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How Omni Realty Uses Research, Skill and Experience to Benefit Our Commercial Real Estate Clients

Posted on June 4, 2018 by Mike Kushner in About Us, Blog, CCIM No Comments

When in search of a service or product, you’re likely to start with a Google search. These results will lead you to visiting some potential businesses’ websites and possibly their social media pages. You may feel like you’ve gathered enough information based on the quality of their online presence, reviews and word of mouth recommendations to choose the right business to fit your needs.

But how often do you consider a business’s mission statement in this decision making process? If you don’t, you should!

A business’s mission statement (or lack thereof) will tell you a lot about their focus, approach and how they treat their customers. A nice website, active social media and high ranking reviews only paint part of the picture of the quality of the company – and what they stand for.

For the benefit of our clients, whether they be past, present or future, we hope to give you deeper insight into our own mission so you can understand what we value and our commitment to serving you!

At Omni Realty, our mission is to secure the most effective space at the most favorable terms for our clients. We use research, skill and experience to offer unmatched, highly personalized service while carefully determining our clients’ needs and analyzing all possible solutions.

But our mission statement is more than just words on paper. The values it represents are closely woven into our daily client interactions as well as our long-term visioning. Here is how Omni Realty strives to live out our mission with everything we do.

Current and Consistent Research

We are strategic about maintaining access to the industry’s most comprehensive database of commercial real estate through our partnership with CoStar. Even though we specifically serve the Central Pennsylvania market, we have access to a combination of reliable tools, resources, and expert analysis on over 5 million commercial real estate properties in today’s market. This allows us to pull and compare market reports, keep a pulse on emerging trends and give our clients valuable advice even if it’s outside of our market.

Additionally, we have access to the most technologically advanced industry tools including:

Esri ArcGIS and Business Analyst – demographics and mapping
DataVu – business list data
Riskmeter Flood Maps – assess flood hazards and generate reports
RealNex MarketEdge – financial analysis

High-Level Skill

Mike Kushner is a graduate of University of Pennsylvania (Penn) with his degree in economics. This education is combined with Mike’s CCIM Designation, making him a uniquely qualified commercial real estate broker, developer and investor. CCIM stands for Certified Commercial Investment Member and requires advanced coursework in financial and market analysis. The CCIM designation demonstrates extensive experience in the commercial real estate industry. Furthermore, CCIM designees are recognized as leading experts in commercial investment real estate.

As part of Omni Realty’s mission, developing this high-level of skill is essential to offering our clients unmatched expertise backed by confidence. Just a few of our uncommon, but highly valuable skill areas include:

Property Management
Raw Land Development
Historic Rehab Property Development
Chairman of Local Zoning Hearing Board
Expert Witness Testimony

Diverse Experience

Skill can only be grown when it is applied. Over the last 25 years of being a licensed real estate broker, Omni Realty has grown a diverse portfolio of experience. We have served over 500 clients, brokered 1,250 commercial real estate deals and have helped businesses of all sizes and industries find the most effective space at the most favorable terms. Our diverse experience also includes extensive property management, both residential and commercial.

We love sharing our experience and applying it toward delivering favorable outcomes for our clients. Experience gives us negotiation power on behalf of our clients, a leg-up on emerging market trends and a vast network of contacts that we call upon to help our clients overcome any number of challenges, both inside and outside the scope of commercial real estate.

Unique Value Proposition

We understand that other businesses may tout that they are “different” and it can be confusing to cut through the clutter and determine which commercial real estate business truly offers a unique model. First, when we say we work with businesses of all sizes, we truly mean it. From a one-person startup looking for co-working space, to a Fortune 1,000 organization looking to develop a growing campus, we are excited to work at both ends of the spectrum because we are excited to see our locally-based businesses thrive.

Second, our skill and expertise comes at no cost to our clients. As an exclusive tenant representative/buyers agent, Omni Realty is compensated by the landlord or seller, not by our client. This also means we come to the table to represent only you and your interests. There is no conflict of interest like there might be if a single agent represented both the tenant and landlord in a commercial real estate transaction. Finally, our service is highly personalized and highly hands-on. You work with only the principals in our firm; and we are responsive and proactive in our communications.

With a better understanding of our mission, and the various pieces involved in bringing our mission to life, we hope you can see why Omni Realty is in a unique position to serve our commercial real estate tenants and buyers. And remember, a business’s mission should not be taken lightly. When looking to work with a commercial real estate broker in Central Pennsylvania, be sure to assess their mission and compare it to your own. The most successful partnerships come from businesses and clients who work together over a shared mission!

Have a comment or question? Join in the conversation by leaving a comment below.

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Top Commercial Real Estate Projects to Impact Central PA

Posted on February 26, 2018 by Mike Kushner in Blog, Commercial Real Estate, Construction, Local Market No Comments

There is a lot of different commercial construction activity taking place in Central Pennsylvania. Looking at the top commercial real estate projects to be delivered in 2018, there are two retail projects and 4 Class A industrial projects that will enter the market, bringing with them new businesses, jobs and consumers. Let’s take a closer look at these top projects to better understand the likely impact they will have on Central Pennsylvania’s economy both now and into the future.

RETAIL

Lancaster County has two retail real estate projects under construction that are projected to have a significant impact on jobs and the economy. The anchor stores for each of the two projects are supermarket brands we have come to know and love – and ones that will surely attract consumers far and wide.

The smaller of the two projects is the Crossings at Conestoga Creek, located on U.S. Route 30 in Lancaster. The 90,000 square feet of retail space being developed will be anchored by Wegmans which will become the county’s second largest supermarket, trailing only Shady Maple Farm Market in East Earl, which is 150,000 square feet. With annual sales of $7.4 billion, Wegmans is the nation’s 32nd largest supermarket chain.

The Crossings, which sits on a 90-acre site between Toys R Us and the Lancaster Post Office, is being developed by High Real Estate Group. This new retail space will create a substantial number of jobs and attract shoppers from surrounding counties. The Wegmans store anticipates the creation of 500 to 550 new jobs, and they have already begun hiring for their grand opening in 2018.

Project at 206 Rohrerstown Road.

Lancaster’s Manheim Township has exciting news of its own as it prepares to welcome the grand opening of a Whole Foods market in 2018. The proposed $130 million Belmont housing and retail project includes the market, other retail stores and homes on farmland just south of Route 30.

Rendering of Belmont retail and housing project.

Anchoring the retail portion of the 110,508 square-foot project will be the 40,000-square-foot Whole Foods market. Additional tenants will be Two Farms, Inc. Panera Bread, Metro Diner, Fuddruckers, Citadel Federal Credit Union and Mod Pizza. The retail portion of Belmont will create nearly 1,000 jobs, while Belmont overall will generate millions of dollars in tax revenue for Lancaster.

INDUSTRIAL

Four new industrial real estate projects are also under construction in Central Pennsylvania. Though much larger in size, these spaces will have a slightly different impact on our local jobs and economy than Lancaster’s retails spaces.

The largest is the Class A industrial space located at 100 Goodman Drive in Carlisle. This is part of the Goodman Logistics Center Building 1. It was announced in August 2017 that the tenant for this 1,007,868 square-foot space will be syncreon, a global third-party logistics company headquartered in Michigan. From this prime industrial location, syncreon will have access to more than 40 percent of the population of the United States.

Project at 100 Goodman Drive.

Another Carlisle Class A industrial space soon to enter the market is the warehouse at 100 Carolina Way. This 805,600 square-foot space, currently not pre-leased, is located next to Keen Transport, U-Pack and ABF Freight. The third industrial construction project is the 738,720 square-foot space located at 112 Bordnersville Road in Jonestown (First Logistics Center – Building A). Situated in the heart of the I-78 and I-81 industrial distribution corridor, the industrial park is designed to accommodate two Class A distribution centers. The second space will be delivered in Q3 2018.

Project at 100 Carolina Way.

Project at 112 Bordnersville Road.

The final Class A industrial space which is under construction in Central PA is the Ace Hardware expansion located at 139 Fredericksburg Road, Fredericksburg. With 225,875 square-feet of space, this expansion will turn the building’s existing space into a combined 1.1 million square-feet of distribution space located at Lebanon Valley Distribution Center.

Rendering of the ACE Hardware expansion.

As Central Pennsylvania’s warehousing and distribution industry grows through the delivery of these new buildings, to what extent do you feel this will impact our local jobs and economy?

Also, which of Lancaster’s two new retail spaces do you feel will gain more traffic – short term but also long term?

Join in the conversation by leaving a comment below!

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Harrisburg’s Retail Real Estate Hits Record Low Net Absorption in Q1

Posted on June 2, 2015 by mike.kushner in Blog, Commercial Real Estate, Local Market, Trends No Comments

The Central Pennsylvania retail real estate submarket closed First Quarter 2015 with some good news and some bad news. On a positive note, the quoted rental rate is the highest it has been in nearly four years. However, this data is quickly overshadowed by the submarket’s negative net absorption which plummeted 316,783 square feet in a single quarter. Most concerning is how Harrisburg Area East has appeared to bear the brunt of this drop.

So what has gone on in the local retail real estate market this past quarter? And what could be the cause of this major shift in net absorption? Let’s first take a look at what the numbers are saying and then apply them to what this means for the health of the market.

Top Under Construction Properties:

The Central Pennsylvania submarket has two retail properties that are under construction that are among the Top 15 for First Quarter 2015. Coming in at number six, Messina Highlands has an RBA of 30,000 square-feet and is 45% preleased. This property is expected to be delivered in Second Quarter 2015. Number 15 on the list is a property located at 108 Pauline Drive in York, Pennsylvania. This is expected to deliver an RBA of 7,200 square-feet in Fourth Quarter 2015 and is not preleased.

Select Top Retail Leases:

Out of the Select Top Retail Leases that were signed in First Quarter 2015, there were two Central Pennsylvania properties that made it to the top 10. Coming in at number three, the 46,158 square-foot Toy “R” Us, located in Harrisburg Area West was leased by an unlisted tenant. At number seven, a 14,976 square-foot property located at 611 N. 12^th Street in Harrisburg Area East was leased by Save-A-Lot.

Vacancy and Availability:

First Quarter 2015 closed with 4,799,169 square-feet of vacant space. The vacancy % jumped from 5.7% last quarter to 6.0% this quarter. It appears the dip we saw in this number throughout Second, Third and Fourth Quarter 2014 is returning to its higher average in the 6’s, but not nearly as high as it was two years ago at this time. No new buildings were delivered in this quarter, so the total RBA stays put at 60,315,522 square-feet.

Absorption and Demand:

The net absorption was the biggest shift we saw in First Quarter 2015. Last quarter ended with a positive 62,480 square-feet, but this number since dropped to negative 254,303 square-feet. This is by far the lowest number we have seen in the Central Pennsylvania retail market in nearly four years. The closest comparison was back in Second Quarter 2012 with a negative net absorption of 49,528 square-feet – but still far off from where we are now.

Looking specifically at Harrisburg Area East, this submarket experienced a negative net absorption of 237,665 square-feet. In comparison to the rest of the submarket, Harrisburg Area West maintained a positive net absorption of 45,041 square-feet as well as York County with 48,431. The rest of the Central Pennsylvania submarket closed the Quarter with a negative net absorption, but not nearly as low as Harrisburg Area East. Adams County ended with negative 3,672 square-feet; Lancaster County ended with negative 98,938 square feet; and Perry County ended with negative 7,500 square-feet.

Rental Rates:

The quoted rental rate for First Quarter 2015 is $11.51. This is a mere penny increase from the previous quarter, which is just enough to bring it to the highest rate we have seen in Central Pennsylvania’s retail real estate market in nearly four years.

Our Summary/Analysis:

In some markets, retailers that are back in expansion mode are bumping up against a big obstacle – a lack of inventory when it comes to good real estate locations. The limited supply of new retail construction has been a huge help to improving absorption and vacancies. However, the Harrisburg East Submarket which is part of the Central Pennsylvania Submarket Cluster (including Adams, Cumberland, Dauphin, Lancaster, Perry and York counties) struggled in Q1 2015. The major contributors were the closing of a Sears store in the Lebanon Plaza Mall and the Kmart at 2090 Lincoln Highway in Lancaster.

Sears Holdings Corporation, the company that runs Sears and Kmart, has a problem. They have a lot of real estate and not enough sales to keep all that real estate busy. As a result, they are forced to close stores that underperform or as their leases expire. In buildings they own or hold long-term leases, they often opt to rent out space to other businesses to try and minimize expenses as much as possible.

Harrisburg East experienced an unfortunate setback in Q1, but as a whole, the Central Pennsylvania submarket’s economic health looks hopeful for the remaining quarters. It’s important that we continue to watch other Sears Holdings Corporation’s real estate locations as well as any other big businesses that are struggling and closing retail locations as a result.

What other trends in the retail real estate market have you seen take place in First Quarter 2015? Share your insights by commenting below!

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