DGNY Commercial, LLC

12/21/2023

Happy Holidays! We're ready to work even harder for you in 2024!

12/20/2023

Wishing you peace, love & joy this holiday season.

Merry Christmas and Happy New Year.

12/15/2023

For Sale:
2-Story Office Building in Long Beach, NY.

Contact:
Leah Tozer
Associate Real Estate Broker
516.860.5784
https://www.facebook.com/leah.rosensweig.tozer
[email protected]

12/13/2023

SOLD!
Mixed-use property located in the heart of East Northport village.

Jansen Hafen
203.554.9956
[email protected]

Kim Bullis-Byrd
631.806.5439
[email protected]

12/11/2023

Wishing your family peace and light this holiday season.

12/11/2023

COSTAR INSIGHT
Demand for Retail Space Hits Record High in the US

Freestanding and Local Properties Drive Gains as Underperforming Malls Lose More Ground

By Brandon Svec
CoStar Analytics
December 10, 2023 | 9:42 P.M.

While rising costs and shifting consumer spending patterns have hurt the bottom lines of many U.S. retailers this year, they kept their physical expansion going into the third quarter as the amount of retail space occupied across the country climbed to a historical high.

In total, demand for retail space rose by just under 15 million square feet in the third quarter of 2023, marking the 11th consecutive quarter that tenants filled more retail space than they vacated. With slightly more than 14 million square feet of net new retail space opening in the same time, the amount of vacant retail space in the U.S. fell to the lowest level seen since before the Great Recession.

Numerous sectors continue driving the growth in demand for retail space, including food and beverage, fitness, experiential, discount, health and beauty and medical services. Each of these expanding sectors has benefited from the pivot in consumer spending toward value, wellness and experiences.

While retail space market fundamentals are strong, more than a decade of minimal construction combined with persistent demand growth has led to a lack of institutional-quality space across many primary and even secondary corridors across the United States. As such, numerous retail tenants and tenant representatives have reported a lack of available space in desired locations as a factor weighing on the pace of demand growth, which has notably downshifted to more sustainable levels over the past year.

Even with this downshift, however, retail demand has risen by more than 69 million square feet over the past four quarters. Moreover, given a preference among retailers for

efficient spaces closer to the consumer, most of this demand has flowed into freestanding or neighborhood retail properties. In total, these two retail property types accounted for 95% of all retail demand growth over the past year.

On the other end of the spectrum, demand for space within the mall segment fell by more than 4 million square feet over the past year. The mall segment remains highly divided and moving in opposite directions. Malls rated three-stars and below continue to lose tenants, while luxury outlets and top-rated four- and five-star malls have largely increased occupancy over the past year.

Total demand for retail space in malls rated as three-star and below malls has fallen by more than 45 million square feet since 2017 and is projected to fall further in 2024 as numerous tenants such as Foot Locker and Bath and Body Works accelerate their announced plans to relocate stores out of under-performing malls and into better trafficked, smaller centers.

12/06/2023

COSTAR INSIGHT
Total US Hotel Room Demand from Groups Breaks 2019 Record
Strong National Results Hide Uneven Patterns Across Top 25 Hotel Markets

By Jan Freitag
CoStar Analytics
December 5, 2023 | 2:09 P.M.

The number of hotel rooms sold to groups in luxury and upper-upscale hotels and resorts in October was higher than in the same month in 2019. This indicates the continued strength in this demand segment, even while corporate transient demand is still struggling to make up for lost ground.
As many companies have not called staff fully back to the office or have enacted hybrid work arrangements, getting coworkers together in person at a location out of the office has become an important strategy to build team cohesion.
Markets with easy air access such as Dallas and Atlanta show healthy demand growth compared to 2019 as quick, overnight meetings are becoming more common. Meeting planners also choose locations that have a strong leisure appeal such as Oahu or Las Vegas to give attendees access to activities outside of the hotel ballroom.
New Orleans and San Francisco, on the other hand, struggled in October to attract more meeting attendees than four years ago. For San Francisco, rightly or wrongly, poor perception of safety and cleanliness have impacted the number of meetings at the Moscone Center and therefore hotel group demand.
Looking ahead, office utilization could continue to be challenged as hybrid schedules with three days of office attendance become the norm. Recent research from outplacement firm Challenger, Gray & Christmas suggests that roughly a third of companies in their sample set have implemented this schedule.
Companies will therefore continue to look for other ways to build culture and get staff members together. Markets that offer ample meeting space, easy air access, and varied food and beverage options outside of the hotel will likely continue to attract group meetings. Also, hoteliers in the top 25 markets should benefit disproportionately.
One possible outcome of the convergence of a shorter in-office work week combined with stronger group demand, often midweek, could potentially be sustained pricing power for large hotels in these larger markets. As business transient demand has still not fully recovered in many markets, this mid-week compression would be welcome news to hotel operators and owners.

https://lnkd.in/ea9D4R7q

12/05/2023

Three Trends Impacting New York City Commercial Real Estate.

https://www.forbes.com/sites/shimonshkury/2023/08/11/three-trends-impacting-new-york-city-commercial-real-estate/?sh=5628ec715276

Visit us @
dgnycommercial.com

Tenant behavior in the office market, regulation in multifamily and higher interest rates contributed to a 43% drop in NYC investment sales to $12.8B in 1H 2023.

11/21/2023

Wishing everyone a Safe, Healthy and Happy Thanksgiving.

11/17/2023

Are you ready for serious representation with any commercial real estate need in Long Beach, NY?

Leah Tozer
Associate Broker
DGNY Commercial
516-860-5784

11/09/2023

We are pleased to announce that David Angelo has joined DGNY Commercial.

[email protected]
516.448.2372

www.dgnycommercial.com

09/29/2023

FOR SALE: $900,000. EXCLUSIVE LISTING!
125 Larkfield Rd, East Northport, NY.

Mixed-use property located in the heart of East Northport village.
A PERFECT OPPORTUNITY FOR USER/OWNER OR INVESTOR!

Jansen Hafen
203.554.9956
[email protected]

Kim Bullis-Byrd
631.806.5439
[email protected]