Like anything else, real estate comes in waves and phases. As with clothing, it is important to keep abreast of the trends so that you don’t get caught under the tide. This is just as important for buyers looking to purchase retail real estate as it is for those looking to purchase residential real estate. If you are thinking about purchasing retail real estate this year, here are some trends that you should be aware of before you do so, from the experts at NAI Isaac in Lexington, Kentucky.
Think Outside the (Big) Box
As millennials gain buying power and more influence over the consumer market, retailers are having to cater to their tastes more and more. One way in which they do that is by acknowledging their desire to see creativity and individuality from the stores that they purchase from. A way that this can be accomplished is by purchasing smaller retail spaces, as opposed to huge, mega-store style warehouses. This lends your retail space a boutique-esque, local flavor that appeals heavily to the millennial market.
Experience, Experience, Experience
Going back to millennials, increasingly, more and more consumers are opting out of shopping at brick-and-mortar stores, instead choosing to shop online. This is more convenient, and in many cases can result in a better selection on various items. With this in mind, if you are going to be purchasing retail real estate this year, you’re going to want to make it stand out in a way that provides a unique experience to consumers that they can’t get online.
Rising Real Estate Prices
With the real estate economy finally picking up after the recession of the early 2000’s, the demand for retail real estate space is actually outpacing the supply of real estate space that is available. Because of that, the price for retail real estate space is rising, meaning that when you go to purchase yours, it is more important than ever to thoroughly consider the property you are thinking of purchasing.
Do you feel more informed about the trends in retail real estate this year? If you are ready to purchase your own retail real estate, then contact NAI Isaac to get started. Our office is located in Lexington, Kentucky, but we proudly serve the Central Kentucky area.