Wednesday, June 13, 2018

These 4 Restaurant Space Trends are Keeping CRE on Their Toes

#1: More Unique Food Halls
A restaurant trend that began over a decade ago in Italy is finally making its way to the U.S. Food halls are all the rage in the restaurant business. Food halls are typically large structures of about 20K to 50K feet filled with several high end restaurants. This gives restaurateurs and chefs a chance to show off their culinary specialties while providing a steady flow of revenue to the building owner.
The key to a successful food hall is making sure that the restaurants filling the space are great. In Austin, there is a giant food hall slated to open later this year that includes a variety of restaurants that embody the tastes and spirit of the city.
In Denver, Zeppelin Station will launch its first 20K square foot food hall near the train station. This food hall will contain restaurants, office space, and retail. The Beverly Center in LA plans to open its first high end food hall highlighting the cuisines inspired by Michael Mina; a famous San Francisco chef, while in New York a 35K square foot food hall debuting this year will feature all Spanish restaurants.
#2: More Greenery and Green Concepts
Office spaces are adding more greenery to increase worker productivity. In the restaurant space, those same studies that reveal the positive effects of plants on humans is also influencing restaurant design trends in 2018. Restaurants are adding more plants and more windows to their building designs while also incorporating green concepts like using farm-to-table vegetables or local organics in their menus.

#3: More Less is More Interiors
Walls covered in pictures and tables smattered with statues and surrounded by large potted plants are out this year. Instead, the trend is toward more minimalist designs in restaurants. There is a drive toward less is more d├ęcor. While the industrial look is fading, those buildings are already well-suited for the minimalist look.

#4: More Like Home
Finally, diners don’t like the sterile feel of a warehouse anymore when they go out to a restaurant. Restaurants are trending toward more cozy designs with warmer wood infused walls instead of concrete and exposed brick.

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Thursday, June 7, 2018


 – Reporter - Real Estate & Economic Development, Jacksonville Business Journal
The Jacksonville industrial market vacancy rate fell to 3.4 percent in the first quarter of 2018, according to research from Cushman & Wakefield. As expected, rental rates have skyrocketed in return.
Over the past year, the average asking rent per square foot has increased by almost a dollar, from $4.63 to $5.52, a 19.2 percent increase. The majority of the increase has been driven by rent increases among warehouse and distribution properties, as they comprise the bulk of the market’s square footage.
The Northside submarket, which had a vacancy rate of 3.7 percent, saw much of the growth. It accounted for 90 percent of all absorption in the first quarter.
Southside still leads in average asking rent at $7.71 per square foot.
“The industrial market in North Florida began the year with strong market fundamentals and an active pipeline of new construction to meet demand later in the year,” the industrial report read. “Dynamic economic growth, the progression of eCommerce and business expansion will further support developers’ confidence in the market for speculative product.”
Researchers estimate there is about 1.2 million square feet of industrial space currently under construction.
In the office sector, vacancies have declined steadily over the past two quarters, and rents have continued to increase.
Class B vacancies in particular saw a substantial decline from 15.4 percent in Q4 to 13.5 percent at the beginning of this year. Cushman & Wakefield research attributes the decline to the market’s limited class A space, which drives tenants to opt for class B space.
Demand has also continued to affect rental rates, as class A space increased by more than $0.60 per square foot since Q2 2017 to $22.23 this quarter.
"Suburban submarket remained an ideal location for tenants due to its ease of access to high class amenities and housing options," the report said. "With rising occupancies and steady rental rate growth developers have grown confident and expect to break ground in the second quarter of the year on additional build-to-suit projects."
The overall vacancy rate for the suburban office market was at 12.6 percent; downtown areas saw a 13.8 percent vacancy.

Vystar HQ moving downtown

Brian E. Wolfburg, President/CEO of VyStar Credit Union, announced today that VyStar’s Corporate Headquarters, currently located at 4949 Blanding Boulevard, will move to 76 S Laura Street in Downtown Jacksonville. Built in 1989, the tower has 23 floors and provides over 380,000 square feet of office space. The building, currently known as the SunTrust Tower, will be renamed the VyStar Tower after closing.
Wolfburg says, “Thanks to the incredible support of our members and the communities we serve, VyStar has experienced considerable growth over the past several years, and to effectively support this positive growth, as well as VyStar’s future expansion plans, our staff continues to expand”. VyStar Credit Union is ranked, by the Jacksonville Business Journal, 13th largest employer in Jacksonville, Florida with nearly 1,400 employees. VyStar is the 17th largest credit union in the nation, with over $7.6 Billion in assets and 610,000 members.

CBC in the WSJ 6/6/18

Be sure to pick up your copy of the Wednesday, June 6 edition of the Wall Street Journal. CBC will be running an advertisement featuring agents that qualified the Top 2 recognition event. This ad benefits the entire CBC organization by receiving coverage in one of the leading business publications read by over 2.5 million each day.

Wednesday, June 6, 2018


Commercial Real Estate Services

Coldwell Banker Commercial is a commercial real estate company that has over 3,000 professionals worldwide. This group of talented professionals are experts in their local markets and can help you with your real estate search. Whether you are looking for property for sale or lease your local CBC agent can find you the commercial property you need. We also have a variety of different property types available so whether you are looking to lease business property or find a retail space for sale, we have the property you are looking for.

#commercial #gateparkway Retail/office space

A 15.44-acre property on the corner of Gate Parkway and Burnt Mill Road is slated to be redeveloped into office and retail space.
Ash Properties subsidiary Nouveau Management Group LLC said in a rezoning application that the company wants to construct two buildings with ground-level retail and office space on the second floor. A third building, a self-storage facility, is also planned.
Commercial space, including the self-storage facility, would comprise up to 175,000 square feet. The company plans up to 75,000 square feet of office space.
The property is owned by The Arthur Chester Skinner, III, Trust.

#jaxlanding #sleiman Lost Cause - Jacksonville Landing

A counterclaim filed by the city Thursday in a 2017 lawsuit over the future of the Landing seeks to evict the shopping center’s owners Sleiman Enterprises.
City attorneys cited several points on which they believe Sleiman Enterprises breached a lease agreement between the two entities. Those include: failing to have a “first-class retail facility,” using “all reasonable efforts” to lease space at the Landing to high-quality tenants and properly maintaining the property.
This comes on the heels of a letter sent May 25 in which the city notified Sleiman Enterprises it was terminating the lease agreement, which allows the company to occupy the property until 2056. The city owns the land; Sleiman Enterprises owns the buildings.
In November, the company sued the city for breach of contract, claiming the city had failed to provide adequate parking and security, maintain common areas outside of the buildings, provide adequate access to the property and had interfered with JLI’s attempts to bring in tenants and take part in city-wide events.
As part of the lawsuit, JLI filed a motion for injunctive relief on May 4, requesting that the city repair the city-owned docks at the Landing after they were damaged by Hurricanes Irma and Matthew.
Mayor Lenny Curry and the mayor’s Chief Administrative Officer, Sam Mousa, were subpoenaed to provide depositions in the lawsuit on Aug. 16 and Aug. 17, respectively.