The Unlikely New Real-Estate Darling: Restaurants
The WSJ wrote a great article detailing the current state of restaurant real estate. See summary below:
Total restaurant sales have never been higher. They are on track to top $1.1 trillion this year, a 5.4% increase from 2023’s record-high level, according to the National Restaurant Association, an industry group.
Historically, restaurants have been perceived as risky tenants; however, with changing consumer spending habits caused by rising wages, low unemployment, and the emergence of “foodie culture,” food service leases have become a powerful force in the retail real-estate sector.
In the past year, more than 19% of retail leases were allocated to food services, marking the highest proportion for any category since 2007. Further, food tenants have been favorable for landlords due to the influx of creditworthy chains and the proven track record of these establishments in boosting foot traffic to nearby businesses.
https://lnkd.in/e_vB7cfu
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If interested in purchasing a restaurant I am currently selling a turn-key restaurant opportunity on W Atlantic Ave in Delray Beach. This deal comes with over 100+ parking spots, a liquor license, all the kitchen equipment allowing an operator to quickly open up their own concept. If you would like more details feel free to download the OM or reach out to myself or Robert Goldberg directly.
https://lnkd.in/e26xJR_W
Congratulations Mark & family!!