In today’s edition of The Daily News, I profiled Ed Thomas and Andrew Phillips of Colliers International’s retail division, who sold more centers in 2010 than any other brokerage in town.
A lot of the business the team has picked up in recent times is a result of foreclosures, which had provided opportunities for other retailers to enter the market at more reasonable prices. Here’s more:
“All of these retail centers were sold at the peak of the market and the operating expenses and taxes were very high,” Thomas said. “But now, as a result of the foreclosures, the operating expenses have come down, which have allowed tenants to not pay as much overage. These centers were reassessed by the tax assessor and taxes have come down almost half of what they used to be at 2006, and then on top of that, they were re-traded at more reasonable prices per square foot, which in turn allowed the tenants to pay less per square foot.”