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Leasing Momentum and Optimism Abound

LAS VEGAS—In the world of retail, where trends come and go, one thing remains constant: the momentum of leasing and expansion. Brandon L. Singer, the chief executive and co-founder of MONA, a leading real estate firm, shares his optimism about the future with GlobeSt.com during the big ICSC Las Vegas retail event this week.

"We are seeing a lot of leasing momentum, and we don't foresee that will stall anytime soon. Retailers are actively expanding all over NYC--and frankly, around the country--which is refreshing and encouraging to say the least," Singer affirms.

Despite economic uncertainties, the expansion and growth in the retail industry show no signs of slowing down. Singer emphasizes that while they stay informed about economic news like everyone else, the retail sector's progress remains steady.

"Luxury is still expanding, the DTC guys are expanding like crazy, and the food guys are signing a lot of leases in Midtown. It's been rough the last few years--and slowly but surely we're seeing that submarket pick up steam," Singer adds.

Singer's MONA team has recently inked three food and beverage deals in Midtown, specifically at RFR's 285 Madison, located at the corner of 41st Street and Madison Avenue. These long-term deals demonstrate the positive outlook for Midtown's resurgence. Singer believes that the return of people to work in the area is a story that many have been slow to recognize. As businesses reopen and employees return to their offices, the demand for retail spaces is expected to increase further.

Michael Cody, the co-founder and head of operations and administration at MONA, sheds light on the current leasing landscape for F&B spaces. "Built-out F&B spaces have always been at a premium but because of the supply chain issues people are still dealing with, it's now even easier to lease out those spaces than it was during the height of COVID," Cody tells GlobeSt.com. The challenges faced by the supply chain have inadvertently created more opportunities for leasing out fully equipped F&B spaces.

However, Cody notes that spaces that require additional modifications for restaurants may pose a slightly tougher challenge. Nevertheless, the overwhelming demand for retail spaces persists, leading to successful deals despite the longer timeline required to finalize them. The allure of the retail industry remains strong, and retailers and entrepreneurs are eager to secure prime locations for their businesses.

As retail trends continue to evolve, the leasing momentum remains a driving force in the industry. The expansion of luxury brands, the rise of direct-to-consumer businesses, and the resurgence of the food and beverage sector in Midtown NYC exemplify the positive trajectory of the retail market. With a mix of optimism and perseverance, MONA and other industry leaders are riding the wave of retail trends and contributing to the ongoing growth and transformation of the retail landscape.

Stay tuned for more coverage from ICSC Las Vegas as we talk to attendees, cover panels and more. Also, check out the related stories already posted below:

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Reprinted with permission from the Fri, 26 May 2023 09:15:04 EDT online edition of GlobeSt © 2023 ALM Media Properties, LLC. All rights reserved. Further duplication without permission is prohibited, contact 877-256-2472 or reprints@alm.com.