Episode Overview: In this episode, BJ and Isaiah tackle two seemingly unrelated topics—hockey memories and real estate—but bring them together in their signature style. The conversation ranges from reminiscing about seventh-grade choir trips and boarding school hockey days to a deep dive into the current state of 1031 exchanges and the net lease market. BJ and Isaiah use their industry insights to break down the basics of 1031 exchanges, analyze recent market data, and discuss how this niche part of real estate impacts everyone from individual investors to large institutions.

Highlights:

Seventh Grade Choir & Cherry Hill Trips:
Isaiah kicks off with a humorous story from his childhood choir days, sharing a trip to Cherry Hill and the adventures that came with it. This sets a relaxed, relatable tone before diving into real estate insights.

Hockey Banter and Boarding School Memories:
The hosts swap stories about hockey culture, including BJ’s kids’ budding passion for hockey and Isaiah’s memories of East Coast prep school. They touch on the significance of hockey in their lives and even suggest a hockey-themed episode someday!

1031 Exchanges Explained:
BJ breaks down 1031 exchanges, covering how this tax-deferral tool enables real estate investors to defer capital gains when they reinvest in “like-kind” properties. This section is great for listeners unfamiliar with 1031 exchanges or those wanting a refresher on its role in wealth building.

Real Estate Data Debate:
The hosts discuss the challenges in tracking accurate 1031 data. Referencing sources like CoStar, BJ and Isaiah critique the accuracy of self-reported data and highlight how real estate trends aren’t always as they appear on paper. They also share their approach at Northmarq for analyzing transaction volume and 1031 trends.

Interest Rates and Market Dynamics:
With rising interest rates, the hosts discuss the impact on 1031 transaction volumes and cap rates. They share insights on how institutions are benefiting from current market conditions as private investors become more cautious.

Looking Ahead: New Podcast Studio and Video Format:
BJ and Isaiah wrap up the episode with excitement about their new office space, featuring a dedicated podcast studio and plans to incorporate video into future episodes. The new setup promises visual aids like whiteboards for deeper dives into data and analysis.

Key Takeaways:

• 1031 Exchanges Are Declining: Rising interest rates have reduced transaction volumes in the 1031 market, impacting private investors but creating new opportunities for institutional players.
• Tracking 1031 Data Is Tricky: Reliable data on 1031 transactions is challenging to find, making it essential for investors to question sources and take self-reported data with a grain of salt.
• Net Lease Properties as a Strategic Hold: For investors in 1031 exchanges, net lease properties offer a flexible option, acting as a “holding vehicle” with strong liquidity, making it easier to defer taxes while seeking new investment opportunities.
• Institutional Wins: With fewer 1031 buyers in the market, institutions face less competition, positioning them to acquire assets at attractive rates.

Quotes of the Episode:

• “This episode might be about real estate, but the hockey talk might steal the show!” — BJ
• “Net lease is the only real estate asset you can underwrite in a night with confidence. That’s why it’s the go-to for 1031.” — Isaiah
• “We live in a world of made-up stats. Numbers lie and figures lie. It’s all mumbo jumbo.” — Isaiah

Don’t Miss: The playful banter on Cherry Hill trips and hockey practice, the thoughtful analysis on real estate’s biggest trends, and the teaser about the new studio setup for future episodes!

Call to Action:
If you enjoyed this episode, don’t forget to subscribe, share, and leave a review! Follow us for more updates and industry insights on net lease, 1031 exchanges, and everything in between. Join us next week for more #NetTakeaways.

Summary: In this engaging episode of Net Takeaways, hosts BJ Feller and Isaiah Harf dive deep into the challenges facing urban centers across the United States, exploring the complex issue of rising office vacancies and dwindling retail spaces. Through a humorous and insightful discussion, they outline the hurdles to revitalizing city centers, with a focus on the crucial role of multi-stakeholder collaboration and public-private partnerships.

Key Topics:

Office Vacancy Cycle: The hosts discuss how the ongoing office vacancy cycle affects tax revenues, municipal services, and local businesses. BJ highlights the “dead man walking” phenomenon where buildings, despite nominal occupancy, are financially under water due to vacant space and high debt.

Conversion Solutions and Challenges: Isaiah emphasizes the importance of housing in driving urban revitalization, suggesting that municipalities incentivize the conversion of office spaces into apartments. BJ and Isaiah outline the complexities, including zoning laws, economic feasibility, and regulatory roadblocks that limit viable conversion projects.

Retail’s Role in Urban Vitality: They explore the impact of retail vacancy on city vibrancy and propose a novel “Sales Tax Increment Financing” (STIF) model, which would allow struggling retail spaces to retain a portion of generated sales tax as a revitalization incentive.

Leadership and Collaboration: They stress the importance of leadership in municipalities, particularly by involving all stakeholders—developers, landlords, city officials, and local organizations—to foster transparent communication and equitable solutions.

Top Takeaways:

• Integrated Solutions Needed: A multi-stakeholder approach is essential to balance the varied interests and investments of cities, developers, and residents in solving urban vacancy issues.
• Public-Private Partnerships: Revitalization efforts will likely require incentives, streamlined regulations, and perhaps zoning reform to adapt urban landscapes to the needs of post-pandemic life.
• Retail Incentives and Adaptations: Innovative financing models, like STIF, could make it easier for retailers to operate in struggling city centers, enhancing the local urban experience.

Quote of the Episode: “The worst thing you can do in all of this is take an ostrich approach and stick your head in the sand. These assets are going to be worth less than the debt on them, and the cycle will spiral if no one steps up.”

Lighthearted Moments:

• The hosts open with humorous nostalgia about Bobby's World and America’s Got Talent, poking fun at generational differences in entertainment and referencing their favorite snacks.
• BJ and Isaiah's banter about the classic "free rider problem" and BJ’s neighborhood project to renovate a shared alley provides a relatable parallel to municipal challenges in urban revitalization.

Call to Action: If you enjoyed this episode, please share, like, and subscribe to Net Takeaways. Stay tuned for next week's episode, where we’ll dive into more thought-provoking discussions at the intersection of commercial real estate and community development!

Topics Covered:

Opening Banter: BJ and Isaiah share a trip down memory lane, discussing the days of TiVo, VHS, and the lost art of waiting for Saturday morning cartoons. This sets the stage for a conversation about how our relationship with “waiting” and “experience” has shifted.

Starbucks' Identity Crisis: With sales sliding and a new CEO at the helm, Starbucks is at a critical juncture. BJ and Isaiah discuss the potential causes—rising prices, complex menus, and, most notably, the impact of mobile ordering. Isaiah shares his hot take: mobile ordering may be undermining Starbucks’ coffeehouse vibe, making the once community-centered space feel more transactional.

Possible Solutions for Starbucks: The hosts explore how Starbucks could bring back the coffeehouse experience by rethinking their store layouts. Ideas include separating mobile order pickups to reduce congestion and possibly creating distinct community-focused locations, similar to Chipotle's “Chipotlane” model for efficient ordering.

Retail Success through Community Vibes: BJ and Isaiah contrast Starbucks’ challenges with the successful community-centric models of brands like Barnes & Noble, which has revived its “local bookstore” feel, and high-end shopping centers like The Grove, which prioritize experience over pure convenience.

McDonald’s & Krispy Kreme Partnership: The duo analyzes McDonald's decision to bring Krispy Kreme donuts into select stores, framing it as a smart move to broaden their breakfast appeal and drive coffee sales. They discuss how strategic partnerships like this can create memorable customer experiences without losing brand identity.

Key Takeaways:

Balancing Convenience with Experience: Retailers face a challenge: customers want convenience, but also crave community. Brands that find the right balance, like Barnes & Noble, are thriving.

Strategic Partnerships Matter: McDonald’s collaboration with Krispy Kreme exemplifies how two brands can enhance each other’s value, broaden customer reach, and drive sales—without losing their unique identities.

Retailers Must Reevaluate Physical Spaces: As consumer expectations evolve, traditional retailers like Starbucks need to rethink their physical spaces to foster community, create meaningful experiences, and avoid becoming purely transactional.

Join BJ and Isaiah as they break down what’s working in retail and what’s not, with plenty of humor, hot takes, and memorable references along the way!

Here are the detailed episode notes for your podcast:

Episode Notes: "Urban Showdown: Navigating Walgreens Closures, Office Vacancies, and the Future of City Ecosystems"

Key Topics Discussed:

Walgreens Store Closures:

• Announcement of 1,200 Walgreens store closures over the next 36 months.
• Breakdown of the financial impact: estimated $360 million in rent savings and an additional $120 million in occupancy cost savings annually.
• The strategic repositioning of pharmacists and its potential to improve customer experience.
• Insights into which Walgreens locations may survive and thrive, and which will be closed based on performance metrics.

Post-Pandemic Urban Challenges:

• Impact of office vacancies on urban economies, particularly in major cities like Chicago and New York.
• The ripple effects of lower office occupancy: reduced tax revenues, declining retail foot traffic, and shrinking municipal budgets.
• Data on current office vacancy rates and shadow vacancies, highlighting cities like San Francisco and San Jose with some of the highest vacancy levels.

Work-From-Home vs. Return to Office:

• Analysis of the ongoing struggle between remote work flexibility and the value of in-office productivity.
• The disproportionate impact on different demographics, particularly younger workers and working mothers.
• How companies are grappling with the decision to bring employees back into the office, and what the future holds for office space demand.

Homelessness and Crime:

• A deep dive into the connection between economic pressure, mental health, affordable housing, and homelessness.
• The underappreciated decline in violent crime rates across the U.S. and how perceptions of crime impact urban recovery.
• How homelessness and crime are affecting cities' ability to bounce back and what policy changes are needed.

Solutions and Opportunities:

• A preview of potential pathways for urban revitalization, including multi-tenant repositioning of vacant spaces, collaboration between public and private sectors, and the rise of residential conversions in office buildings.
• Discussion on how cities can turn these challenges into opportunities for long-term recovery, focusing on collaborative solutions between real estate owners, local governments, and businesses.

Notable Quotes:

• "These store closures are a healthy reset for Walgreens. It’s not the bad news everyone thinks—it’s the beginning of a much-needed transformation."
• "Cities are living, breathing ecosystems, and right now they’re struggling to keep the pieces together."
• "The decline in office occupancy is the thread that’s pulling at the seams of urban centers. It’s not just about vacant spaces; it’s about everything else that falls apart when people aren’t physically present in our cities."

Actionable Takeaways:

• The Walgreens closures, while unsettling, present significant opportunities for landlords to reposition real estate and potentially benefit from cap rate compression.
• Urban recovery will require bold, collaborative thinking to address office vacancies, tax revenue declines, and the challenges of crime and homelessness.
• Cities need to rethink their role in supporting both businesses and residents, acknowledging the interconnected challenges that must be tackled holistically.

Next Episode Preview: In part two, we’ll continue the discussion on the future of urban centers, exploring innovative solutions and real-life case studies of successful repositioning efforts. We’ll dive into how public-private partnerships can fuel urban resurgence and create long-term wins for cities, businesses, and communities.

Title: Market Imbalances, Grocery Retail Boom & The Fed's Next Move

Hosts: Bryn Feller and Isaiah Harf

Episode Overview: In this episode of Net Takeaways, Bryn and Isaiah cover major trends in the commercial real estate market, focusing on key shifts in supply and demand imbalances, the grocery retail segment, and the Federal Reserve’s influence on market movements. Here are the main takeaways:

1. Market Supply-Demand Imbalance

• The hosts analyze the growing inventory in the net lease retail market, which has surged from $9 billion in 2022 to over $24 billion in 2024.
• The imbalance between available inventory and actual sales is stark, with projected full-year sales for 2024 at just over $10 billion, representing only 40% of the available inventory.
• Bryn and Isaiah discuss how cap rates need to rise further to help clear inventory and create stability in the marketplace.

2. Grocery Retail: The Hottest Segment

• Grocery-anchored retail is the current "hot" segment in commercial real estate, drawing interest from institutional investors, family offices, and private investors.
• The trio of grocery real estate categories—single-tenant, multi-tenant, and shadow-anchored centers—perform differently, with all segments remaining strong despite inflation concerns.
• The hosts attribute the strength of the grocery sector to its essential nature in driving foot traffic and supporting service-based retail, which has helped brick-and-mortar retail stay relevant.

3. Shrinking 1031 Exchange Participation

• 1031 exchanges, which previously accounted for 60-65% of the net lease market, are now down to around 15-20%.
• The hosts explore how the market is adapting to fewer tax-motivated investors and the emergence of yield-motivated buyers. They predict that 2025 will be a banner year for opportunistic investors, with substantial profits likely in both retail and office sectors.

4. Federal Reserve, 10-Year Treasury & Geopolitical Risks

• Bryn and Isaiah discuss how the market has pre-empted the Federal Reserve’s actions, with the 10-year treasury yield reacting more to economic forecasts than to the Fed’s moves.
• They anticipate oil prices could rise further due to geopolitical tension in the Middle East, potentially leading to inflation spikes that could delay rate cuts.

5. Lighthearted Banter:

• The episode concludes with a humorous segment about Hurricane Milton, the hosts’ personal routines, and a reference to BJ’s late grandfather. Despite the seriousness of the storm's impact, the conversation provides a fun and humanizing moment.

Key Quotes:

• "The real 800-pound gorilla isn’t Chairman Powell, it’s inventory levels. Cap rates have to rise if we want to clear this stock."
• "Grocery-anchored retail is the hottest thing out there right now. It’s the industrial of three years ago."
• "2025 will be the year we look back and say people made a killing by buying in this market."

Actionable Takeaways:

• Investors should keep a close eye on cap rate movements as the market seeks balance.
• Grocery-anchored retail remains a safe bet for long-term growth and stability.
• While the future of 1031 exchanges remains uncertain, yield-based investment opportunities abound.
• Be mindful of the impact that global events, particularly oil prices, may have on inflation and the Fed’s next moves.

Next Episode Preview: In the next episode, BJ and Isaiah will dive into new trends in logistics real estate and discuss whether the industrial sector will continue its upward trajectory or face new headwinds.

Closing Remarks: Like, share, and subscribe to Net Takeaways with Feller & Harf on your favorite podcast platform. Stay tuned for more insights into commercial real estate and market dynamics.

Key Topics Covered:

The Fed’s Recent Rate Cut – We break down what the much-anticipated rate cut means for commercial real estate and why the excitement may be a little overblown. If you’ve secured fixed-rate financing recently, this news might not change much for you.

Cap Rate Trends – With inventory levels in net lease markets skyrocketing, we explore how this supply surge is shifting investor behavior and driving up cap rates. Plus, we explain how market dynamics might lead to tougher decision-making for investors facing a glut of options.

Net Lease Mistakes – From co-tenancy clauses to the dangers of relying on personal guarantees, we tackle the common (and costly!) errors that investors need to avoid in today’s market. Learn why giving away control of your destiny can make deals unravel.

Market Velocity – After a slow summer, deal-making is picking up. We discuss why commercial real estate transactions are starting to move again and the psychology behind it. Is FOMO driving buyers to jump in, or is it more about capital managers needing to deploy funds before the year ends?

Fun Sidebar – Listen in as BJ and Isaiah debate the pros and cons of Apple Music vs. Spotify, share a laugh over car tech quirks, and celebrate how a little humor helps lighten heavy industry insights.

Key Takeaways:

• The rate cut is old news—don’t fall for the hype.
• Inventory overload in net lease is creating cautious (and choosy) investors.
• Co-tenancy clauses and personal guarantees can be sneaky pitfalls—know what you're signing.
• Market velocity is back, but is it for the right reasons?

Mentioned in this Episode:

• July and August deal-making trends
• Inventory trends in net lease markets
• Cap rates: where they are and where they’re headed
• Personal guarantees and tenant financials
• The psychology of decision-making in an oversupplied market

Podcast: Net Takeaways with Feller & Harf

Hosts: BJ Feller & Isaiah Harf

Special Guest: Joey Agree, CEO of Agree Realty

Episode Overview: In this insightful episode, BJ and Isaiah sit down with Joey Agree, the CEO of Agree Realty, to discuss the evolution of the net lease real estate sector and the strategic moves that have driven Agree Realty’s success. Joey shares how the company evolved from its roots as a Kmart developer to become one of the largest players in the net lease space, with nearly $8 billion in market cap. They also explore the rise of e-commerce, the impact of omnichannel retailing, and what the future holds for retail real estate.

Key Discussion Points:

• History of Agree Realty: From Kmart developer to an industry leader with Walmart as its largest tenant.
• E-commerce Disruption: Joey’s early recognition of the e-commerce revolution and its impact on retail real estate.
• Omnichannel Retailing: The future of retail lies in a blend of online and in-store strategies, with significant implications for real estate.
• Strategic Acquisitions: A focus on top-tier retailers and disciplined investment, with an emphasis on long-term value and stability.
• Balance Sheet Strength: Agree Realty’s pioneering role in forward equity offerings and maintaining a low-leverage approach.
• Cap Rate Trends: Insights into the current state of the market, cap rates, and where the industry is heading.
• Agree Realty's Future Vision: Joey's outlook for expanding the company's portfolio and achieving a $20 billion enterprise within the next few years.

Key Quotes:

• “We are focused on the top 30 retailers because they have the balance sheets and liquidity to weather the e-commerce disruption.”
• “The power of mobile e-commerce has transformed consumer behavior – we're in the sixth inning of this evolution.”
• “At Agree Realty, it’s not about doing something fun – we focus on essentials like auto parts and grocery, where there’s consistent demand.”

Additional Insights:

• The episode touches on the generational trade from high-intensity downtown assets to more passive, suburban net lease investments.
• Joey discusses the impact of changing consumer behavior and how retailers are adapting to an omnichannel approach to serve modern shopping preferences.
• The conversation concludes with Joey’s reflections on leadership and staying disciplined in an ever-changing market, with inspiration from Kobe Bryant's legendary work ethic.

Links & Resources:

• Agree Realty Website
• Follow Joey Agree on LinkedIn
• Net Takeaways with Feller & Harf podcast is available on all major platforms.

Connect with Us:

• Net Takeaways with Feller & Harf on LinkedIn
• Follow BJ Feller on LinkedIn: BJ Feller
• Follow Isaiah Harf on LinkedIn: Isaiah Harf

Tune in next week for more insights from industry leaders!

Hosts: BJ Feller & Isaiah Harf

Key Topics:

• AI & Machine Learning in Commercial Real Estate: Discussing the role of AI in property valuation, market analysis, and whether traditional methods are becoming obsolete.
• The Impact of Long-Term Leases & Interest Rates: How 15- to 20-year leases are holding up in the current interest rate environment and what landlords and investors are doing to adjust their strategies.
• Preparing Commercial Properties for Institutional Sale: Practical advice for a listener managing a portfolio of family-owned commercial properties, covering how to approach the sale process and attract institutional buyers.
• The Future of Brick-and-Mortar Retail: A debate on the role of physical retail spaces in the age of e-commerce, with a focus on omni-channel retail strategies and evolving consumer expectations.

Notable Quotes:

• “AI will not take your job in commercial real estate, but someone using AI will.”
• “We’re looking at a business transformation on the level of pre- and post-internet.”
• “Omni-channel retail isn’t something to fear; it’s a future where customer experience seamlessly integrates across all platforms.”

Actionable Insights:

• Real estate professionals need to adopt AI and data-driven technologies to remain competitive.
• Long-term leases, especially 15 to 20 years, continue to hold value despite rising interest rates, though financing strategies need to be adapted.
• For owners looking to sell, compiling accurate data and working closely with brokers is a critical first step in preparing properties for institutional buyers.
• Traditional retail isn’t dead; omni-channel strategies are creating more opportunities for a seamless consumer experience across both digital and physical platforms.

Call to Action:

• Don't forget to like, share, and subscribe for more industry insights and discussions on the evolving commercial real estate market.

Episode Title: RealPage Lawsuit, Starbucks' New CEO, and the Future of Omnitail

Release Date: Tuesday, September 3rd 2024

Hosts: BJ Feller and Isaiah Harf

Episode Summary: In this episode, BJ and Isaiah tackle some of the hottest topics in commercial real estate and business. They discuss the implications of the DOJ’s lawsuit against RealPage, dive into the leadership transition at Starbucks with Brian Niccol taking the helm, and explore the evolving concept of "omnitail" in retail. Whether you're interested in the intersection of PropTech and government regulation, curious about how Niccol's strategies from Chipotle might influence Starbucks, or want to understand the future of hybrid retail models, this episode has something for you.

Key Topics:

• RealPage Lawsuit: The DOJ’s antitrust case against RealPage and what it means for CRE, PropTech, and government regulation.
• Starbucks’ Leadership Change: Brian Niccol’s move from Chipotle to Starbucks, his past successes, and the challenges ahead.
• Omnitail and Retail Evolution: The blending of online and physical retail spaces, the costs of online returns, and how retailers can optimize consumer experiences.

Takeaways:

• How government actions might reshape the PropTech landscape and impact CRE investors.
• Insights into what makes Brian Niccol an effective leader and how he might steer Starbucks towards renewed growth.
• The strategic importance of "omnitail" and how integrating online and in-store experiences can drive profitability in retail.

Links & Resources:

• DOJ Lawsuit Details Against RealPage
• Brian Niccol’s Profile and Achievements at Chipotle
• Omnitail: The Future of Retail?

Subscribe & Follow:

• Don’t miss an episode—subscribe to Net Takeaways on Apple Podcasts, Spotify, or your favorite podcast platform.

Listener Questions & Feedback:

• Have thoughts or questions about today’s topics? Send them our way at bfeller@umich.edu. We’d love to hear from you!

The Shorts Debate: Isaiah makes a rare sartorial choice—shorts in the office! But don’t worry, he’s got a good reason: Cubs game after work. BJ, ever the professional, doesn’t miss her chance to comment on the changing tides of office attire post-pandemic.

Couche-Tard's Bold Move: $86 billion is the number on everyone’s lips as Couche-Tard makes an aggressive play to acquire 7-Eleven. BJ and Isaiah break down what this could mean for the convenience store landscape, from antitrust hurdles to the shifting role of these neighborhood staples.

Rise of the Mega Convenience Stores: With pharmacies on the decline, mega convenience stores like Wawa and Buc-ee’s are stepping in to fill the gap. The duo discuss how these mini shopping centers are redefining the hard corner real estate game.

Amazon's Industrial Double Play: Two major Amazon transactions in Pennsylvania have caught the market’s attention. BJ and Isaiah analyze the rising cap rates and what this signals for the industrial sector’s future.

Car Washes on Hard Corners?: Isaiah shares his thoughts on the growing trend of car washes popping up on prime real estate. Could this be the next big thing? Isaiah remains skeptical, but the debate is worth the listen.

Looking Ahead to 2025: BJ predicts that 2025 could be the best year for real estate fund formation in a decade. She and Isaiah explore why the time might be right for raising capital and deploying it strategically in the years ahead.

Family Loyalty Tested: Isaiah's Sox-loving kids are baffled by his decision to head to Wrigley for a Cubs game. Can you say household drama? But hey, at least the weather’s nice!

Wrap-Up: As always, BJ and Isaiah bring their A-game with a mix of industry insights and banter. Don’t forget to like, share, and subscribe to stay tuned for more episodes of Net Takeaways.

• BJ Feller and Isaiah Harsh open the episode with a casual conversation about Lollapalooza in Chicago.
• The hosts introduce the main topics: zombie pharmacies in NYC, unemployment and interest rates, and the impact of technology in commercial real estate.

Zombie Pharmacies in New York:

• Discussion on the New York Times article about 222 dark big-box pharmacies in NYC, with specific statistics on their distribution across boroughs.
• Analysis of the negative impact on urban retail vibrancy and sales tax revenue.
• Exploration of the rise of independent pharmacies filling the void left by major chains.

Economic and Market Updates:

• Review of the latest jobs report showing 110,000 jobs added in July, below the projected 170,000, and the potential implications for unemployment and Federal Reserve policy.
• Discussion on the drop in the 10-year Treasury yield and its impact on financing conditions in commercial real estate.
• Insights into how these economic shifts might affect cap rates, particularly in multifamily, retail, and office sectors.

Placer.ai and Real Estate Analytics:

• Debate on the growing reliance on Placer.ai data in the retail investment world.
• Concerns raised about the accuracy and overdependence on cell phone data for retail traffic analysis.
• Emphasis on the importance of considering traditional metrics like unit-level sales performance and market rent comps.

Closing Thoughts:

• The hosts conclude with a discussion on Q4 market expectations, highlighting the potential for increased deal activity due to lower interest rates.
• A light-hearted segment on favorite desserts, with a special mention of Joe's gluten-free options and RPM Steak's chocolate cake.

Listener Engagement:

• Encouragement for listeners to provide feedback and questions for future episodes.

This episode provides a comprehensive overview of current trends and challenges in the commercial real estate market, with a blend of serious analysis and entertaining banter.

• The hottest restaurants from the travels in California and New Orleans
• The ICSC OAC (Outdoor Air Conference) takeaways:
  • Bullish Sentiment on Retail Leasing Outlook
  • Capital Markets Observations
• The recent news of the announcement by NYC that they will be sending state police and national guard personnel into the NYC subway systems, and what it means for the urban post-COVID recovery of America's biggest cities

Christian Tremblay is the national leader in brokerage of cannabis occupied real estate having completed more than $250mm of volume. Christian brings that experience to the table in exploring the latest dynamics and developments in the segment and what it means for owners and occupants of the commercial real estate world. The discussion includes:

- How do licenses work, how does it very by state

- The continued legalization across the US

- Impact of potential rescheduling of cannabis federally

- Possibility of federal legislation on cannabis

- The impact of 7-Eleven's Sunoco acquisition and what it means for the latest landscape of the convenience and gas station market. How are convenience stores changing their actions - if at all - as electric vehicles break 10% of annual sales?

- December Retail Sales & Consumer Confidence numbers are soaring, what's it mean for the commercial estate capital markets landscape as 2024 gets going

- "Last Mile Inflation" is the new buzzword, how could the path to the 2% target be slower than anticipated and what does it portend for deal making

- The wave of major record breaking net lease office deals and what it means for the broader office marketplace

- What Warby Parker's IPO means for the current state of online versus bricks & mortar retail

- What the wave of NFL megastadiums says about sports real estate

- How the global logistics and shipping crisis could impact real estate and the economy in the months ahead 

Feller & Harf breakdown four elements that distinguish CRE/NNN from the broader asset markets, including Liquidity, Holding Periods, Resistance to Economic Shocks, and Yield Based Nature. The episode continues with an analysis of factors that may impact CRE as the global economy is impacted by this pandemic.