{"id":32712,"date":"2018-10-05T11:02:03","date_gmt":"2018-10-05T15:02:03","guid":{"rendered":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/?p=32712"},"modified":"2018-10-05T14:13:02","modified_gmt":"2018-10-05T18:13:02","slug":"commercial-real-estate-strong-in-saratoga-retailers-are-seeking-small-workable-spaces","status":"publish","type":"post","link":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2018\/10\/commercial-real-estate-strong-in-saratoga-retailers-are-seeking-small-workable-spaces\/","title":{"rendered":"Commercial Real Estate Strong In Saratoga; Retailers Are Seeking Small, Workable Spaces"},"content":{"rendered":"
\"\"
Alex Kutikov, principal, broker and partner of RedMark Realty in Clifton Park.<\/figcaption><\/figure>\n

By Maureen Werther<\/p>\n

Saratoga County is one of the fastest growing counties in New York state and the commercial real estate market is more than holding its own, according to local real estate agents.<\/span><\/p>\n

Commercial real estate markets, like other markets, tend to be cyclical in nature. One of the challenges for businesses looking for a prime location is making sure they can access skilled workers.<\/span><\/p>\n

\u201cWe are seeing business across all the service sectors. They are never going away … Food service businesses, hair and nail salons, spa and massage studios. We also have a lot of medical companies going into retail spaces, such as urgent care facilities,\u201d said Alex Kutikov, principal, broker and partner of RedMark Realty in Clifton Park.<\/span><\/p>\n

He has worked in the commercial real estate brokerage industry since 2003. During his tenure he has successfully brokered lease and sale transactions in excess of $200 million. He has worked with multiple national chains including CVS, Burger King, Mobil Exxon, Dollar Tree, Game Stop and various national grocery chains.<\/span><\/p>\n

He said service-based businesses are replacing goods and merchandise retailers. There is still demand, but it is for smaller prototypes.<\/span><\/p>\n

Kutikov used the example of Nordstrom Rack, a fashion retailer owned by Nordstrom with both brick and mortar stores and an e-commerce website.<\/span><\/p>\n

As opposed to a larger Nordstrom\u2019s department store., \u201cNordstrom Rack occupies lower square footage.\u201d Other stores, like Fashion Bug, that used to occupy 10,000 square feet are disappearing. \u201cNow we are seeing more specialized and locally-based stores, and shoppers are going there more for the experience,\u201d he said.<\/span><\/p>\n

Kutikov agreed that bricks and mortar still do what the Internet cannot do, which is provide a good customer service experience. At the same time, stores are becoming more specialized to appeal to customers.<\/span><\/p>\n

He said commercial real estate\u00a0 <\/span>growth\u00a0 <\/span>has not slowed down in Saratoga County. RedMark currently represents several office and warehouse spaces.<\/span><\/p>\n

Kutikov said the market is not going to go on forever at its current pace; however, he stressed that Saratoga County continues to be a desirable place to live and to do business, something that positively impacts all segments of the commercial market.<\/span><\/p>\n

Julie Bonacio, owner of Julie and Co. Realty, LLC in Saratoga Springs,\u00a0 <\/span>has been involved in both commercial and residential real estate. She said her boutique firm offers the full gamut of real estate services and the business is thriving.<\/span><\/p>\n

\u201cOn the commercial side we have six active agents,\u201d she said.<\/span><\/p>\n

She said the big box spaces are giving way to smaller retail spaces ranging in size from 1,500 to 1,800 square feet, which he called the \u201csweet spot\u201d in terms of optimal size for retailers and service businesses.<\/span><\/p>\n

She said they are seeing more interest in commercial developers transforming large retail locations into \u201cbeehives,\u201d otherwise known as shared work spaces.<\/span><\/p>\n

\u201cWe currently have a couple of clients who are looking for that type of commercial space and they see it as a great investment,\u201d she said.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

By Maureen Werther Saratoga County is one of the fastest growing counties in New York state and the commercial real estate market is more than holding its own, according to local real estate agents. Commercial real estate markets, like other markets, tend to be cyclical in nature. One of the challenges for businesses looking for […]<\/p>\n","protected":false},"author":89,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"class_list":["post-32712","post","type-post","status-publish","format-standard","hentry","category-commercial-residential-real-estate"],"yoast_head":"\r\nCommercial Real Estate Strong In Saratoga; Retailers Are Seeking Small, Workable Spaces - Saratoga Business Journal<\/title>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2018\/10\/commercial-real-estate-strong-in-saratoga-retailers-are-seeking-small-workable-spaces\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"Commercial Real Estate Strong In Saratoga; Retailers Are Seeking Small, Workable Spaces - Saratoga Business Journal\" \/>\r\n<meta property=\"og:description\" content=\"By Maureen Werther Saratoga County is one of the fastest growing counties in New York state and the commercial real estate market is more than holding its own, according to local real estate agents. 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