In the book Big Shifts Ahead: Demographic Clarity for Business by Chris Porter and John Burns they discuss the concept of surban; surban is a mashup of suburban and urban together.
We're seeing this all over the United States. People are trying to build mini-urban areas with three floors of apartments and retail space underneath those areas.
As long as it's a cluster of four, six or ten buildings, and not one freestanding building with retail, those areas are outperforming traditional strip malls. They have no trouble leasing their retail space. Sometimes it’s like a revolving door where a tenant rents it for a year or two and then someone else comes in and takes over.
This works perfectly and buildings continue to be profitable. 90% of the revenue comes from the residential units, so when retail is not consistent, owners continue to generate an income. Owners are still making money. The cities promote mixed use areas and won’t allow residential only properties.
When retail underperforms, we are not seeing any delinquencies in those areas because of the income generated from the residential units above.
- Property income diversity
- Urban and suburban areas
- Multi-family storefronts
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