04 Aug 2017

MARKETPLACE TRENDS: Addressing Parking Challenges as Managers & Brokers

With a diverse portfolio of leasing, management and accounting assignments, Coreland teams are focused on Southern California retail issues and trends on a daily basis. Quarterly we present the statistics through our Quarterly Retail Roundup, and consult our ‘boots-on-the-ground’ for their view of industry trends. This quarter we asked Real Estate Manager Rosa Kendrick and Senior Vice President Matt Hammond to share their thoughts on addressing parking challenges as property managers and brokers.


 

CC_Rosa-KendrickRosa Kendrick, Real Estate Manager

“Available parking is a vital aspect of retail operations, and being able to proactively address issues is critical to good management. It has become a focal point at many of our shopping centers thanks to the healthy economy and growing popularity of food uses.

“Solutions such as off-site employee parking, seasonal valet options, designated Uber/Lyft drop-offs, and re-striping parking lots, are all effective in different scenarios. However, the most important aspect of introducing a parking solution is good tenant relations. Getting tenants to work with you is the first step. Tenants who support these efforts through good communication with their employees and customers make a big impact.”

 

CC_Matt-HammondMatt Hammond, Senior Vice President, Retail Brokerage

“The demand for food keeps growing. Per a recent Forbes article, experts predict that food uses will account for more than 20 percent of our regional shopping centers by 2025. As a result, we are actively working through parking issues in many of our lease negotiations. Our clients have had to change their mindset and become much more creative to compete.

“Outdated zoning is a primary issue. Progressive cities understand that the goal is to keep local shopping centers healthy and generating tax dollars. Many that might have denied requests for additional food uses in the past are now open to evaluation. Many deals have benefited from an effective parking study taking all options into account―valet, off-site parking, public transportation. It is worth the investment.”

 

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