U.S. Food Hall Market Expected To Triple By 2020, by Jon Banister, Bisnow
“Food halls have become the hottest trend in retail, and a new report projects the market will nearly triple in size by 2020. When Cushman & Wakefield first began tracking food halls, open eatery concepts developers across the country are putting into mixed-use projects, in 2015, it found 70 projects across the U.S. That number had grown to 118 by the end of 2017. Based on under-construction and planned projects, the firm’s 2018 report projects there will be 180 food halls by year-end and 300 by the end of 2020. That projection represents a conservative estimate, according to Cushman & Wakefield Vice President of Retail Intelligence Garrick Brown. ‘For retail concepts, I can’t think of anything that’s exploded in growth this way,’ Brown said.”
The Country’s Food Hall Appetite Is Growing, by Lauren Elkies Schram, Commercial Observer
“Nope, the food hall phenomenon is not abating. Between 2015 and 2020, the number of operating major food halls will triple to 300 nationwide, according to a new report on food halls by Cushman & Wakefield. At the end of 2015, when the brokerage began tracking food halls, there were 70 active food hall projects in the U.S., which rose to 86 by the end of 2016 and to 118 at the close of 2017. There should be as many as 190 open by the end of this year, as per the report. ‘Today’s growth in retail is all about ‘entertainment, experience and interactivity,’’ said John Brod, a partner of ABS Partners Real Estate. ‘I can’t think of a more ‘experiential’ retail experience than a food hall—which in addition to ‘interactivity’ appears to our senses of sight taste and smell. The food hall experience hits all the important levers.'”
CBRE Arranges Atlanta Creative Office Lease, by Timea Papp, Commercial Property Executive
“Redtail Technology, a client relationship management solutions provider, will occupy 12,800 square feet at Ellsworth Office Lofts in West Atlanta’s tech and creative office hub. CBRE has completed a new lease on behalf of Redtail Technology at Ellsworth Office Lofts, a Class A property encompassing 80,977 square feet of creative office and retail space in Atlanta’s West Midtown neighborhood. The new offices, where Redtail will more than double its customer service team, will serve as the company’s East Coast headquarters. ‘With this expanded footprint, we’re also excited to attract Atlanta’s top talent while continuing our mission of being the employer of choice and helping financial advisors reach their goals every day,’ said Redtail CEO Brian McLaughlin, in prepared remarks.”
3 Reasons Why Mixed-Use is the New Office, by Abbitt Goodwin, Commercial Property Executive
“Single-use office spaces are becoming a thing of the past as companies looking to recruit and retain top talent increasingly seek creative offices in amenity-rich environments, notes Abbitt Goodwin, partner at Columbia Development. This new trend is particularly apparent in suburban communities, where single-use development has been the standard for decades. A desire to enjoy the benefits of a dynamic, walkable lifestyle is driving the growth of this ‘new suburban’ development model—one that incorporates urban design principles, street-level energy and connectivity among a mix of uses.”
Commentary: The demographics driving real estate investments in non-gateway cities, by Jeff Shaw, PI Online
“Real estate investors have long been attracted to office investments in prime business centers of the U.S. gateway markets, Boston, New York City, Washington, San Francisco, Los Angeles and Chicago. However, there is a demographic shift underway that is driving interest in office investment opportunities in non-gateway cities — a trend that cannot be solely attributed to the high prices and significant competition in most major markets.”