Terranova’s blog on real estate, retail related market trends, upcoming events, and more!

Rise of the Doughnut

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March 31, 2017 — TERRANOVA TRENDS — BY ANGELA SHLYAKHOV As far as desserts go, sugar makes us all a wee bit crazy. First came the cupcake craze, then the frozen yogurt craze, then the cronut crazy and now… it’s the old stand-by glamorously revamped with fancy names… it’s the 2016 decadent DOUGHNUT or DONUT craze and the retailers could not be any happier.

Donuts have had a recent glamorous makeover and are now attracting even more customers but they are not just appealing to our men and women in blue anymore and the old stereotypes of the typical donut muncher. Now they are highly sought after by glamorous divas and fashionable men who partake in their delights and bring them as fancy house gifts for dinner parties as desserts and delightfully display them at posh birthdays, weddings and other glam events. One uber fashionable site appropriately titled highsnobiety.com even prominently displays a sushi donut and they look delicious decorated with black sesame, ginger, wasabi, cashew and avocado. These donuts seem healthy too. Other fancy donuts are bacon paired with a maple glaze or icing, M&M and potato chip donuts and many other artisanal donuts.

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High Street Riding The Wave – Miami-Dade Urban Street Report 2016

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February 20, 2017 — TERRANOVA TRENDS — BY ANDREA SPEEDY Fresh off one of the busiest and largest new development cycles the area has ever seen, metropolitan Miami-Dade is continuing to thrive while many other urban markets are slowing down. Even as residential sales are leveling off, Miami’s retail component is strong, growing, and pushing to respond to ever-increasing demand for high-street locations in the city’s most popular neighborhoods.

A recent developer’s symposium held near the beginning of Q3 2016 revealed that overall retail vacancy in Miami is at an impressively low 3.1%. By comparison, Manhattan averages a vacancy rate of nearly 3.7% with retail rents that can be more than triple Miami’s prices. Throughout the greater Miami area, rental rates average between $150 and $300 per square foot for top retail high streets such as Lincoln Road, Collins Avenue, and Ocean Drive on Miami Beach; Sunset Drive in South Miami; and Miracle Mile in Coral Gables, and they’re expected to continue to fetch premium rates for years to come.

A RETURN TO URBAN LIFESTYLES

A key element driving the performance of Miami’s high streets has been a decades-long shift in residential development towards connected city-centric living. More and more of Miami’s residents are choosing to live near business, shopping, dining, and entertainment districts that are minutes from home, as opposed to a long drive away in heavy traffic. Similarly, office workers are seeking to maximize lunch-hour breaks and have the ability to run errands or meet with colleagues after work – all without worrying about parking or driving. Miami’s key high streets are among the most established, centralized destinations within their respective areas – and are therefore poised to deliver on market demand. As new residential projects continue to come online over the next few years the role of high street retail will become an even more essential part of the daily lifestyle experience.

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Stephen Bittel

Destination Dining – The Modern Food Hall Experience

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February 8, 2017 — TERRANOVA TRENDS — BY ANDREA SPEEDY & ANNALISA DAMLEY  It wasn’t long ago – less than 20 years in fact – that the American Shopping Mall Food Court was the centerpiece of retail-oriented dining. Built for speed, these low-maintenance communal spaces were aimed at getting shoppers quickly back out into the stores, and thus attracted quick-service, low-margin restaurants to keep malls moving at the speed of retail.

Look around today, however, and you’ll see both food courts and mega malls with less traffic. There are a few  more guests at stand-alone restaurants just outside the mall, and large casual dining restaurants built into the mall, but nothing compared to the packed, barely-any-available seating crowds of just a decade ago. People haven’t stopped eating… or shopping… so where has everyone gone?

“The answer is back to high streets…and to food halls. Along America’s metropolitan high streets, independent, culturally diverse, quality cuisine concepts are popping up left and right,” says Stephen Bittel, Chairman for Terranova Corporation. “They’re recognizing guests’ desire to enjoy dining as its own destination, and it’s up to us as developers to make sure we’re responding to their needs.”

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