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Rosie research from Greece is reporting an improvement in vacancy rates and rents -- US neighborhood shopping centers for the second quarter arrow.
Get a fragment is the chairman and a CEO the united realty partners -- -- joins me now so what you're saying basically is that there is a bit of a build.
In commercial real estate but what about the -- side of it at this.
Will the retail side is an area that we're concerned about.
We think that it's actually -- -- with the exception of certain pockets that provide high level luxury retail like Rodeo Drive in Beverly Hills or.
Fifth Avenue and -- -- Manhattan excluding those types of very expensive Rico which we think is great.
If you exclude those we have way too much retail space in America on a per capita basis -- we're concerned.
In the United States is about 43 square feet per capita.
Compared to the UK at 23 -- thirteen.
And most of Europe at just over three square feet per capita so we have a lot of retail.
And consumers buying habits are really changing.
OK so so let the public and -- open up a storm and get a commercial -- -- read several cities you say.
Don't do it allows -- to be looking at you know Beverly Hills -- Chicago let's talk about though.
The they have the online shopping affect -- because you think that it's actually gonna hit those higher end consumers in stores.
Any forward well I don't know about the hiring but the market but I think certainly everything but the higher into the market people today.
Are changing the way they shop they are looking at the Internet they're buying on the Internet.
And that's impacting the bricks and mortar stores and you -- Best -- is a great example that it's a store that is having problems because it delivers.
Its merchandise through bricks and mortar so it was a real -- investor that's not an area that we generally like right now.
You know read to become very popular.
For people is an investment -- to way to get into real estate without actually buying a piece of property on your around.
Having said that if you look at residential reits commercial reits there's been a little bit -- toll in those sectors how are you -- right now right well.
I I think that you look at when they were buying properties so if you're talking about reits that were corn properties of the top of the market.
And -- are starting to dispose of them now obviously you're gonna have significant impact it's gonna prices have come down a kind of contrast.
Those reits that are coming out to buy property now where we are.
Close to where -- think the bottom market will be are going to benefit from that because they're buying at below replacement cost they're buying much less expensively than before.
RA and and look like health care reits does seem to be looked fine restaurant you expect -- -- elderly and didn't.
I'm pretty good OK RA -- private of the united realty partners take an excuse me Jacob thank you very much for being on the -- cents to having her.
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