M id A tlantic Real Estate Journal — January 2023 Forecast — 3D
www.marej.com
2023 F orecast
By Nick Pape, Old Forge Builders Specialty service-oriented retail growth is a sure bet for 2023
T
he Mid-Atlantic US’ commercial construc - tion activity of 2023
of having sick people among retail centers was previously unwelcomed, now they are generating foot traffic that works nicely with other adja - cent retailers embracing the wellness and self-care wave. 3. Swim schools are a strong traffic source with established franchisees equipped to thrive Swim school institutions in our market have been mak - ing a big splash in the retail sector. Often, the ownership structure has several facilities under their belt and the busi -
nesses are fruitful given the growing popularity of swim safety, beginning as early as a child’s infancy stages. While these fit-outs can be complicat - ed, an experienced GC makes all the difference in accurately Forecasting costs and acquir - ing materials without trouble. 4. Auto care, as shown by COVID, is a service-based tenant poised for growth Both car wash and oil change facilities have been big, espe - cially within our Pennsylvania and New Jersey workload re - cently. It’s no secret that even
with the emergence of more EV production, this tenant type won’t be seeing reduc - tions in new locations this year. We’ve seen these tenants shine when they have strong equipment partners and se - lections in the queue, rather than hold projects up with long lead-time items facing supply chain challenges. About the Author Nick Pape is COO at Old Forge Builders. Pape oversees all field and office operations for Old Forge Builders’ commercial division.
Over the course of forty years in operation, Old Forge has evolved into pursuit of several project categories. What has remained constant is our ap - proach. Our vision is simple: quality construction with a relationship-focus. Our defin - ing factor is our team and their keen eye for detail. Nick consistently serves as our cli - ents’ trusted advocate, helping deliver headache-free project execution for a roster of diverse ownership. He looks forward to each opportunity to showcase continued on page 6D
seems to be lively for those in - volved in specialty, s e r v i c e - oriented re - tail such as Old Forge. Pr ev i ous years have
Nick Pape
brought us a wide range of commercial project type builds, but this year’s top cat - egories seem to tell a story of unshakable tenant uses that won’t be easily hindered (by factors like COVID, an overly trendy allure fading, etc.) The top contenders on our bid schedule recently: 1. Demand for childcare has waitlists overflowing and Mid-Atlantic landlords embracing the use Forward-thinking parents with a local day care facil - ity in mind are “getting their name in the game” and placing themselves on waiting lists often even before their child is even conceived in some cases. The local demand for childcare is insatiable and we’ve seen landlords and operators alike thriving in pursuit of these projects. Partnering with es - tablished concepts like The Learning Experience, God - dard School, Primrose School, Lightbridge Academy, Mon - tessori School, Kiddie Acad - emy or Tutor Time, can involve carefully selected details and building features that have already been approved in a brand’s consistent prototype so that centers are purpose-built, safe, and intentional to age. Even doggy day care brands have been a popular category worth pursuit for millennial- dense areas seeking coverage for their “fur babies” while going to the office or traveling. 2. “Doc in a Box” medical care sees the strength of a small format, high-volume storefront Whether a dental or general medical concept, health sys - tems are embracing the benefit of an in-line storefront offer - ing an additional care choice without long waiting room lines and no appointment. In a trend known as “medtail” – health care providers are increasingly opting for former retail stores for their offices and clinics. While the thought
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