OBX Commercial Real Estate Newsletter: November 2021

by Larry Lombardi, on Nov 9, 2021 8:28:44 AM

OBX CRE Spotlight

Brian Innes

Commercial Real Estate Broker

Quick Facts

I live in Barco
I have one daughter and two sons, all of whom are very successful in their professional lives.

How long have you been working in commercial real estate?

About twenty five years.

How did you first get into real estate?

For me it was the total unknown very soon after immigration. It sure sounded exciting!

What was your first CRE transaction?

Purchasing an old home for an office.

What was your most memorable CRE transaction?

Building a small block of offices and having success in filling it with tenants.

What's your favorite part of working in CRE?

Typical buyers of commercial real estate are focused on what they are looking for, many are knowledgeable about financing, and most see their business not only as a means of making money but also genuinely to contribute to their community.

If you had to sell only ONE kind of commercial property, what would you choose? And why?

Townhomes and single family homes for rent by investors. This is a relatively new trend and is rapidly becoming more popular with younger singles and couples.

What's the first question people always ask you when you tell them what you do for a living?

Wouldn’t you prefer to work with home buyers and sellers?

What’s the biggest misconception about CRE?

That it must only be concerned with enormous buildings and companies. Remember, the bulk of our industry and commerce is run by small enterprises, sometimes in the back yard, and sometimes only on a ‘Mum and Pop’ scale.

What global CRE trend or market segment do you think will have the most impact locally?

Interesting question! I think we are in a transition of a type that has never been seen. Did you ever think that having your job or career at home at your kitchen table might become the norm?

How would you describe the commercial real estate market in northeastern NC and the Outer Banks?

Definitely changing! Format of service businesses e.g. restaurants stays the same, but is it my imagination that out of season traffic may be declining slightly? Any business that provides tourists a target to squander money will remain strong.

Can you share one great piece of advice for someone looking to buy/lease commercial property or land?

"Location, location, location" was the rule of thumb. Today’s advice is to be sure that clients/customers will still see you as a convenience five or ten years from now.

What was the last book you read?

As an admission of being an intellectual black hole.... favorite reading... Daily Advance.

What's one movie you love to rewatch?

Nothing but class .. Christmas Vacation.

What's one thing most people might not know about you?

Best that they stay sheltered from the truth. I enjoy some of the most tasteless and mindless shows on TV… you know what these are!

What is your favorite thing about the Outer Banks?

Out of season, to enjoy any of these excellent restaurants in peace and quiet.

What's your favorite way to spend your free time?

I try to avoid free time, but have authored in my native Scottish dialect of Doric.

What inspires you?

Those who have gone before. Look around, this was all trees and swamp not too long ago! This is a beautiful slice of the country where we live. Also inspired by upcoming generations and their enthusiasm for success.

5 CRE Must-Reads

1. The Pandemic Didn’t Kill Strip Malls – It’s Time to Invest in Them

2. Retail Performing Better Than Expected

3. All in the Multifamily: Apartment Boom Continues

4. Kroger is taking on Publix in Florida without opening a single grocery store

5. CRE Talent Crunch Has Meant Higher Pay And Better Benefits

Featured Property

OBX CRE Newsletter Nov 2021 - Currituck property

7.8 Acres of Commercial Land in Jarvisburg

This property is strategically located on US Highway 158 (also known as Caratoke Highway) which provides direct access to the Outer Banks from the Virginia cities of Virginia Beach, Norfolk, and Chesapeake. The location makes it ideal for a variety of businesses catering to visitors or the year-long residents of the area.