Patterson Woods Associates, of Delaware, has seen the commercial real estate industry change over the years. They have evolved to meet new demands and stay ahead of their client’s needs. This has included adding a property management team, a business brokerage team, and even several 1031 exchange experts. Now they’re evolving by leveraging Retailsphere to bring better tenants to their client’s vacancies.
With the current Covid-19 pandemic, evolving to meet new retail challenges may be more important than ever before. Patterson Woods noted that Covid-19 has changed their local retail landscape. They said “[they] are seeing high-profile vacancies not previously available rise in prime locations, and well capitalized tenants taking advantage of them.” But this increase in availability has also meant more competition to get those great tenants. “The quality of tenants has been dropping as landlords are becoming more lenient to backfill vacancies.”
Luckily, this is where Retailsphere has been able to help their team. While Patterson Woods said they were originally weary of spending money on such a new platform, especially during such a tenuous time for the retail industry, their concerns have been completely eliminated.
Tyler Foresta, a member of the Patterson Woods team, said, “[Retailsphere] has allowed us to narrow down our searches and spend less time doing so. We can develop targeted lists that get our spaces in specific tenants.”
While they said they believe that the service and retail industry will have a strong bounce back from the Covid-19 pandemic, they believe that landlords and tenants will be analyzing lease agreements more aggressively, which means its important to find the right tenant fit for vacant spaces to get contracts across the finish line.
Foresta said Retailsphere helps them find these “right fits.” The platform gives him the “ability to vet out possible tenants based on their site selection criteria and expansion plans.” And when he identifies an ideal prospect, he can “search for individual tenants and receive contact info for the decision maker.”
While the retail industry may have seen some difficult times over the past year, Patterson Woods has found a path forward using Retailsphere. By leveraging the data made available to them, they can identify, connect with, and ultimately sign leases with better tenants.
Are you looking for a competitive edge in the leasing industry? Has an influx in vacancies meant less qualified tenants in your spaces? Let Retailsphere help you research and find better retail prospects. Sign up today for a no-obligation demo and see first hand how Retailsphere is changing the retail industry for companies like Patterson Woods Associates.
Commercial Real Estate