Retail is never boring. In the age of click-bait, the headlines would have you believe retail is dying or at least mortally wounded. Over 8,000 stores closed this year, over 300 firms declared bankruptcy. Millennials aren’t spending money on ‘things’; everyone is shopping online, Amazon is unstoppable.
To a large degree, the commercial real estate industry is being shaped by shifting market conditions and changes in consumer behaviors. Some of the most significant consumer behavior changes are directly related to technology advances.
Since the signing of the JOBS Act in 2012 and more specifically the changes to Regulation D, which previously restricted the direct solicitation of investors, crowdfunding platforms for commercial real estate have seen tremendous growth.
The initial passing of the JOBS Act in 2012 allowed for direct solicitation but limited it to accredited investors. Accredited investor meaning any person with an annual income of $200,000.00 a year for the past two years, or an individual’s net worth exceeding $1 million dollars, excluding their primary residence.
Office Market Experiences Third Quarter Slowdown
The 3rd Quarter Office Sales could be reflecting the slowdown in sales that have been anticipated by some market watchers. The quarter saw zero sales of buildings in excess of 25,000 square feet and 20 sales of buildings in the 3,000 to 25,000 square feet including four medical office buildings. This marks a significant retreat from the activity seen in the first two quarters of 2017.
If you could hire a professional, an expert in their industry, AT NO COST to you why would you not?
(Pictured above, Quail Springs Parkway Plaza)
Craig Tucker & Cordell Brown of Price Edwards & Company completed the sale of the historic First National Center to NE CS First National, LP for $23 million. Buyer principals Gary Brooks and Charlie Nicholas plan to convert the one million square foot art deco building into a luxury mixed-use project that will include upscale apartments, a luxury hotel, first floor retail and restaurants.
Eide Bailly Leases 20,000 SF at The Heritage
Regional accounting firm, Eide Bailly, recently executed a lease for 19,874 square feet at The Heritage in downtown Oklahoma City. The firm was founded in 1917 in Fargo, North Dakota and has 29 offices in 13 states in the West and Midwest regions of the country. Eide Bailly joins Saxum Communications and Heritage Trust Company as the first office tenants in the building. The firm was founded in 1917 in Fargo, North Dakota and has 29 offices in 13 states in the West and Midwest regions of the country.