Christopher Davenport, MBA, CFE

Wanting a purchase a property in Arizona? A lot of luxury buyers are coming in with cash, and snapping up expensive homes. High-end homes are selling fast, especially in desirable areas like luxurious Scottsdale, or Tempe, which West Coast transplants love because it’s centrally located. The pandemic escalated demand as more people were able to work remotely, at least part of the time, leading to an expansion of short-term rental options. More and more luxury buyers found they could own a vacation property and recoup some of their costs by renting those places when they didn’t plan to occupy it. Want to find your next vacation home in Scottsdale? We can put you in touch with our local experts - https://lnkd.in/gSynUp8M #ScottsdaleRealEstate #ArizonaRealEstate #LuxuryRealEstate #RussLyonSIR #luxurybuyers

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STAT: Only 5.4% of residential sales on MLS have been condos in 2024 in the Sacramento region, but 46.3% of residential sales in San Francisco have been condos. It's a good reminder that the mix of units can be SO much different by location.

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Orange County Industrial Market Slows Down in Q1 2024The Orange County industrial market has experienced a slowdown in the first quarter of 2024. Key takeaways: 1. Negative net absorption: A loss of 949,396 square feet, with all major submarkets recording negative net absorption. 2. Vacancy rate: Up 65 basis points to 3.22%, with a 176 basis point increase year-over-year. 3. Lease rates: Average asking lease rate dropped to $1.70 per square foot, indicating a possible end to the bull market for rent growth. 4. Sales prices: Average asking sales price fell by over $15 per square foot to $410. 5. Transaction activity: Sale transaction velocity halved, with lease and sale activity by square footage down by a third. 6. Construction: Five new buildings totaling 607,021 square feet were delivered, with 2,038,663 square feet underway. 7. Unemployment: Orange County's unemployment rate held steady at 4.2%, with some sectors experiencing job contractions year-over-year. Looking ahead, the vacancy rate is expected to continue rising, with tenants gaining more negotiating leverage. Sales prices are also under pressure from high interest rates, with adjustments anticipated to reflect the higher cost of borrowing.

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📢 FINDING FOOD FITS 🌟 Non-Chain Bistro Pubs on the Rise: At Lewis Retail Centers, we’re witnessing a surge in popularity for non-chain bistro pubs. Some of our standout concepts expanding within our portfolio include: ➡ Fire Rock Burgers & Brews opening its second location at the Marketplace at Calimesa. ➡ Kenwood’s Kitchen & Tap launching its second spot at Town Center at the Preserve in Chino. ➡ Left Coast Brewery debuting its third location at the Collection in Ontario. 🚀 Quick-Service Restaurants Thriving: Quick-service restaurants with limited menus are also booming. Successful examples include Roll Em Up Taquitos, Dutch Bros. Coffee, 7 Brew, and SWIG. 🌿 Creating Inviting Spaces: Restaurants with patios that blend into outdoor public spaces are a huge draw, offering consumers the al fresco dining experience they crave. At Centennial, we helped Nardò Italian Restaurant create such a space at Pacific City, connecting to the center’s common areas with stunning views of the Pacific Coast Highway and the ocean. 📱 Embracing Tech-Forward Concepts: We’re also exploring tech-forward concepts. For instance, at Town Center at the Preserve, we’ve opened a Starbucks Café designed primarily for in-app orders and a Chipotle that caters exclusively to in-app drive-thru orders. 🤝 Collaborative Success: Success in these ventures requires close collaboration between landlords and tenants. By maintaining open communication and working together to create flexible, well-designed spaces, we can meet the evolving needs of modern consumers. I’m excited to see these trends continue to evolve and to be part of creating spaces that enhance the dining and shopping experience for everyone. #RetailTrends #FoodAndBeverage #CaliforniaLiving #RetailMarketing #LewisRetailCenters #CustomerExperience https://lnkd.in/ghjiZfZJ

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Self Storage market in Hawaii is a little different... This is a facility in Kapolei that provides a unique opportunity in utilizing Self Storage services! There is a huge demand and waiting list for 10x15s and larger because of so! They at 100% occupancy in units 10x10 or larger!! Amazing to see this industry evolve!! Some like it and some don't while having a hard time adjusting. But the facilities & companies that have adjusted to these changes are 98% occupied and higher, while leading the Self Storage Market within Hawaii! Its so important to know what is evolving and happening in your specific market.. So amazing how Self Storage is evolving.

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If you're raising a commercial real estate fund in 2024, and you're not based in the Bay Area, read this. Some key tips on what you're up against. [link in comments]

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Marketing Real Estate with Digital Press Releases - Strawberry Inn For Sale in California's High Sierra Rick Lahkar of Sperry, a boutique commercial real estate brokerage is offering for sale the Strawberry Inn Located in the High Sierra area of California. The Asking Price is $3,200,000. Digital Press Releases produce high exposure like this one on Street Insider. This is one of over 500 news sites where this Press Release can be found. Plus, it is featured on Google, Bing and Yahoo News networks reaching the inboxes of thousands of brokers, real estate investors and journalists. This one has been converted for publication on social media with a YouTube Video embedded in the Press Release. Effectively, we have turned a Digital Press Release into a sales page with many ways for interested parties to find their way to Rick Lahkar for more information. For those of you who follow Bob Knakal, you likely have heard Bob speak of the importance of market presence and how exposure in the Press Builds a powerful brand. Digital Press Releases produce tremendous exposure and credibility. If you're a real estate broker, offering Press Release marketing to a property owner is a sure way to get exclusive listings and crush your competitors every time. If interested in the property, or just to take a look at an example of a Digital Press Release to market one of your properties, Click the Link https://lnkd.in/egx9RGEV #PressReleases #RealEstate

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“We need to continue to remind ourselves that 39 years ago, before Prop 300 was passed, I-10 was not connected in the City of Phoenix,” says Clark Princell, president and CEO of Valley Partnership. “That’s how far we’ve come on infrastructure. Through Prop 300 and Prop 400, we’ve also built Loops 101, 202, 303 and [State Route] 51, not to mention light rail. This didn’t happen by accident — there was thoughtful effort by folks throughout the business and public sectors all leveraging resources to build the transportation system we have today and all the benefits we derive from it.” Indeed, a Maricopa Association of Governments (MAG) report shows that the investments made through Propositions 300 and 400 have had a material impact on the region, with a 25% reduction in average travel time by freeway and 105 hours saved from traffic each year per driver. These transportation corridors have also had a positive effect on property values, with a 212% increase on parcels within a quarter mile of a freeway and a 316% increase for locations the same distance from a light rail line.  

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The stats are in! ✅ Check out the May Market Update for Sonoma County. Curious about your home’s value or want detailed stats for your neighborhood? Contact us today for a free valuation!

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🌟 MONTHLY MARKET UPDATE 🌟 Welcome to the June edition of the Monthly Market Update! With summer arriving early, I'm bringing you the latest real estate trends and some thrilling news about our community. From an impressive increase in available homes to the latest on the Las Vegas high-speed train project, and why Las Vegas is now the "Outdoor Sports Capital" of the country, there's a lot to cover! Plus, discover why home ownership remains a top investment despite current market challenges. DM for a link to the full market report or if you have any questions about the housing market this summer. #realestate #marketupdate #marketstatistics #homeownership #pickleball #outdoorrecreation #minimumwageincrease #lasvegas #southernnevada #realtor

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Phoenix's retail market is experiencing low space availability and high rent increases due to strong demographic trends, income growth, and job gains, with significant tenant demand and minimal new construction. The leasing market is dominated by quick-service restaurants, beverage shops, experiential concepts, gyms, and off-price retailers, reflecting evolving consumer preferences and maintaining robust growth despite limited new space. https://lnkd.in/gCTsfc4M

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Following California's $20 fast-food minimum wage hike this month, our restaurant industry continues to adjust. A great article below from QSR highlights some of the early results. Unsurprisingly, the most prominent reaction has been to raise prices, but others are exploring underperforming restaurant closure, as well as further investment in automation. - Chipotle Mexican Grill, for example, is experimenting with the “Autocado,” a robot that can cut, core, and peel avocados. The innovation is currently progressing through Chipotle’s stage-gate process and will undergo an operational test in one restaurant this spring. - On price increases - a recent price survey by Saleh and BTIG found that certain Starbucks stores have raised prices by almost 9%, Shake Shack is up almost 8%, with Chipotle Mexican Grill up just under 7%. The article below has data with certain item's respective price increases. - Conversely, the survey found that McDonald's’s, which has noticed a recent cutback in spending from customers below $45,000 in annual income, has tried their best to keep prices level. - Earlier in the year, two large Pizza Hut franchisees laid off around 1,200 delivery drivers, and will instead rely on third-party delivery options like Uber Eats and DoorDash. - The labor regulations of AB 1221 apply to limited-service restaurants with more than 60 units nationwide. It will be interesting to see what could become of the smaller concepts underneath larger banners which will not be subject to the increases - but likely will be affected on wages to compete for labor. Credit to our CBRE Retail Head of Americas Research, Brandon Isner, for the share on this. #qsr #minimumwage #california #cbre #retailrealestate Full article: https://lnkd.in/g7J-EtFe

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I thought this was such a great piece that I would share it with you... #competition #marketanalysis #sales #ai #efficiency #workculture https://lnkd.in/gZ8KKASX?

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📊 Orange County Real Estate Market Update - July 3, 2024 This week in Orange County, CA, the median list price stands at $2,050,000. 🏡 The Market Action Index (MAI) is currently at 57, showing a slight decrease from last month's index of 60. Inventory levels are stable, hovering around 1,975 properties. #RealEstate #OrangeCounty #MarketUpdate #HousingMarket #RealEstateTrends #WFGTitle

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