People often ask me why I chose retail real estate as my specialty. The answer is simple, it is just more fun and challenging than any other sector in the real estate profession, in my opinion.
You may ask, why?
It’s simple, Retail is just a lot more dynamic and there is a lot more finesse involved than other real estate sectors. Retail is constantly changing and is very competitive.
Office, Industrial and Multi Family are all very interesting but they are much more transnational than Retail. For instance, in Office if you have the right floorplan in the right location with the right economics, the Tenant will most likely commit to the space.
In retail, there are a ton of outside variables that affect the real estate and ultimately the end users decision.
Retail Users Consider Many Factors when considering a location…
– Traffic Count (Cars per day)
– Traffic Patterns
– Consumer Patterns
– Access (signalized intersection)
– Co-tenancy (what other users are in the area)
– Sales projections (Based on Existing Volumes
… and that is just a small portion of what needs to be considered when acquiring or leasing a retail property.
Don’t get me wrong, ALL of commercial real estate is challenging and fun but Retail has a whole other level of complexity that needs to be understood prior to acquiring a property.
I love what I do, Retail is my passion and you have to be passionate to be successful!