In 2020, retailers will continue to look for ways to stand out and create experiences, and landlords will put a greater focus on tenant curation.
“Retail will continue to be refined and redefined both locally and globally,” Garrett Colburn, EVP and managing principal of SRS’ California offices, tells GlobeSt.com.
“Landlords and tenants alike will continue to focus their efforts on how to be different, and how to curate destinations that deliver more authentic experiences.”
Southern California is among the leaders in the asset class, and a top target for retail investors. While retail is still undergoing notable disruption, like store closures, they likely won’t impact the market. “Southern California is one of the strongest economies in the world, and it will remain a top priority for businesses and investors,” says Colburn. “The pace of store closures will continue to be led by department stores and stagnant soft goods retailers, but the Southern California stores will be some of the last to close in their national portfolios. The diversity of this market is unparalleled and it affords us the opportunity to transact across a wide range of product types in the region.”
SRS is expanding in the wake of these changes, focusing on talent recruitment and developing specialty groups that serve to support retailers and retail owners through these market changes. “Culture comes first for us and our latest additions are major enhancements,” says Colburn. “We’ll continue to grow across all specialty groups, but most of our focus will be on the Los Angeles office and adding top talent to the Signature Group and NNLG.”
The firm’s Southern California office is the center of this growth. “In Southern California we have more than 15 tenant rep and leasing brokers, and more than 40 net lease brokers,” says Colburn. “We’re clearly having a ton of fun together and it’s only getting better with our collection of talent. Northern California is next, we’ve had a strong presence in San Francisco for decades, and this year we’ll be looking to grow our teams up there and better bridge the gap across the state of California for our clients.”