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Restaurant Design Aspects That Draw In Customers

June 7, 2023

The restaurant industry is one of the most saturated, cutthroat, and intensely competitive industries out there. While there is plenty of misinformation about just how difficult it is to succeed in the food service business, it is widely recognized that the vast majority of restaurants close within their first five years of operation. Per the National Restaurant Association’s latest statistics, 7 out of 10 restaurants are individually owned and unassociated from any chain operations. Considering these hurdles, restaurant owners are wise to pursue strategies that set their business apart from the competition as they work toward sustained success. While food and customer service should be every restaurateur’s main focus, their establishment’s physical design has a bigger effect on foot traffic than they might think. For any restaurant owners that are looking to attract new customers, consider these tips for an improved look. Starting with the Standards (And Why They Work)Depending on the style of restaurant you’re looking to open, certain repetitive features immediately come to mind. Glass front doors, a mixture of table seating and booths, and either warm lighting for fine dining settings, or neon accent lighting for sports bars are all common features. While many implement these options

How Pickleball Is Filling a Void in CRE

May 31, 2023

It’s official. For the third year in a row, the fastest growing sport in the United States is pickleball (according to enthusiasts of the sport at Pickleheads). Odds are good that you’ve already heard of the trend, had a friend fall victim to its not-quite tennis, not-quite ping pong charm, or maybe you’ve been bitten by the pickleball bug yourself. Despite plenty of skepticism, this fad has refused to die down, and commercial real estate investors are starting to take notice. But why pickleball, and what sort of impact can this casual recreational activity have on the CRE landscape? Today, let’s take a swing at de-mystifying the surprising impact of pickleball. What is Pickleball, Anyway?For those who are more than an arm’s length away from the game, pickleball may just seem like a game with a funny name that’s too similar to a number of other more well-established sports. Are there really enough things that make pickleball unique enough to have a draw all on its own? Well, based on its sustained growth, signs seem to indicate that it does. Pickleball is a sport that can be played competitively with two individuals facing off, or in the form of doubles,

Hotels Are Stepping Up For The “Work From Anywhere” Era

May 24, 2023

It’s no secret that the hospitality industry has battled through a tough season in recent years. With economic strain right on the back of lockdowns, hotels have made their long climb back to stability as people slowly became comfortable with traveling again, then looked to make up for lost time. Despite an expected downturn this year, Forbes points toward a recent study where 49% of Americans still plan to travel even more in 2023. Things are looking up in hospitality. Still, hotels are finding that experimenting and innovating are a necessity – and a foothold for future success just might be found in taking advantage of another commercial property sector that’s been rocked by recent CRE shifts. As workers are moving out of the office and into their homes (or anywhere else), the hospitality industry has discovered an opportunity. How Are People Working Today?Companies everywhere have had to adapt quickly in order to operate virtually. Now, changing preferences and demands from workers mean that the traditional full-time, in-office working experience isn’t a reasonable expectation anymore. As office property managers fight for a return to in-person work (along with many company managers and owners), other properties are coming up with flexible

Landscaping and Exterior Maintenance Red Flags for Commercial Properties

May 17, 2023

Every property manager is well aware of the importance of landscaping when it comes to presenting a business in a positive light. With that said, good landscaping extends far beyond curb appeal. Some landscaping features can pose serious hazards, and with increased liability concerns, exterior maintenance on commercial properties should never be overlooked. Our expert property inspectors at NPI have had the benefit of walking the grounds of countless commercial properties over the years. In doing so, we have identified a few trends in landscaping or exterior maintenance that are too commonly neglected by property managers or building owners. Make note of these landscaping red flags to ensure that your commercial properties are safe and secure. Commercial Landscaping Starts with Water ManagementOne of the biggest issues that property inspectors will be sure to point out surrounds water drainage management. From the roof, to the siding, to walkways, and to turf and grass, nearly every aspect of a commercial property can be adversely affected by poor water run-off and drainage. So many commercial buildings opt for flat roofs, which can easily allow rain to pool and persist, leading to unneeded water weight strain and leaking to interior spaces. Even if scuppers

Cinema CRE Is Getting A Sequel

May 10, 2023

Since the global pandemic led to an unexpected shift in revenue and in the way average people choose to spend their money, the movie industry has struggled mightily to recover. Per the Hollywood Reporter, the US has lost approximately 2,165 theater screens (or around 5% total) since 2019 within exhibitor locations, and nationwide, the largest theater franchisors are looking to reduce quantity to recoup losses and direct their focus on premium experiences. The way that this translates over to commercial real estate is massive due to the impact that empty theaters have on neighboring businesses. Business owners and commercial property managers alike are wondering whether the cinema still can be relied upon as the consistent anchor to boost foot traffic and drive revenue. To get a better idea of the forecast of cinema CRE, let’s take a look at how theater property owners are adjusting their approach. Movies Are Coming Back, And The Experience Is BetterTheater revenue has slowly improved over the past few years, but the industry has yet to replicate pre-pandemic numbers. This underperformance has been attributed to a number of factors, from a lower number of new film releases each season (another echo of the pandemic) to

Building Satisfied Tenants For Your Commercial Property

May 3, 2023

It’s no surprise that the secret to success in the commercial real estate industry is through retaining quality tenants. Advertising, maintenance, and upgrade strategies are all centered around finding tenants who are responsive and reliable, then keeping them long term. The costs accrued from advertising and identifying new tenants can be eye-opening, and leaving space vacant for too long means missing out on income. This is all why seasoned commercial property owners and managers know that good commercial tenants don’t grow on trees. Happy tenants are less likely to make a change or look for different options, which is why the most successful property owners and managers prioritize tenant satisfaction. If you’re looking for ways to lower your turnover rate and keep your best tenants, consider incorporating a few of these strategies into your management process. Practice Effective CommunicationResponsiveness is a trait that will lead to success in many different industries, but when it comes to tenant satisfaction, this might be the most important factor to focus on. Tenants largely want their privacy and room to operate their businesses as they see fit, but when they reach out with a concern or complaint, radio silence is a common cause for

Spring Office Utilization is Growing: What is the Future of Remote Work?

April 26, 2023

In the beginning of Spring 2023, commercial real estate analysts like Businesswire reported massive increases in demand for office space. Nationally, there was a month-over-month increase from February to March of 31.3 percent, and key cities saw even higher numbers, such as San Francisco’s eye-popping 69 percent month-over-month increase. Still, much of the conversation surrounding commercial real estate for office spaces is affected by the ambiguous future of remote, hybrid, and in-office standards. While some employers are making dramatic pushes to bring workers back into the office, many employees have adopted new standards for work flexibility that don’t align with these mandates. To better understand the condition of office spaces, let’s take a closer look at the tug-of-war between hybrid workers and their employers. What’s Happening to Office Spaces?The massive drop in office space utilization is a well-known result of the coronavirus pandemic and the resulting lockdowns throughout the United States. Gradually, in-office work has been recovering, but for many, this recovery has been slower than desired. Business owners that have needed to accommodate hybrid workers have maintained their spending on large, modern office spaces and felt the burn from seeing the spaces unused. As expected, the usual emergence from

The Biggest Electrical Red Flags From A Professional Commercial Property Inspector

April 19, 2023

Attracting and retaining top commercial tenants can be difficult. In competitive markets, managers and property owners need to capitalize any way they can to get their locations to stand out. Often, this can mean redesigning and modernizing interior layouts, investing in particular amenities, or maybe even incorporating public art. While amenities are important, every marketing strategy should start with upkeep. Keeping a commercial building safe and well-maintained is the only way to forge a sterling reputation and instill confidence in key tenants. With this in mind, it’s every good property owner’s job to make sure their electrical systems are secure and safe. Every commercial property needs consistent attention and diligent observation, otherwise small problems could result in drops in energy efficiency, increased costs, or even electrical fires. To take action today, here are the biggest red flags in commercial electrical systems. Older buildings or locations that don’t utilize safe, grounded outlets should look to update their systems as quickly as possible. Commercial property inspectors use voltage testers on power outlets as part of a standard building inspection in order to identify any outdated, damaged, or faulty outlets that might present fire hazards. Wiring can become degraded naturally over time as

5 Ways To Prioritize Parking Lot Maintenance For Commercial Properties

April 12, 2023

Attracting and retaining high caliber tenants is the primary goal for every successful commercial property owner. But for these owners and their property managers, their additional responsibility to keep visitors and occupants safe necessitates an emphasis on maintenance. Increasingly, drivers are adopting risky driving habits within parking lots which are made even more dangerous by maintenance issues like large potholes, ineffective lighting, and inefficient traffic direction. According to the National Safety Council, 66% of drivers say that they are comfortable with making phone calls while driving in parking lots, among many other attention-diverting activities. In order to keep a parking lot appealing and safe, here are a few maintenance standards that every property owner and manager should consider. What Causes Parking Lot Deterioration?Any features that are forced to withstand direct impact from exterior elements are bound to experience routine wear and tear. For commercial properties, which are much larger and more complex than residential lots, this means a wider space to manage and monitor. In climates that experience excessive water and seasons of mounting snow, moisture that seeps into the parking surfaces can cause cracks to expand, potholes to develop, and further deterioration of materials. In general, concrete is more

The Bright Future of Fitness Real Estate: Why Gyms and Fitness Centers Are Excelling in 2023

April 5, 2023

As with many industries in 2023, commercial real estate is adapting to new influences and certain industries are seeing a surprising resurgence. One sector that is especially poised for a solid year in commercial real estate is the Fitness and Wellness sector. Between a natural recovery from lockdowns due to the coronavirus pandemic, a demand for tenants that require a lot of space, and the growing demands of consumers, the coming years seem to point towards major positivity for fitness-focused businesses. To understand why there’s a sudden optimism for fitness CRE, let’s look at each factor independently. Recovery from the PandemicCOVID impacted businesses in many unique ways, but some of the businesses affected most severely were part of the fitness and wellness sector. According to statistics compiled by the Global Health and Fitness Association, the fitness industry’s revenue plummeted by 58% in the U.S. in 2020, and 17% of all fitness facilities permanently closed. While the industry was viewed as trending in the right direction prior to 2020, the ensuing lockdowns caught business owners completely off guard. As an industry with very little transitionary potential into virtual services, sizable closures were inevitable. As a result, the speculation quickly turned to,