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Some CORFAC brokers participated in a conference call last week to discuss their specialization in retail. During the call, they discussed the state of their markets in St. Louis, Seattle, Delaware, and more. They also discussed the state of retail real estate nationwide.
NOI is up in 2012 over 2011 about 3.6% on retail properties due to vacancy and operating expenses. The market is strongest in the East and the Midwest is slipping. Retail center sales were up 20% over 2011 primarily due to top shelf properties in major markets. Strip centers price averaged nationwide $145/sq ft and the average cap rate around 7%.
CORFAC members can listen to the call recording, including market reports and discussions of retailers, on the Extranet. http://corfac.com/cx-pro-dev-webinars-podcasts.cfm?WebinarID=49.
The Quarterly specialty calls are a great way to get to know other CORFAC brokers and learn more about their markets. See the list of CORFAC events to get involved.
CORFAC International is comprised of privately held entrepreneurial firms with expertise in office, industrial and retail brokerage, tenant and landlord representation, investment sales, multifamily, self-storage, acquisitions and dispositions, property management and corporate services. Founded in 1989, CORFAC has 49 offices in the U.S., 5 in Canada and 17 in international markets, including Australia, Colombia, France, Germany, Ireland, Israel, Italy, Japan, Mexico, Romania, Russia, South Korea, Switzerland and the United Kingdom. CORFAC offices completed more than 10,000 lease and sales transactions totaling 620 million square feet of space valued in excess of $8.2 billion in 2018.
CORFAC International
Corporate Facility Advisors, Inc.
2700 S River Road, Suite 105, Des Plaines, IL 60018
phone (224) 257-4400 | fax (224) 567-8674 | info@corfac.com
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