered in Chicago. “It’s been really coming up in the past few years, but the acceleration exacerbated by the pandemic has just set unprecedented levels of absorption and leasing activity.”
In fact, the final quarter of 2020 was the strongest on record...
RSK: And guess what...SE & SC Wisconsin is included in part of the Chicago distribution area.
Ken Notes: This will continue to get more local as e-commerce moves to even larger items and competes in appliance and auto markets. Also watch for a "pick up center" rather that to you porch. This will be driven by cost but Amazon and others will blame crime and will have hundreds of "ring" videos to prove they are justified.
Join us April 22 from 4 - 6
Refreshments on the Square
Special Viewing of 2 & 8 S. Carroll Street
Hosted by Heather Ewing, CCIM | ABSTRACT Commercial Real Estate & Vic Villacrez | Hovde Properties... ...more
Dick’s Sporting Goods has gone experiential.
The nation’s largest sporting goods retailer will debut a new
concept, called Dick’s House of Sport, at Eastview Mall, in the
Rochester suburb of Victor, New York, on April 9. Described as a place
to “connect and play,” the 100,000-sq.-ft. store offers customers a
hands-on shopping experience and features a rock-climbing wall, a
high-tech batting cage and a 17,000-sq.-ft. outdoor turf field and
running track where Dick’s will host sports events. The field will be
open year-round for customers to use and will boast an ice-skating rink
in the winter....
RSK: A sure sign that things are slowly coming back to a somewhat normal retail shopping experience. Kudos to Dicks on this one.
Ken Notes: This is brilliant if you have the space. Also Ralph and I have been preaching destination retail long before the pandemic. I see a Dicks Sport Bar in the very near future...
Heather Ewing - 608.239.4781 - Heather@ABSTRACT-CRE.com ...more
The coronavirus pandemic has spurred commercial real estate professionals to change their tune about working remotely, with some recognizing for the first time the productivity it allows and many valuing the flexibility that comes with it, but access to the office remains a high priority for many.
Bisnow surveyed 1,200 commercial real estate professionals about their own preferences to gauge how people feel about returning to the office, how ideas around company culture have evolved and what working life could look like in the future.
The largest share of respondents — 45.8% — said they think employees should be allowed to work from home multiple days a week even after the pandemic is over... ...more
RSK: Excellent survey...for me I have no qualms about going back...but then again I never left and I am fully Vaxed...
As businesses around the world grow more familiar with the pros and
cons of remote work, their commitment to the office is deepening.
Multiple surveys conducted in the past month indicate that
office-using companies do not intend to shrink their footprints. Only
17% of CEOs surveyed by KPMG reported any intent to cut back on office space, down from 69% in August, Reuters reports. A survey of accounting firms
by the American Institute of CPAs found that 72% plan no change in
their office usage against 20% that plan some sort of reduction, with 7%
planning to grow their footprints... ...more
RSK: Again, if workers want to come back to the office they want to feel secure and that means more separation and safety standards. Meaning, office space may have less people on any given day but will need the same amount of space. The new trend of Hob and Spoke for offices is not taking off as I had thought...very interesting.
Shoppers miss the physical, human side of shopping in-store following a year of COVID-19 restrictions.
That’s according to research by design agency ChaseDesign, which found that 78% of U.S. consumers plan to shop more in-store this year than before. Forty-two percent said they miss able being able to touch and feel products — and 63% miss getting out of the house.
To create a positive in-store experience for the consumers, retailers must ensure there is an inviting in-store atmosphere (54%) and employ believable, knowledgeable staff (50%) to meet consumer expectations, according to the study. There are some stores that are already leading the way when it comes to in-store experience such as Target, which was ranked No. 1 by research participants, with Walmart a close second... ...more
RSK: Good for Target. I bet Kohl`s is right up there too.
Milwaukee isn’t different from most Midwest cities: The COVID-19 pandemic has upended life here, with kids attending school remotely, businesses working under capacity restrictions and municipal leaders trying to coordinate the distribution of vaccines to a population hungry for normalcy.
And the commercial real estate market here? It’s changed, too, during the last 12 months. But the good news is that Milwaukee and its suburbs have proven resilient during these challenging times. Yes, leasing activity has slowed. Retailers have struggled. And offices in the city’s CBD largely remain quiet... ...more
RSK: I think Tom Irgens hits it on the head. People will be returning to the office culture as that is where real ideas and collaboration happen...they just want to feel safe. I know I am more productive in the office than in my home office. I don`t have the CRE Newshounds bugging me for a pet or attention...although I am more relaxed at my home office however.
Students who once shopped at a downtown mall in Burlington, Vermont, are now attending high school in the former Macy’s department store, with gleaming white tile floors and escalators whisking them to and from classes.
The Downtown Burlington High School opened March 4, about six months after school administrators closed the existing school, just under 2 miles away, because toxic industrial chemicals known as PCBs were found in the building and soil during renovations. That left students stuck at home learning remotely for much of the school year during the coronavirus pandemic.... ...more
RSK: Wow, weird but cool is right. This is one use for old big boxes and or portions of vacant malls. Macy`s should have kept a kiosk or smaller store in the building since you have 4,000 teens trapped for the day...
As golf fans shift their gazes this week toward the majestic Augusta
National golf course and the Masters Tournament, in Chicago, the game`s
many courses are apparently lodged in a bunker.
Golf courses in the Chicagoland suburbs are selling quicker than at any point over the last decade, according to CoStar data — further evidence of the sport`s long-term decline and winnowing popularity with young people.
But buyers are lining up from a rather surprising sector of real estate: industrial.. ...more
RSK: Several things going on here. First the usual NIMBY...Not In My Back Yard, secondly the need to use the land for the highest and best use and thirdly the tax revenue. I`d be curious on your take on this. Drop us an email r text. Glad to see two of the three worked out. But there will be more. Just like Madison`s Glenway Golf Course and a few others.
Ken Notes: I have said before it is always the third owner that makes money on a golf course. Erin Hills is my favorite example. I feel sorry for Mr. Lang...
Mid-America Real Estate - Wisconsin, LLC offers the same high level of service in property leasing, asset management, tenant representation and investment sales for which Mid-America has become known.
(Bloomberg) -- Quintessential mall stores from Macy’s Inc. to Kay Jewelers to Gap Inc. are plotting out a post-Covid future -- and traditional shopping centers won’t play as much of a role in it.
Signet Jewelers Ltd., which owns chains such as Kay and Zales, said this past week it will expand in off-mall locations while continuing to pull back from the old-school gallerias where it has long had a major presence. The company also plans to add more kiosks in underserved markets.
The move brings “an opportunity for a better economic model,” Joan Hilson, Signet’s chief financial officer, said in an interview. “The foot traffic for off-mall locations is better than what we’re seeing in the mall, certainly in this time. It’s really important, and we see that shift continuing.”.. ...more
RSK: Kohl`s figured this out years ago as did Target, TJMax, etc. The good news is retail still wants brick n mortar but not in restrictive malls.
Last year, one in five North American coworking locations either closed down or changed hands, according to a January report by coworking listing site Upsuite, leaving landlords to deal with a 25M SF fallout.
Many coworking and flex office operators fill their spaces with large, open floor plans, surrounded by offices as small as 80 SF. Their build-outs can cost up to 25% more than a traditional office takes to construct, experts say. The money landlords spent to attract Regus, WeWork and others, only to have them give up their spaces, has turned into a sunk cost... ...more
RSK: Again, workers will not want to use office or co-working space unless they are fairly assured it is safe.
Tech companies leased more office space than any other industry last year although both the aggregate square footage they leased and their share of total office leasing declined from 2019 levels. Total U.S. office leasing activity decreased by 36% year-over-year in 2020, with tech leasing down by 48% to 26 million sq. ft. Although tech’s share of total leasing fell to 17% from 21%, it has remained the top industry for office leasing since 2013.
New transactions representing expansions and relocations dominated the top 100 office leases by tech companies last year. Most of them were in Seattle, Manhattan, Washington, D.C. and Atlanta and involved software, e-commerce and tech business services companies. These 100 transactions represented 57% of total tech leasing and averaged 149,000 sq. ft., compared with 53% and 251,000 sq. ft., respectively, in 2019... ...more
RSK: And why wouldn`t they be? It is the fastest growing sector and Tech is needed everywhere.
Declines driven by massive heights reached during last year’s pandemic panic buying, says Placer.ai
“The large year-over-year declines are being driven by the massive
heights that these same grocery brands saw in the early weeks of the
pandemic when consumers were afraid of not having enough key items,”
said Ethan Chernofsky, vice president marketing at Placer.ai in a blog post.
“But 2021 is going to be mired in the unique challenge of trying to
make sense of certain sectors in a world where year-over-year data could
be heavily misleading.”...
RSK: I have seen less people at Hy-Vee lately but then again I go during my lunch hour before I workout...not exactly prime time.
Ken Notes: ANY year over year comparisons to 2020 will be skewed why are we even looking....
Charming space with wood floors, tin metal ceiling and abundant sunshine located on iconic State Street. Some of the highest pedestrian foot traffic in the city! Nestled amongst experiential retailers such as The Overture and The Orpheum Theater and strong retailers such as Goodman`s Jewelers, Red Square Flowers and more. Pocket windows for highlighting retail and a small office with sink/plumbing for convenience. Nearby ramp parking.... ...more
Following a year of record store closures amid the coronavirus pandemic, some retailers are now hatching big plans to expand their brick-and-mortar footprints in the United States.
According to a recent study by Coresight Research, U.S. retailers have announced a collective 3,344 store openings for 2021, or about 39.5% more openings than announced at the same point in 2020. That number also eclipses the 2,649 store closures announced so far this year.
Comparatively, last year saw the permanent shutdowns of 8,953 retail outposts — nearly triple the 3,307 new locations tracked by the market research firm for the year... ...more
RSK: Some good news on the horizon for retailers and consumers alike.
articles about Amazon building here and Amazon building there. I’m not
sure any of us really fully understand the implications because it’s
happening so so fast,” the resident of one such neighborhood said.
Malls that buckled due to e-commerce or suffered during the pandemic are being given new life by the very entity that precipitated their decline — Amazon.
Over the last several months, the retail giant has gone on a shopping spree of its own, buying up disused malls across the country and turning them into distribution centers...
RSK: I believe Ken and I called this years ago...Amazon shrinking the last mile.
WeWork, the coworking leader that had grown rapidly prior to its failed IPO in 2019, is now going public in a deal that could have major implications for the office market.
The company announced Friday it will go public through a merger with BowX Acquisition Corp., a special-purpose acquisition company, or SPAC, in a deal expected to close in the third quarter of this year that values WeWork at about $9B.
The deal provides a new influx of capital to WeWork at a time when it has been shrinking its office footprint. WeWork had exited 106 pre-open and underperforming locations as of December, the company said in its announcement. Following those exits, WeWork has 851 remaining locations... ...more
RSK: The jury is still out for me on WeWork. Yes, they have tightened the ship but still have many obligations in a down office market. The best thing for them is going public, where they will be held more accountable by the public and their board of directors.
High Point Office Park is an 11-building, 217,418 square foot office park located in one of Madison, Wisconsin’s finest western locations.
Ever since Mental Floss debuted in 2001, we’ve been keen on covering some of the biggest, boldest, and best inventions from the brightest minds out there. We’ve seen the rise of iPhones, digital currency, and self-driving cars.
We’ve also seen the 20 ideas below, which may not have changed the world but nonetheless piqued our curiosity. Take a look at 20 inventions that deserve recognition for being both innovative and extremely weird... ...more
RSK: OMG! My fun wild and crazy post of the week....check out #20 guys if you are a golfer...I prefer the woods myself. (Pun intended)
Saladworks is doubling down on the concept of ghost kitchens.
The fast-casual salad brand has partnered with Ghost Kitchens Brands in a deal that will double its footprint across the United States and Canada. The agreement will bring 60 non-traditional Saladworks locations to the U.S. and 30 to Canada by the end of 2021.
Many of the new locations will be inside Walmart stores and offer some seating. All the locations will offer carry-out and third-party delivery. ...more
RSK: Ghost kitchens work well for fast casual but not so great for other types. Not sure we will see one here in Madison for awhile but I believe we are a good market for this concept with our demographics and health conscious people.
Amazon has issued new guidance on its return-to-work plans that indicates it doesn’t plan to ditch its offices anytime soon.
The company expects some of its employees to start coming back to the office as early as this summer, Amazon said in a memo to employees on Tuesday. Most of the company’s staff will likely be in the office by the fall.
The plans signal that Amazon doesn’t intend to follow in the footsteps of other tech companies, by allowing employees to continue to work remotely or via a hybrid model. Microsoft, Facebook, Salesforce, Twitter and Square have all embraced the possibility of more remote work after the pandemic.
said it expects some employees to begin transitioning away from remote
work this summer, with most of its staff back at the office by the fall.
plans signal that Amazon is betting on a return to office-based work,
unlike some of its tech peers which have told employees they can adopt a
fully remote or hybrid work schedule.
RSK: Compared to other tech Companies I think Amazon is more hands on the many others. On the other hand I am sure they will offer WFH as a partial option and a hybrid.
Walgreens is getting into the digital-banking-as-a-service business.
The drugstore giant is teaming up with global payments technology InComm Payments to provide its customers with digital bank accounts at MetaBank. The accounts will include a Mastercard debit card shoppers can use in-store and online and allow them to earn cash rewards on all purchases as part of the new myWalgreens customer loyalty program launched in November 2020.... ...more
RSK: Again this shows the power of great real estate locations and plenty of them. If you have that you can market just about anything...which Walgreens is obviously doing.
NEW Mixed-Use Development, BTS with venting chase in place, patio space, > 17,100 VPD, 10:1 Parking Ratio (with 3 access points). Built-In Customers, new Veridian neighborhood (over 650 homes) directly behind. Top Tier demographic beckons stand-out retailers such as Lone Girl Brewery, Buttercup Beauty, Anytime Fitness, Dunkin Donuts and convenience around the corner with Kwik Trip and Walgreens... ...more
Other Events Still on hold - email@example.com...
View the 2019 Deal of
the Year Awards presentations here.
Congrats to all the winners and nominees.
Announcement: CBG has cancelled all meetings and activities through 2020, including their famed Holiday Gathering. See you next year hopefully.
Drive-Thru opportunity (6 stack), dual Signage
opportunities, strong demographics and flexibility. Build-to-Suit with
In/Outdoor Patio Space. Easy access to Verona, Hwy. 12-18 and downtown
Madison. Over 40,000 VPD with a 10:1000 Parking Ratio. Strong Retail Mix
with Barriques, Burn Bootcamp, Subway, Star Nails, HyVee, Target and
more. Meticulous property. Construction planned for Fall/Winter 2020... ...more
local real estate analyst predicts that New York City’s long-running exodus, which precedes the COVID-19 outbreak last year, will end in April.
“Fewer people are leaving the city and more are returning,” reports Nancy Packes Data Services, following a study conducted with Eastdil Secured.
Those two trend lines will finally cross paths this month, when the number of households moving into New York City should exceed the number leaving for the first time since at least January 2019 — the first month cited in the report.
Departure rates out of New York quickly accelerated in March 2020: 89,221 households split town amid COVID-19 fears, more than doubling the number of the previous month, while only 47,718 moved into the city.... ...more
RSK: It probably already has ended, but many who have left will not be returning.
Chipotle’s new program offers degrees in related fields like
agriculture, culinary, and hospitality to employees that have worked for
more than four months
Chipotle Mexican Grill announced Thursday that the fast-casual chain
would begin offering debt-free college degrees for employees in related
fields, including agriculture, culinary, supply chain, and hospitality.
The program — which is open to all employees that have worked at the
company for at least four months — offers 100 different degree options
at 10 universities including the University of Arizona, Southern New
Hampshire University, Wilmington University, and the University of
RSK: This is the wave of the future especially for hospitality and Chipolte is ahead of the curve. Just so hard to find employees to work in these fields. Other industries will follow soon. The caveat being will the workers have to pay taxes on the amount spent for education like payroll? No one has mentioned that worm rearing it`s ugly head.
Mall vacancy rate in the United States rose from 10.5% in the fourth quarter of 2020 to 11.4% in the first quarter of 2021, according to Moody’s Analytics.
The fall of 90 basis points is the highest decline ever recorded in the sector, surpassing the 80 basis point slide recorded in the first quarter of 2009 during the Great Recession.
Malls all across the U.S. were impaired by shutdowns and stores closed by bankrupted retailers such as Neiman Marcus, Brooks Brothers, Lord & Taylor, and Modell’s Sporting Goods. Movie theater chains like AMC and Regal have re-opened, but only to limited, socially distanced audiences. Butler Enterprises announced just this week that the Regal Cinema at its massive center in Gainesville, Fla., would be re-opening on April 23.
RSK: Not surprising and many a mall will have to repurpose. The land is more valuable than the structure in many cases.
Ken Notes: There has to be a reason to visit the mall, what is the experience vs. online, see the Dicks article...
Electric vehicles are coming to a charging point near you, and they are coming sooner than you think thanks to government, which says fossil fuel car sales will be phased out by 2035, and to consumer pressure.
Knight Frank have looked at what this means for UK real estate. These are the three key takeaways.
1. Workplaces: Your Tenants Will Like You...
2. Retail: EV Charging Could Help To Rescue Your Shopping Centre...
3. City Residential: You Can Taste The Difference...
RSK: The negative and one reason you may not want to comes down to this; Who is going to pay for all that electricity?
Ken Notes: It is all about the range...
As lockdowns ease, Regal Cinemas will reopen in the U.S. after six months of being shuttered.
The movie theater chain owned by Cineworld, is set to reopen around 500 locations on April 2 at limited capacity based on local guidelines. In most cases, attendance is capped at 25% to 50%.
- Regal Cinemas will reopen around 500 locations in the U.S. starting April 2.
- The movie theater chain has struck a deal with Warner Bros. to show its 2021 movies day-and-date and to secure a 45-day window for films released in 2022 and beyond.
- Regal reopens as New York City and Los Angeles loosen restrictions on movie theaters.
RSK: This is another boost for the economy especially Restaurants... dinner and a movie anyone!
767 to 13,000 square feet available to lease now
Lakeside Shopping Center has excellent exposure, easy access to and from, and a high traffic count daily. Short term lease options are available and negotiable. The end cap old Ace Hardware store exists currently with 7,500 s.f. with potential for additions and is equipped with a full mostly finished 13,000 s.f. basement, commercial elevator, loading bay, and outdoor fenced area. Also, multiple small retail/office suites are available, potential Landlord build out available based on strength of tenant. Contact Opitz Realty today to learn more. ...more
An internal survey found 70 percent of the company’s workers want a hybrid work environment in the future.
Tech giant Microsoft plans to allow more of its workers to return to its Redmond, Wash., headquarters next week, but also found that the majority of its staff wants to be able to work from home some days in the future. ...more
Microsoft announced in a blog post on Monday that its headquarters will have a “soft open” starting on March 29 and allow non-essential staff to come back if they want as coronavirus vaccination rates continue to rise. As part of the reopening, employees will be required to social distance and wear masks at work...
RSK: It is the beginning. Many will take a wait and see attitude to see how these things turn out. But the migration has started.
J.C. Penney is almost finished with its store closures.
The retailer, which exited bankruptcy in December after being acquired by Simon Property Group and Brookfield Management, said in May 2020, that it planned to shutter about 242 locations in its then 845-store portfolio. Since then, it has closed some 156 stores. In a report by USA Today, Penney said it will close 18 stores on May 16.
“Our go-forward store count is 672,” the retailer said in a statement to USA Today. "There are no additional store closures planned at this time."... ...more
RSK: No closings in Wisconsin.
It seems like every day a new company announces that they will be returning to the office. But even when they do return, it is becoming clear that the workweek will continue to look different from the old model: the Monday to Friday 9-5. Harvard Business School professor Ashley Whillans suspects that in 2021, the workweek won’t be completely remote or completely in person. It’ll likely be a mix of both, in the shape of a “3-2-2” week. That’s three days in the office, two days of working at home, and two days of rest... ...more
RSK: The impact of this is good news for office buildings.....if workers want more private and safe workplaces that means the average office space most likely will not shrink per person....it may even expand. What do you think of the 3-2-2 work week?...
Here’s more proof that luxury real estate in Manhattan is rebounding.
A new report indicates a 60% increase in contracts signed on luxury homes in the Big Apple during the first quarter of 2021 as compared to the same pre-pandemic time period in 2020. The findings, released Monday from Olshan Realty, suggest that buyers are banking on Manhattan`s comeback....
RSK: Once you live downtown you will always migrate back!
Many in the commercial real estate industry are speculating whether 2021 may finally be the year that the U.S. Congress funds a bipartisan comprehensive infrastructure plan. Ambitious proposals before U.S. Congress would modernize roads, bridges, ports and more—and conceivably serve as a strong economic stimulus. The CRE community may have plenty of reasons to get behind these goals.... ...more
RSK: The problem with this is...the massive infrastructure bill does not really have much money for what many feel is actually infrastructure.
As a cost- and time-saving technique, modular construction
has long had a great future ahead of it. Arguably, it still does, with
off-site manufacturing of essential building components a useful
strategy for some projects in a time of projected construction labor
shortages and higher material costs.
Yet obstacles remain. Even before the coronavirus pandemic,
modular construction suffered from lingering and generally outdated
recollections of cheap prefab components or the early days of the mobile
home industry, according to builders who use the technique effectively.
Then the pandemic hit, knocking the construction industry for a loop,
and with it modular construction, especially its use for building
RSK: Plenty of pros and cons for modular construction. Just will take the developers and public to accept it for what it is. With all the new tech out there, such as 3D printing coming of age, I am betting it will gain ground. I could see it for a vacation home myself. Also may help the housing situation for homeless, single parents, retirement flats and low income housing. Keep an on this...
Careers in Commercial Real Estate Q&A Panel
April 13 @ 4:00 pm - 5:15 pm
Do you know students who are interested in Commercial Real
Estate? If so, this is an opportunity to get their questions answered by
inspirational industry leaders. They will discuss perspectives from
brokerage, investment, finance, and property management. Students will
have the opportunity to interact in breakout rooms and gain insight into
what a future in Commercial Real Estate may hold. Register today and
learn more about this fast-growing industry in Wisconsin!
When: Tuesday, April 13 at 4 PM
Commercial Real Estate Resources:.........
REALTOR CV Addendum:
Ken Notes: Thank you Tracy Johnson President and CEO of CARW for keeping me in the loop. Note CARW events have all moved online and I have not found another organization that has reacted as effectively as CARW to the new realities....
Demise to 1500 SF OR Co-Working Space
Start small! Demise to 1500 SF or utilize space as
a Co-Working Hub for 8 Businesses. Plenty of Parking with bike access
via Seminole and ease of west/east travel via Hwy. 12/18 with the new
Verona Road interchange. Walk out your door and enjoy various lunch
options such as Barriques, Subway or Funk`s Bar & Grill. Visit
Hy-Vee, Target, The Healthy Place-Apple Wellness for essentials on your
drive home. Over 40,000 VPD with great visibility and signage
Vacant-Was originally built out for the occupant for the past 10 years, until retiring as a family counseling and psychological practice. Signage available directly on Monona Drive on monument sign. Two offices with lots of windows. Breakroom and reception area. Ready to move your business in today! Tall ceilings. Steps from the elevator. ...more
The urban workspaces of the future are going to see more personalization, more automation, and more focus on health and wellness.
You have a couple options for your early morning commute. There’s the train or the company rideshare. But you have to drop your kids off at school, so you take the car. Once you’re in the city, you park in the firm’s smart garage, which directs you to an empty space. ...more
The air seems cleaner and healthier in the office. A quick glance at your phone tells you your desk assignment for the day, what section of the building you’ll be in, even the room temperature. The area is too cold so you turn the thermostat up. Another tap and you have a list of colleagues who are also scheduled to be in. It’s been weeks since you’ve seen some of them so you’re eager to catch up...
RSK: I have to agree with the sentiments that because of social distancing, office space needs will remain steady and not shrink as some think because of work from home. Those who return will want the safety factors.
Great location on the Capitol Square surrounded by long-term tenants such as Cooper`s Tavern, Septi Fitness, Fromagination, Genna`s Lounge, and more. Simple changes will expand this open concept with kitchen area and reduce build-out costs as the restroom is already installed. Nearby parking garage and easy access for bicycle and bus transit. Be amidst new development projected for the Square and Judge Doyle Square. Additional Lower Level is 2790 SF at $21/SF NNN. ...more
The major players in the New York City coworking market have buckled under the stress of the coronavirus pandemic, giving back millions of square feet, needing cash infusions or restructuring.
But Knotel, IWG and WeWork all appear poised to exist in a post-Covid landscape where workplace flexibility is expected to be key. Smaller operators — the backbone of the coworking industry — have a far less certain future. Unlike the giants of the coworking world, these entrepreneurs do not have a cash cushion or an institutional real estate name to break their falls.... ...more
RSK: A lot of downsizing and the small operator suffers the most.
The Ever Given ship has been freed from the Suez Canal, but its impact on global supply chains in the coming weeks and months is just beginning — and like the ship itself, the impact is expected to be massive.
That’s according to a report by Dun & Bradstreet, which said that the disruption will have continued ramifications for global supply chains in the week to come as global trade resumes, goods start to be unloaded at destination ports and suppliers look to replenish shortfalls in essential materials that threatened downstream production and manufacturing of consumer goods. ...more
RsK: From coffee to a tiny electronic part for automotive this will take some time to replenish stock. Many will start to warehouse more product and not rely on Just In Time (JIT) supplies for production.
Google, one of the first major U.S. companies to send employees home last year because of the coronavirus, is setting new remote work guidelines as it speeds up plans to get staffers back to the office.
As millions more Americans get vaccinated by the day, Google is accelerating reopening plans in some parts of the U.S. on a volunteer basis ahead of the Sept. 1 return deadline, according to internal documents viewed by CNBC. Offices will reopen in a limited capacity in April based on vaccine availability and a downward trend in Covid-19 cases.
- Google employees will begin returning to offices in a “limited” capacity in April, according to a memo on Wednesday.
- If after Sept. 1, employees want to work remotely for more than 14 additional days per year, they will need to formally apply.
- Google advised employees to get the Covid-19 vaccine but said it’s not mandatory.
RSK: The worm is turning. More and more companies, especially tech, are wanting employees back in the office for collaboration and better productivity. Of course, employees want to feel safe which may mean more office space to keep the separation...
Enjoy the Best of Both Worlds at 700 East. Located
between State Street and the eclectic serenity of E. Johnson. Enjoy
favorites such as Robin`s Room, Macha Tea, Salvatore Tomato Pies,
Vintage Brewery, Festival Foods, Kemet and more. Just when you thought
it couldn`t get any better, it does! Greater exposure built-in with 61
beds, a gorgeous rooftop terrace with grills, and underground parking.
Thirty high school students from Friendship Collegiate Academy and Friendship Tech Prep Academy in Washington, D.C., are completing Project Destined, a 10-week course that teaches them about opportunities in commercial and residential real estate developments... ...more
RSK: Here, here! There should also be a required economics study as well. Maybe some of the trades too like electrician, plumbing etc. so kids can have a choice if they want to go to college or to a trade school.
More than a year after proposing a plan to roll out dine-in-focused lifestyle stores, Taco Bell is tweaking its store development plans.
The Irvine, California-based fast-food chain said Tuesday that its next 1,000 restaurants will be modernized with features that reflect growing consumer demand for convenient, contactless ordering, a trend accelerated during the pandemic. New format stores will feature order-taking bellhops at the drive-thru and kiosk-only ordering. Modifications are also being made to the chain`s dine-in-focused Cantina concept...
- Three Taco Bell stores have been modified into the chain`s new small-format Go Mobile design.
- The chain says 1,000 `bellhops` with iPads will take orders at drive-thru lanes throughout the US.
- A Cantina store, originally geared for dine-in, has added a drive-thru lane due to the pandemic.
RSK: Good idea with the Bellhops. Chick-Fil-A has been doing this before the pandemic to expedite things. Bellhops can be used where zoning laws do not allow for drive thru as well.
Incredible Pedestrian Counts
Located on State Street, just blocks from the
Capitol Square, this space is ideal for a mid-size retailer with
approximately 1,870,410 pedestrians annually. Great frontage with
abundant natural light, contains 804 SF at grade and 2000 on second
floor. Kitchen area with dishwasher on 2nd floor. Restroom with shower.
The former Steep & Brew Coffee offers an outstanding retail mix
including Potbelly, Colectivo Coffee, Urban Outfitters, Summit Credit
Union, Five Guys, and more. Nearby ramp parking. Available May 21,
With the largest Real Estate Practice of any law firm in Wisconsin, Reinhart offers clients custom-tailored real estate insight.
Charming space with exposed brick, high ceiling, partial hardwood flooring, and abundant sunlight leads to a large outdoor patio. Ideal location for a breakfast operator or cafe, restaurant, or a creative design/decore firm. Enjoy density in a relaxed environment with 5:1000 parking. Co-Tenants include Lone Girl Brewing Company, Orange Shoe, Edward Jones, Knight Barry Title, Medispa and more... ...more
How are Americans moving since the onset of the pandemic? And how are these patterns affecting the office and retail landscape?
download our latest whitepaper to:
- Uncover cross-state migration patterns
- Analyze migration shifts at the CBSA-level and their effect on regional retail and office distribution
- Reveal county-level migration trends and their impact on the local workforce and commercial real estate...
RSK: Very interesting...a bit long but worth the read.
Covid-19 has driven
down Americans’ demand for senior care facilities. Building support for
more elders to remain at home requires systemic changes.
Regina Smith has dedicated her career to keeping seniors out of nursing homes. A geriatric social worker at an adult day care network in Indianapolis, she strives to provide services that can help people live independently. ...more
But Ms. Smith’s expertise didn’t keep her own mother from a nursing home — or prevent the worst from happening when the pandemic struck last year...
RSK: As Americans live longer the effects on many sectors becomes greater. Housing and health care being the top 2.
Consumers across the globe spent $900 billion more at online retailers in 2020 compared with the prior two-year trend, according to a report released Tuesday by the Mastercard Economics Institute.
Shoppers are heading back to restaurants and returning to stores to buy clothes and shoes in person...
- Consumers across the globe spent $900 billion more at online retailers in 2020 versus the prior two-year trend, according to report from the Mastercard Economics Institute.
- However, the significance of online sales beyond the Covid pandemic will depend on the retail sector and how consumers prefer to shop.
- Grocery and discount stores are likely to see the most dramatic and lasting shift to e-commerce beyond the pandemic, especially since online sales drove a smaller portion of their overall sales before the crisis, the report said.
RSK: You can feel the ground swell already...let`s hope it continues.
After six months of closed theaters and an
operating loss $2 billion, Regal Cinemas will be re-opening some 500
theaters beginning this month. Attendance will be capped at between 25%
and 50% of capacity, depending upon location.
The next largest chain in America after AMC, Regal
operates 7,211 locations in 42 states. After the outbreak of the
pandemic, Warner Bros. announced it would release all its 2021 films
simultaneously in theaters and on HBO. Regal’s owner, Cineworld, made an
agreement to abide by Warner’s earlier pledge and will therefore be
opening theaters and showing Warner Bros. pictures... ...more
RSK: This is a good sign for retail and hospitality.
The surge in online shopping has developers looking for acreage, and the links-to-logistics conversion is proving to be a winning move.
Golf has enjoyed a minor renaissance in the U.S. during the pandemic—after all, it’s an outdoor sport, and it’s relatively easy to keep socially distant while playing. But it’s still not as hot as the warehouse boom... ...more
RSK: Hate to see this happen but if a golf course closes there needs to be some use for it. I would think zoning laws in Madison would not let this happen but rather a mixed use development instead.
ENJOY OUTSIDE with TWO PATIOS!
Stunning Newer 3-Story Mixed-Use property at the
doorway to Maple Bluff! The property has three spaces available.
Fantastic Endcap (3126 SF) with abundant sunlight, beautiful glass walls
for maximum visibility and dual signage. Enjoy not one but two
adjoining Patios! One section is covered facing McBride Park while the
other patio section is open and located at the flatiron. Avoid inclement
weather with covered parking next to the space and additional
availability in the parking lot. Utilize the chase for convenient
kitchen build-out. Bring your own GC or ownership can build-out for you!
A generous TI Package applies. Further Amenities for
Tenants/Employees include: a Rooftop Terrace, Community Room, and
Underground Parking. Inline space (516 SF) is great for a Retail or
Office use. The property is professionally managed and manicured with
over 70 potential customers built-in and approx. 14,490 VPD...
With over 350 experienced real estate professionals, Knight Barry provides exceptional support and service. Visit our website for more information about our 50+ commercial and residential offices throughout
Wisconsin, Michigan, and Minnesota.
MADISON: 2450 Rimrock Road, Suite 204, 608-255-2700
CAP SQUARE: 44 E. Mifflin Street, Suite 101, 608-255-2700
Lee, the founder of Lee & Associates, died Monday night from
complications of cancer, the company announced Tuesday. Lee was 78 years old.
fostered and maintained incredibly close personal and business
relationships with Lee & Associates professionals, including his
abundant support in our efforts to continue the growth of our company in
his entrepreneurial vision,” Lee & Associates CEO Jeffrey Rinkov
said in a statement... ...more
RSK: As the song goes we lost "One Of The Good Ones"!
In the coming days, Vernell Stewart is set to realize one of her lifelong dreams. Her business, Sweet Tea Factory, is preparing to open its first physical location after eight years of selling tea online, distributing to grocery stores and with a mobile beverage truck.
The tea shop is scheduled to open this weekend in a kiosk at the Tanger Outlets mall in Savannah, Georgia, while it builds out a 1K SF retail space in the mall Stewart plans to open June 1. Stewart, who also works in retail branding and product design, didn`t secure the deal for her first location by consulting a real estate broker or online property listing marketplace.
She landed the deal on Clubhouse, a growing social media app that is quickly becoming a valuable deal-making tool for commercial real estate professionals... ...more
RSK: Must say I have heard of this but never ventured in...but I will now.
The talent war brewing in the commercial real estate industry remains competitive, with employers parsing through a limited pool of top professionals who possess highly sought-after skills and experiences. Surprisingly, the pandemic has not eased this tug-of-war. In fact, remote working mandates have hastened the hunt for dynamic team members. There is a new level of emphasis placed on qualities such as assertiveness, the ability to execute with little oversight, adaptability and communication style.
When I’m evaluating potential new hires at Coyote, communication skills are top of mind. I find that I am drawn to candidates who upsell their ability to communicate and collaborate with team members, both in and out of the office. These individuals bring positivity and creativity when navigating unforeseen challenges and aren’t afraid to reach out and ask for help when it’s needed... ...more
RSK: One thing I learned a long time ago...we are all replaceable.... unless you are an owner.
Developer Rick Caruso is known for his lavish outdoor malls, luxe seaside resort near Santa Barbara and stewardship of USC as chair of the board of trustees. Next up: He’s planning to make a splash in cryptocurrency.
In what may be a real estate industry first, bitcoin will now be accepted for residential and commercial rent at the Grove shopping center and other properties owned by Caruso. The Los Angeles real estate magnate is planning other digital efforts such as using blockchain technology to support a new rewards program for shoppers.... ...more
RSK: I included this because you will see more and more people jumping on the Bitcoin wagon...be ready for it.
1 - On Wednesday, the Biden administration revealed a plan to hike taxes in order to fund its $2.3 trillion infrastructure plan. One major business leader has come out in support of the plan. Who?
A Elon Musk ...more
B Jeff Bezos
C Warren Buffett
D Bill Gates
Commercial Building for Sale
Potential use for Office space, one or multiple
users, or the original use as a Day Care facility. Building in need of
TLC, being sold As-Is. ...more
4 What Santa might exclude if he`s a little out of breath
12 "... ___ you prefer ...?"
14 "Lost" actor Daniel ___ Kim
15 Puff was a magic one
RSK: This week`s crossword courtesy of the Morning Brew.
1 Car radio button ...more
5 Like some ears
6 Nervous one
7 Where Bill met Hillary
8 Betty Smith, to her student
Large Corner retail/office space. Loads of glass. Eclectic space
in an eclectic neighborhood. High traffic count. Mezzanine, plus
finished lower level. 3,500 on main level extra 2,000 lower level.
Tenant pays only for main level and pays 25% of cams water/sewer etc. ...more
West Beltline Commercial property with large lot
and plenty of parking. Basement. Many uses permitted. Former bicycle
sales and repair. $800+/mo billboard income. Price based on $11/NNN at
7% Cap Rate.
Solid retail/office building on W. Beltline.
Formerly bicycle shop. Basement space for storage included at no extra
cost. Large parking lot. $11 NNN... ...more
Offering real estate services and design-build construction solutions for growth oriented clients... ...more
Eclectic Schenks Corners. A bit of old and new mixed in the build
out. Up to 2 bays remain 940 sf &1,680 sf. 1,680 sf is perfect for a
coffee shop with old brick & beams exposed. Spaces can be combined.
Tenant pays utilities. Exposed brick, heating, wood, skylights and
more. 2 Units have basement for use.
Just off E. Washington behind the new Hy-Vee. Many suite options
ranging from 150 sf to 1,880 sf with rates from $10.00 to $14 gross,
depending on size term and TI`s. Landlord pays all. On bus line. Great
for non profits, small office/service reps. Interstate and airport a
minute away. Agent interest. Controlled storage also available for
pharmaceutical reps, suppliers etc... ...more
RSK: Two Mini Brew Crosswords this week...one medium difficulty and one hard.....go for it!
Beginning Thursday, April 16, the WRA will launch a new "Legal Update Live" series of online, open and interactive meetings that cut through the noise and distill key business and practice-related information that you need to know during this coronavirus pandemic. This series will feature the WRA legal team addressing the latest business issues, procedures and programs you need to know. Subject matter experts from Wisconsin law firms, government agencies and the National Association of REALTORS® also will be featured to provide updates and answer your questions.
Let the WRA help you navigate the novel business challenges you face during these difficult times. We hope you`ll join us for our first Legal Update Live at 2:00-2:30 p.m. on Thursday, April 16. The WRA will provide more details -- including the video link to access Legal Update Live -- next week in WRA emails and on the WRA`s social networks.
In the meantime, the WRA has a wealth of resources, including information on SBA programs and programs you may qualify for, such as PPP, PUA and EIDL; coronavirus real estate forms; Q&As and more. Find these on our resource webpage at www.wra.org/coronavirus.
Stay safe, stay healthy and stay informed!
WRA President & CEO
Cirex News is emailed weekly to over 2,000 CRE Brokers/Agents and people interested in commercial real estate. It is online at CirexNews.com
. All of our articles are archived and searchable. So a search for "opportunity zone
" will bring up dozens of articles on the subject.
In our weekly News & Views you can promote your clients properties and your services for just $15 for new listings (If it is put into the Cirex Guide no extra charge) and $25 for a banner ad (also free to Guide advertisers).
call 608-345-2880... ...more
Thanks you for sponsoring CIREX and Cirexnews.com ...more
Since 1975, Flad Development & Investment Corp. has emerged as a leader in the development of quality commercial real estate projects in Madison and Milwaukee.
The Gialamas Company`s premier development. The park has over 57 buildings containing 200+ companies, occupying over 3.0 million square feet.
Ruedebusch Development & Construction, Inc. is a highly qualified,
vertically integrated full service commercial construction, and real
estate development company located in Madison, Wisconsin which offers:
Commercial Real Estate Development
Design Build Construction
Commercial Real Estate Brokerage
Economic Development, Commercial Real Estate, and Facility Consulting
"The attention to detail, preventative maintenance, and proactive communication exhibited by MIG makes them a true business partner."
Professional Real Estate Management and Sales
Madison Lifestyle Office Portfolio comprises 16 Class A properties totaling over 1.7 million square feet of leasable area and an additional 8.3 acres of development land. The portfolio is located on the west side of Madison, Wisconsin.
Expect Professional Management with a Personal Touch
with every T. Wall Urban Village.
(608) 575-1018 or Contact@TWallEnterprises.com ...more
IA Management is a full service property management company located in Madison, Wisconsin. Our objective is to be a profitable leader in both commercial and residential real estate.
Our focus is your focus, our goals are your goals.
For lease on Medical Circle - Up to 4,902 SF Available
- Currently being remodeled with new elevator
- Open floor plans
- Under new ownership
- Beltline visibility & monument signage
- Plenty of parking
call Mike Herl
NAI Global is a leading global commercial real estate brokerage firm with over 400 offices worldwide and annually completes more than $20 billion in property-related transactions... ...more
Five flex/R&D buildings - 138,000+ sq. ft. - Hwy 51 and Hoepker Road - High End Image - Affordable and Flexible Floor Plans - Warehouse - R&D, Light Manufacturing - Showroom
608-255-5060 or 608-255-8780 firstname.lastname@example.org ...more
Keller Real Estate Group Understands Local Business Real Estate Needs
744 Williamson St.Madison, WI53704
Sunday - Thursday 4PM - 9PM
Friday - Saturday 4PM - 10PM
130 S. Pinckney St.Madison, WI
Hours Wednesday - Sunday 4:30PM - 9:00PM
Former KFC location. Property only. Vacant. Being sold in”As Is “
Condition. Corner of Oak and E. Wash.. Drive through window. Madison
Metro stop at corner. On major E/W route to the Capital. 2nd Picture in
Attachments is as it appears today.
Co-listed with Ralph Kamps. ...more
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