Retailers are elbowing left and right year-round to fight for a piece of coveted Union Square real estate (it makes Black Friday pushing look tame). It's why we're excited to host our Evolution of Retail: Merging Brick & Mortar and Digital Shopping event at the Marines' Memorial Club on Dec. 5, 8am. Register now!
Among our panelists, SRS Real Estate Partners SVP Laura Tinetti (showing her game day pride) says vacancy rates in the Union Square area are below 3%, down from its 14% peak in '09. Typically the Union Square area sees somewhere between seven to 10 transactions per year, but in 2013, that number was closer to 20. We won't hit that number in 2014, though that's most likely due to a lack of opportunity–not demand. It's also been an active year for the large box discount retailer, she says (openings include Nordstrom Rack, Marshalls and Neiman Marcus Last Call) and Saks Off Fifth is slated to open in 2015.
Laura's one of the leading brokers for the 250k SF Market Street Place, which is destined to include many high-end brands. Last week, Cypress broke ground on the project at Market and Fifth, where a TBA anchor tenant is close to signing. She has sports street cred, having been a professional volleyball player and also a star at USF. We are beginning to wonder whether Laura's a Wonder Woman in disguise: She finds time to operate a side biz, a floral design company called Flower + Stem Design by Laura Nicole.