Strong demand for all types of commercial real estate in Long Beach continues to put upward pressure on rental rates. Rents increased for office, retail and industrial space during the second quarter, according to reports by leading firms.
Check out our Managing Director, Justin White, as he gives a market update to the Long Beach Business Journal regarding retail investments in the city of Long Beach.
“From an investment perspective, we’ve continued to see a lot of interest [from] capital investors that are non-traditional Long Beach investors but who are excited and drawn to the area by what the city has been doing,” Justin White, managing partner for Centennial Advisers, said. “They’re seeing opportunity and they want to be a part of what’s going on in Long Beach.”
Retailers are still combating e-commerce and the Amazon effect, so many new businesses are providing experience- and service-driven models, White explained. Businesses that offer customers something they can’t receive with the click of a mouse are filling in spaces of those that have closed up shop. Talks about the “death of retail” are inaccurate, White said, adding that the industry is simply transforming.
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Author Credit: Brandon Richardson, Senior Writer