New Technology Brings Innovation to Commercial Real Estate Industry

It’s no secret that technology is changing the world in which we live in myriad ways. Every industry has been affected, including commercial real estate, which has undergone its own technological revolution in the past few years with more changes expected in the future. As clients become increasingly tech savvy and information becomes more readily available, those in the real estate industry are seeking smarter, more innovative ways to translate that information into meaningful insights.

Perhaps the biggest way in which technology has impacted the industry is in how spaces are being presented to prospective tenants. Recognizing the residential real estate industry’s success with 3D visuals and virtual tours, commercial brokers are adopting and modifying this technology and sharing it with their clients.

Prospective tenants need the ability to visualize their new, modern offices in a specific space, but this can be difficult with only a tour or photos. Tenants may not able to visualize their furnishings and fit out. The company Smarter Listings is a front-runner in bringing interactive technology to the industry. They create visuals of available spaces with panoramic photos taken with a variety of devices, including smartphones. This technology enables brokers and their clients to virtually walk through a space, so that they can see every unique feature as if they were physically there. Using interactive technology saves valuable time for clients, so they can focus on their business rather than spending hours out of the office looking at properties. In addition, it can help brokers shorten the sales or leasing process.

There has also been a shift in regard to data. It’s easier now than ever to find a plethora of information on a property, area, neighboring businesses and more.  Savvy brokers can quickly gather and decipher the data they want and determine how it is pertinent to a prospective tenant. What’s even more exciting is that companies like Enodo Score and others are now taking aggregated data to a new level and compiling predictive analytics, which can help in the decision-making process. These companies also can gather quantitative data showing how a decision to lease or buy one space will pay out over another.

Technology is also changing the ways in which properties are being marketed. In recent years there has been an influx of tech companies that automate the marketing process, making it easy to develop flyers and other collateral materials to showcase properties. Thanks to tools such as Buildout, which CPD uses, marketers are able to update a property’s promotional collateral from any location and at any time using the online portal.  A company’s branding is automatically incorporated into every document, and those updates are instantly available on its website.  Through the back-end software, any updates to the listing services, such as CoStar and LoopNet, can be made with just a few clicks of the mouse.

CRE is definitely experiencing a tech moment, which is not expected to end anytime soon.  These client-facing services are just the tip of the iceberg.  Some brokerages already have begun to develop proprietary software to better serve their clients, and over the next several years there will be even more innovations in all aspects of CRE.

What technology changes are you seeing?  Are you using any of the technology mentioned here?  We are excited to hear about your favorite tech tools and look forward to learning about new innovations that will enhance the CRE industry in years to come.

Corporate Property Dispositions, a leading real estate advisory firm founded in 2003, works in partnership with companies to divest their surplus commercial properties. With over 200 years of combined real estate experience, our skilled professionals provide clients with the knowledge, key information and guidance needed to make informed decisions regarding their real estate portfolio. Our strategic counsel and results-driven approach converts our clients’ potential property value into delivered value.

Technology’s Transformative Effect on the Retail Industry

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Today’s retailers are becoming increasingly innovative as they incorporate technology into brick and mortar stores. For instance, omnichannel retail, which reflects a fully-integrated approach to commerce and connects with consumers via multiple channels, requires extensive technology and logistical planning to be successful.

Retailers, eager to compete in a competitive marketplace, are now implementing an array of new technologies to enhance the customer experience.  Artificial Intelligence (AI) is drawing from the data collected on each shopper and analyzing it in order to make improvements to the in-store shopping experience.  Simultaneously, AI is tracking store inventory to better assist the logistics team and ensure proper quantities of items are readily available.

Customer data and real-time analytics collected through AI can be a tremendous help to in-store associates. Not only can this data help employees better manage scheduling and inventory, but it can provide customer profiles that indicate product preferences and what customers are most likely to purchase based on their personal history.

Augmented reality (AR) and virtual reality (VR) are also being used in stores as a creative way to interact with customers.  With AR and VR technologies, some stores are showcasing smart mirrors that allow customers to try on clothes and makeup through overlays.  A similar type of technology is being included in-store apps.  For example, Gymboree is in the midst of a brand relaunch, and it designed its new app, “Made You Smile,” with AR technology so customers can “try on” their newest line.

As the technological shift in the retail industry continues, there will be even greater changes in stores.  Data collected by retailers — whether it is how many customers are in the store at a given time, what items are most popular or need replenishment, or the frequency of registered customers coming into the store – will offer key insights that affect both strategy and space usage.  Apps will become increasingly popular as buyers use them to virtually try on exactly what they are looking for and know immediately if their size is available.

The merger between technology and logistics will enable retailers to better serve customers in real time.  It also will ensure that customers’ expectations are met and their shopping experiences are positive ones.

Corporate Property Dispositions, a leading real estate advisory firm founded in 2003, works in partnership with companies to divest their surplus commercial properties. With over 200 years of combined real estate experience, our skilled professionals provide clients with the knowledge, key information and guidance needed to make informed decisions regarding their real estate portfolio. Our strategic counsel and results-driven approach converts our clients’ potential property value into delivered value.

Experiential Retailers Reinvent Today’s Shopping Centers

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Not long ago when you visited your local mall or shopping center your choices were limited. There may have been an anchor store or two, several smaller shops with assorted goods and services and a few choice restaurants. If you were lucky, a movie theater provided an opportunity for some added enjoyment.

Although that was the accepted norm for many decades, the rise of e-commerce, the decline of traditional department stores, and a shift towards a more minimalistic lifestyle in which experiences are favored over tangible items have forced today’s retail centers to undergo a major transformation in order to survive.

But what is it that consumers want, and how can commercial property owners and retailers respond?  Many consumers regardless of their age have a “live, work, play” mindset. Rather than compartmentalizing activities, they are looking to create a blend of experiences that are not just fun, but memorable.

Shopping center owners are recognizing a shift in tenancy in their own centers and are leveraging their marketing efforts to attract customers for these entertainment or experiential retailers and the center as a whole.  They are showcasing through their marketing efforts that these centers meet the needs of the live, work, play mentality.

Although movie theaters, which have long been associated with malls and retail centers, continue to draw crowds, many different types of experiential retailers now have been added to the mix.  Arcades, trampoline centers, climbing walls, children’s play areas, mini golf courses, mystery game breakout rooms and more are giving consumers a variety of entertainment options and a reason to return to the retail center time and again.

Experiential retailers offer an added bonus to commercial properties. Consumers who visit the experiential retailer are likely to explore adjacent stores. They remain longer on the premises, increasing foot traffic and potential sales, and adding to a thriving retail center.

Of course, savvy commercial real estate owners realize that securing the right experiential tenant for their space is only the first step. They must also adjust their marketing efforts to reflect that their shopping centers are now key experiential destinations, catering to a wide range of demographic groups and their interests. A combination of creative digital and traditional marketing campaigns can stimulate interest and help increase foot traffic throughout the center.

Shopping centers and malls that embrace experiential/entertainment retailers are better positioned to succeed in today’s ever-evolving marketplace. Consumers who see your retail center as a preferred destination and value their experiences there will be more inclined to share that news with others and become repeat visitors.

Corporate Property Dispositions, a leading real estate advisory firm founded in 2003, works in partnership with companies to divest their surplus commercial properties. With over 200 years of combined real estate experience, our skilled professionals provide clients with the knowledge, key information, and guidance needed to make informed decisions regarding their real estate portfolio. Our strategic counsel and results-driven approach convert our clients’ potential property value into delivered value.

 

 

 

Overturning the Quill Decision with South Dakota v. Wayfair

It is not often that the United States Supreme Court makes a decision that will have a lasting impact on the retail industry, but that is exactly what happened on June 21. The U.S. Supreme Court ruled in favor of overturning the outdated standard that was set in the 1992 Quill decision that prevented states from collecting sales tax for online purchases due to the Dormant Commerce Clause. The decision in South Dakota v. Wayfair held that states may charge tax on purchases made from out-of-state sellers, even if the seller does not have a physical presence in the taxing state.

The retail landscape has changed dramatically since 1992. This decision shows that the Supreme Court recognized the need to modernize the law to reflect how consumers are shopping today.

What’s more, this landmark decision for the retail industry helps to better level the playing field between online retailers and brick-and-mortar stores. It is also a huge win for each state as it will bring much-needed revenue that was previously not accessible.

The next step is for state and federal lawmakers to create a formal tax policy for how this revenue will be collected.  The Supreme Court did layout a roadmap of sorts for how this should be done, which reflects parts of the South Dakota law. Over the next few years, we will see how this ruling will be enacted, whether through Congressional change or at the state level.

Corporate Property Dispositions, a leading real estate advisory firm founded in 2003, works in partnership with companies to divest their surplus commercial properties. With over 200 years of combined real estate experience, our skilled professionals provide clients with the knowledge, key information and guidance needed to make informed decisions regarding their real estate portfolio. Our strategic counsel and results-driven approach converts our clients’ potential property value into delivered value.

Omnichannel: What Is It, and How Is It Changing the Retail Landscape?

Omnichannel. It sounds like it could be the hot new buzzword in CRE, but it actually is the future of it.

Simply put, omnichannel means “all channel”, and it reflects a fully-integrated approach to commerce that enables consumers to engage with their favorite retailers or brands in their own way and through multiple platforms.

In the commercial real estate industry, the retail sector has been at the forefront of embracing the omnichannel approach.  Where once the online and store experience were treated as entirely different entities, they are now more integrated than ever. Consumers want a seamless experience, whether they are researching products online or shopping in the store, and they expect consistent culture and pricing both in store and online. This has caused retailers to integrate systems across several platforms.

A change in consumer behavior also has caused a shift in how online retailers communicate. Now there are multiple touchpoints with shoppers through various mediums, including ads, branded apps, social media, text messages and email. These forms of communication provide the retailer with customer profiles – everything from who and where they are to when and how they are shopping.

Property owners, too, have a unique opportunity to capitalize on the omnichannel approach. They can devise their own omnichannel strategy to assist their tenants, everything from free Wi-Fi with sign-up, advertising for the center or community activities and engagement.

The retail landscape will continue to shift and adapt as retailers fully integrate across all platforms and become a truly seamless omnichannel brand. At CPD, we are ready to offer our guidance and support every step of the way.

Retail Property Advisors represented The Home Depot in the purchase of 22 acres in Bradenton, FL

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Ken Stephens of Retail Property Advisors (RPA), Tampa, FL represented The Home Depot in the purchase of 22 acres in Bradenton, FL.  The site at the corner of SR 64 and Morgan Johnson Rd. is home to a new store for the retailer.  RPA leveraged current relationships along with market knowledge to locate Home Depot into the area. These efforts were greatly supported by Rich Kingan of Kingan Commercial and Mike Chadwick of The Ferber Company.  Three different properties were combined, each with different owners, to put together the project.  One of the sellers was represented by David Gustafson of Wagner Realty.

In addition to the Home Depot, there is an additional 2.92 ac parcel available for sale along Morgan Johnson Rd., you can reach out to John Clendenon (john@flcp.com) for additional information on the property.  The Ferber Company also has a 1.35 ac parcel available at the corner of SR 64 and Morgan Johnson Road with Mike Chadwick (mchadwick@ferbercompany.com) being the contact person there.

Retail Property Advisors is an affiliate company of Corporate Property Dispositions which is a Commercial Real Estate Company with offices in Atlanta, Tampa and the Greater Los Angeles area.  As experts in real estate dispositions, retail, as well as all aspects of commercial real estate; CPD understands the complexity of the business and can apply the expertise they have gained with over a 200+ years of combined experience, for you.  CPD can be reached at their Corporate office at 678-718-1884 or visit them on the web at cpdispo.com .

Corporate Property Dispositions along with Charles Wayne Properties represented The Home Depot in the recent sale of a 15.74 AC property in Cocoa, FL

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Ken Stephens of Corporate Property Dispositions, Tampa, FL along with Charles Lichtigman and Ted Lightman of Charles Wayne Properties represented the Seller, Home Depot U.S.A., Inc., in the recent sale of the 15.74 AC property in Cocoa, FL to Sooner Investment Group, Inc.  Sooner Investment Group, of Oklahoma City, is finalizing their plans for the site which includes approximately 85,000 SF of vacant retail space.

Sooner Investment is a full service commercial real estate development firm with offices in Oklahoma City, Oklahoma and Melbourne, Florida. Specializing in retail shopping center development, our clients range from small local businesses to national companies, and we pledge to each of them an uncompromised level of service.

Charles Wayne Properties, Inc. is a diversified commercial real estate firm specializing in the ownership, operation, development, management, and brokerage of assets throughout the Southeastern United States with a focus on Central Florida.

Corporate Property Dispositions is a Commercial Real Estate Company with offices in Atlanta, Tampa and the Greater Los Angeles area.  As experts in real estate dispositions, retail, as well as all aspects of commercial real estate; CPD understands the complexity of the business and can apply the expertise they have gained with over a 100+ years of combined experience, for you.  CPD can be reached at their Corporate office at 678-718-1884 or visit them on the web at cpdispo.com .

Corporate Property Dispositions represented The Home Depot in the sale of .60 acres in Lake City, FL

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Duke Sullivan of Corporate Property Dispositions, Atlanta, GA represented the Seller, Home Depot U.S.A., Inc., in the recent sale of 0.6 acres in Lake City, FL, located adjacent to The Home Depot on US Hwy 90.  The Buyer, Aldi purchased the property along with the adjoining property to develop a new grocery store. This will be the first store in the Lake City area for the retailer.  

Corporate Property Dispositions is a Commercial Real Estate Company with offices in Atlanta, Tampa and the Greater Los Angeles area.  As experts in real estate dispositions, retail, as well as all aspects of commercial real estate; CPD understands the complexity of the business and can apply the expertise they have gained with over a 100+ years of combined experience, for you.  CPD can be reached at their Corporate office at 678-718-1884 or visit them on the web at cpdispo.com .

Corporate Property Dispositions along with LandQwest represented South Harbor in the sale of 1.07 acres in Port Charlotte, FL

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port-charlotte-fl-aerial2Keith Valentine of Corporate Property Dispositions, Atlanta, GA and Brett Low of LandQwest represented the Seller, South Harbor Development, in the recent sale of 1.07 acres in Port Charlotte, FL, located along Cochran Blvd in front of Kohl’s & Home Depot. The Buyer, a Zaxby’s franchisee, purchased the property to bring the casual restaurant to the Port Charlotte area.

Brett Low is an Associate with LandQwest Commercial, a Florida-based, full-service commercial real estate organization.  Brett specializes in leasing, acquisition, and disposition of assets for private and third party owners, as well as business brokerage.

Corporate Property Dispositions is a Commercial Real Estate Company with offices in Atlanta, Tampa and the Greater Los Angeles area.  As experts in real estate dispositions, retail, as well as all aspects of commercial real estate; CPD understands the complexity of the business and can apply the expertise they have gained with over a 100+ years of combined experience, for you.  CPD can be reached at their Corporate office at 678-718-1884 or visit them on the web at cpdispo.com .

Corporate Property Dispositions along with Steveco Commercial RE represented The Home Depot in the sale of 0.8 acre Outparcel in Plano, TX

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Mike Stevens of Steveco Commercial Real Estate Group and Ken Stephens of Corporate Property Dispositions represented the Seller, Home Depot U.S.A., Inc., in the recent sale of a 0.8 ac Outparcel in Plano, TX, located in front of The Home Depot on North Central Parkway. The Buyer, Conifer Real Estate Company purchased the property to develop as a new location for the regional restaurant chain Chicken Express.

Mike Stevens of Steveco Commercial Real Estate has been active in the Dallas-Ft Worth market for over 32 years – specializing in retail tenant representation, site selection, disposition, brokerage and development for both national and regional retail clients throughout Texas.

Corporate Property Dispositions is a Commercial Real Estate Company with offices in Atlanta, Tampa and the Greater Los Angeles area. As experts in real estate dispositions, retail, as well as all aspects of commercial real estate; CPD understands the complexity of the business and can apply the expertise they have gained with over a 100+ years of combined experience, for you. You can reach us at our Corporate office at 678-718-1884 or check us out on the web at cpdispo.com .