Unger Earns Certified Leasing Specialist (CLS) Designation

NAI Norris, Beggs & Simpson Real Estate Broker J.J. Unger has earned the Certified Leasing Specialist (CLS) designation through the International Council of Shopping Centers (ICSC). He is the first NAI NBS broker to achieve the designation, which is a symbol of leadership and accomplishment and recognizes in-depth insight into every aspect of the shopping center industry.

Founded in 1994, the CLS program was designed to elevate professional standards, enhance individual performance and designate those who demonstrate knowledge essential to the practices of shopping center leasing. CLS designees must have at least four years of experience in shopping center leasing and pass a written exam; they must also maintain the designation through continuing education.

Unger joined NAI NBS in 2006 and has brokered a number of significant retail transactions in the Portland metro area, including John’s Incredible Pizza’s recent 46,212 sf lease at Washington Green Shopping Center.

Unger holds a BS in business administration from Colorado State University and is chair of the Portland chapter of ICSC’s Next Generation group for young professionals. He has completed Leasing I and Leasing II Institutes through ICSC’s John T. Riordan School for Professional Development to master the fundamentals of merchandising, economics and leasing strategies to effectively impact the income and retail productivity of a center and create value for the property.

Honzel Helps Haberdashers Lease 1,808 SF at Bridgeport Village

NAI Norris, Beggs & Simpson Real Estate Broker Tyler Honzel represented Haberdashers, a men's clothing store, in its lease of 1,808 sf at Bridgeport Village in Tigard. The store opened on Black Friday.

The Bridgeport Village store has a pool table and bar, and carries brands like Lacoste, Ben Sherman, Original Penguin, 7 For All Mankind and AG Adriana Goldschmied.

Haberdashers also has a location on N. State Street in Lake Oswego.

NAI NBS Broker Buzz for October: Retail Market is Tenants' Market

In a recent column for the Daily Journal of Commerce, NAI NBS retail brokers Gina Barendrick and J.J. Unger highlighted the Portland metro retail market. Though this recession has been tough on retailers, they say the current climate is a retail tenant's market.

Here's an excerpt:

"Location, location, location. It's a saying many retailers take to heart. From restaurants to boutiques to grocery stores a prime location is a priority; however, Class A space in popular shopping centers can be costly.

This recession has been tough on retailers, but there is some good news. Increased vacancy in the retail market translates to lower rental rates so companies can move to a better location for less than they would in better economic times."

The whole article can be found here.

NAI NBS Second Quarter Retail Report: Vacancy Rises, But Some Bright Spots

Overview

Retail vacancy rose slightly to 7.1% during Second Quarter, with 240,321 sf of newly vacant space. Central City vacancy increased by a percentage point to 9.2%, with a large portion of this area’s negative 30,000 sf of absorption in the Close-In NW area. The suburban submarkets saw significant absorption, both positive and negative, in larger spaces. Vacancy in the 122nd/Gresham submarket rose nearly a percentage point to 8.4%, partly due to Joe’s Sports & Outdoors vacating 55,120 sf at Gresham Town Fair. But, the good news is that Grocery Outlet opened a 20,020 sf store at Sandy Marketplace on Highway 26 in this submarket in May.

Southwest retail vacancy rose nearly one percentage point to 7.5% with 88,722 sf newly vacant, due in large part to the more than 20,000 sf Zupan’s at Appleway Corner closing, and the departure of Linens-N-Things from Cascade Plaza Shopping Center. Retail vacancy in Vancouver also increased to 8.7%, with 91,000 sf newly available at Vancouver Plaza.

Noteworthy News

Some recent indicators, such as May consumer confidence that reached a 9-month high, are suggesting that the retail slump may end soon. But national and local retailers alike continue to struggle. Joe’s Sports & Outdoors liquidated in early April after filing for bankruptcy. The closure of stores like Joe’s and other big-box retailers is injecting an excess of large retail spaces into the market, and not many big-box retailers are looking to expand and fill them. So retail brokers are getting creative in trying to fill this vacant space, including marketing to non traditional tenants like thrift stores, service retailers or call centers, and trying to attract tenants who are surviving the recession better than others, like discount retailers.

Retail tenants aren’t the only ones feeling the recession. General Growth Properties, which operates Pioneer Place and Clackamas Town Center and some community shopping centers in the Portland metro area, filed for bankruptcy in April. GGP, the second largest mall owner in the country, is expected to keep all of its malls open, but may sell some properties.

Construction of new retail properties has slowed considerably in recent months, but some projects are still in the works. During Second Quarter 2008, just one year ago, Vancouver alone had nearly 300,000 sf under construction, while today it has only 16,080 sf at Lacamas Square. Portland’s Eastside retail submarket has the largest amount of retail currently under construction at 193,919 sf, largely due to the 140,625 sf Cascade Station Target, which is expected to deliver this November.