{"id":3017,"date":"2023-12-13T08:42:20","date_gmt":"2023-12-13T16:42:20","guid":{"rendered":"https:\/\/www.lee-associates.com\/pasadena\/?p=3017"},"modified":"2023-12-13T08:42:20","modified_gmt":"2023-12-13T16:42:20","slug":"rent-in-the-worlds-coolest-neighborhoods","status":"publish","type":"post","link":"https:\/\/www.lee-associates.com\/pasadena\/2023\/12\/13\/rent-in-the-worlds-coolest-neighborhoods\/","title":{"rendered":"5 Retail Properties To Rent in Some of the World\u2019s Coolest Neighborhoods"},"content":{"rendered":"

Cool can be hard to quantify. It doesn\u2019t reside in statistics or metrics; it\u2019s more of a feeling in the air, a vibe.<\/strong><\/p>\n

And yet: every year, the intrepid readers and editors of Time Out attempt to appraise it anyway and produce\u00a0a list<\/span><\/span>\u00a0ranking \u201cThe 40 coolest neighbourhoods in the world.\u201d<\/p>\n

Now, commercial real estate is generally an industry that relies on that which can be measured: cap rates, rental rates, absorption rates \u2014 it\u2019s a business in which numbers abound. Nonetheless, it\u2019s an industry that is not entirely immune to the charms of cool. Far from it, in fact.<\/p>\n

Multifamily developers want to build units in cool submarkets; office owners desire properties in neighborhoods that attract hip startups; and industrial users need last-mile facilities in between both groups.<\/p>\n

But one CRE user group relies on cool more than any other: retailers. Cool is where the buzz is, and the\u00a0foot traffic<\/span><\/span>\u00a0follows the buzz. And, for retailers, foot traffic is king.<\/p>\n

That\u2019s why LoopNet has identified five retail properties that you can rent right now in some of the world\u2019s coolest neighborhoods. Whether you\u2019re contemplating opening a vegan bakery near one of Brooklyn\u2019s most popular parks or a vintage clothing store by the river in Edinburgh, there may be something for you on this list.<\/p>\n

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Fort Greene, Brooklyn, New York<\/h3>\n<\/div>\n<\/div>\n

<\/p>\n

Located in Northwest Brooklyn, Fort Greene\u2019s cool factor and critical mass of retailers and restaurants has been steadily growing for the past two decades. According to Ariel Keren, director of leasing for Urban Ambience, the neighborhood\u2019s appeal is widespread.<\/p>\n

\u201cIf you’re young, you want to live there. If you have a family, you want to live there. If you’re rich, you want to live there. If you’re poor, you want to live there. There’s something for everyone,\u201d Keren told LoopNet.<\/p>\n

The neighborhood, which appeared at number 15 on Time Out\u2019s list, is centered around Fort Greene Park, one of Brooklyn\u2019s most celebrated greenspaces and host to a weekly farmers market that attracts denizens from across the borough.<\/p>\n

On its south side, the park is bounded by DeKalb Avenue, which Keren described as \u201ca jewel of Brooklyn. I think you have some of the best restaurants in Brooklyn, maybe even in New York, on that street.\u201d<\/p>\n

But Dekalb\u2019s notoriety means it can be difficult to secure a space there, or for a retailer to succeed among the myriad competition.<\/p>\n

\u201cIt’s saturated,\u201d Keren said about DeKalb. \u201cAnything that comes up on DeKalb is snatched up and there’s not much opportunity for the new guys to come in.\u201d<\/p>\n

Alternatively, on the park\u2019s north side, is Myrtle Avenue, where Keren is currently representing two spaces for rent, with a third sought-after corner location at the junction of Myrtle and Adelphi Street potentially becoming available soon. All three spaces are fully vented and well-suited for restaurant use. The two in-line spaces each measure approximately 1,400 square feet, while the corner space comes in at 1,200 square feet.<\/p>\n

And what Myrtle Avenue may lack in cache, it makes up for in opportunity. \u201cI think that corner has a chance to dictate what happens in the immediate area over the next few years,\u201d Keren said.<\/p>\n

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Leith, Edinburgh, Scotland<\/h3>\n<\/div>\n<\/div>\n

<\/p>\n

Coming in just behind Fort Greene at number 16 on Time Out\u2019s list, Leith is a former industrial area that was once Edinburgh\u2019s primary port.<\/p>\n

\u201cHistorically, Leith was quite industrial and a bit rough,\u201d Murdo McAndrew, commercial property agent with Graham + Sibbald told LoopNet. \u201cAnd there’s still glimpses of it’s kind of roughish past, but there’s a lot of upmarket stuff happening down there as well.\u201d<\/p>\n

According to McAndrew, over the past decade many of the area\u2019s industrial spaces have been converted to breweries, art galleries and other uses that have attracted Edinburgh residents looking to avoid the high costs, congestion and tourist throngs of the city center.<\/p>\n

There\u2019s also the appeal of being along the Firth of Forth, an estuary of Scotland\u2019s River Forth. This portion of the neighborhood, referred to as the Shore Area, is where you\u2019ll find 10-12 Henderson Street, a retail\/storefront office unit that McAndrew is representing.<\/p>\n

The space measures just over 1,000 square feet and is presently finished to serve as a storefront office. McAndrew said there\u2019s already been interest from architects and marketing firms. But because the property is classified as 1A, meaning that it could be used as a retail or office unit, there\u2019s also been cafes and pub operators intrigued by it as well. McAndrew said that given the neighborhood\u2019s hipster culture, he also thought vintage clothing would make sense for the unit, while a yoga studio or personal trainer could take advantage of the ability to roll up the whole frontage of the property, a quirk retained from its former use as a mechanic\u2019s garage.<\/p>\n

Step around the corner, and you\u2019re plunged into Leith\u2019s exciting shore area, \u201cwhich has got really nice cafes, restaurants and pubs,\u201d according to McAndrew. Included among those establishments is the King\u2019s Wark, which even in a city as historic as Edinburgh, stands out for being \u201cproper old,\u201d as McAndrew put it \u2014 it dates back to 1434.<\/p>\n

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The Annex, Toronto, Canada<\/h3>\n<\/div>\n<\/div>\n

<\/p>\n

Appearing at number 38 on Time Out\u2019s list is The Annex neighborhood in Toronto. According to Brianna Gillen, sales representative with local brokerage firm K.P. Gillen & Co., The Annex has long served as a somewhat hipper and less expensive alternative to neighboring Yorkville, which Gillen described as, \u201cToronto’s most high-end neighborhood.\u201d<\/p>\n

Which isn\u2019t to say that The Annex lacks luxury. \u201cThere’s still lots of high-end galleries, plastic surgeons, med spas, that sort of thing,\u201d Gillen told LoopNet. There are also numerous exclusive restaurants, including Sotto Sotto, a favorite of the rapper Drake.<\/p>\n

\u201cIt still kind of has that glamorous vibe,\u201d Gillen said about The Annex. \u201cBut in terms of rent, it’s a little bit more attainable.\u201d<\/p>\n

Those somewhat more affordable rents also foster a more diverse and neighborhood-oriented retail ecosystem. \u201cIn Yorkville you might see Chanel and Gucci, whereas in the Annex you might see more independent brands,\u201d Gillen said.<\/p>\n

Gillen is presently representing a unique property in the neighborhood at 236 Avenue Road, which was formerly a historic mansion and the ancestral home of former Canadian Prime Minister Mackenzie King. The property was constructed in 1898 and was renovated in 2020.<\/p>\n

Encompassing the property\u2019s entire second floor and totaling more than 8,000 square feet, the available space is well-suited to numerous potential\u00a0\u201cmedtail\u201d<\/a><\/span><\/span>\u00a0uses and is presently built out as a \u201cstate of the art executive health clinic,\u201d according to the listing. It also offers prominent signage, five on-site parking spaces and a bus stop located directly in front of the property.<\/p>\n

Gillen, whose offices are in the neighborhood, said it is \u201cforever evolving.\u201d<\/p>\n

\u201cThe building across the street from where our office is used to be a mechanic\u2019s garage,\u201d Gillen said. \u201cAnd now it’s a Four Seasons Hotel.\u201d<\/p>\n

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Mid-City, New Orleans, Louisiana<\/h3>\n<\/div>\n<\/div>\n

<\/p>\n

Not far from the historic French Quarter, New Orleans\u2019 Mid-City neighborhood, which ranked at number seven on Time Out\u2019s list, is home to the annual Jazz and Heritage Festival.<\/p>\n

But, according to Time Out, \u201cit\u2019s a top neighbourhood any time of year.\u201d<\/p>\n

Time Out went on to say that in Mid-City, \u201cYou\u2019ll find artsy crowds and colourful houses in the Bayou St. John area, historical landmarks along Bayou Road, and centuries-old oaks in City Park.\u201d<\/p>\n

It\u2019s also where you\u2019ll find the Falstaff Apartments & Dorgenois Lofts at 2600 Gravier Street, where a 3,500-square-foot ground floor retail unit is presently available.<\/p>\n

The listing describes the building as \u201cmeticulously restored\u201d and \u201can emblem of post-Hurricane Katrina revival.\u201d<\/p>\n

The space is presently configured as a gym and features locker rooms, showers and distinctive architectural details. However, given the vibrancy of the neighborhood and flexibility of the space\u2019s MU-2 zoning designations, the unit could be repurposed for a \u201cbroad spectrum of potential uses,\u201d as described in the listing.<\/p>\n

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King\u2019s Cross, London, United Kingdom<\/h3>\n<\/div>\n<\/div>\n

<\/p>\n

According to Time Out, King\u2019s Cross is, quite simply, \u201cLondon\u2019s coolest neighbourhood.\u201d High praise for a city as trend-setting and style-conscious as the United Kingdom\u2019s capital.<\/p>\n

\u201cIt\u2019s still a sprawling, irregular mess,\u201d Time Out wrote about the neighborhood, which ranked at number 24 on its list. \u201cBut its alleys and piazzas \u2014 some steeped in Victorian history, others shiny and new \u2014 are now home to a brilliantly eclectic selection of shops and restaurants.\u201d<\/p>\n

If readers are tempted to add their own offering to that eclectic mix, they could consider the 839-square-foot ground-floor unit presently available at 20 Caledonian Road.<\/p>\n

Located in proximity to the neighborhood\u2019s eponymous train station, the property enjoys high visibility and extensive foot traffic. It\u2019s also zoned to accommodate a variety of potential retail uses.<\/p>\n

\u201cThe property offers a versatile retail space that can be customised to suit various business needs, from boutique shops to cafes or offices,\u201d according to the listing.<\/p>\n

 <\/p>\n

Source: DANIEL SCHMERGEL | MANAGING EDITOR | LoopNet<\/span><\/em><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Cool can be hard to quantify. It doesn\u2019t reside in statistics or metrics; it\u2019s more of a feeling in the air, a vibe. 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It doesn\u2019t reside in statistics or metrics; it\u2019s more of a feeling in the air, a vibe. 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