Lower gas prices bring consumers back

Lower gas prices bring consumers back.jpg

Many commonly debate whether brick and mortar is dead, especial in retail where online shopping has taken off in the past 20 years. According to Chaim Katzman, chairman of Gazit-Globe and owner of hundreds of U.S. shopping malls, the drop in gas prices is leading to increased spending in shopping centers. With an extra $200 in each American family’s pocket, shopping centers boasting strong demographics are thriving. The economy is in its recovery stages, and more buying at shopping centers will allow for commercial real estate to thrive on higher rents.

Although rents will most likely rise, tenants will still demand retail space. Katzman expressed that vacancies are being “gobbled up”, and that the U.S. has been over-retailed for as long as he can remember. Cap rates are also between 5% and 10% for retail properties, which suggests a healthy retail real estate market.

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Virginia MacKoul

Virginia is a graduate from the University of Florida's College of Design Construction and Planning with a degree in Sustainability and the Built Environment, and a minor in Urban Regional Planning. Virginia joined the Front Street team in 2011, as an intern. Upon graduation, Virginia joined the Front Street team full-time as the Director of Client Services. Ms. MacKoul’s addition furthers Front Street’s continued growth and expansion within Gainesville and other North Central Florida markets. She was promoted to Director of Marketing in 2014 and now manages the firm’s team of interns and oversees all marketing and branding activity. Virginia was born in Boston and moved to Lee County, Florida in 1997. Virginia graduated her high school's International Baccalaureate program and started at the University of Florida with a focus on Architecture. Virginia shares Front Street's passion of giving back to the community and those in need. Virginia's hobbies include photography, cooking, football, movies, music, and spending time with her dog, Brinkley.

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