Restaurant bookings have increased since winter but are still below pre-COVID levels. Some US markets like Miami Beach and Las Vegas have surpassed 2019 booking levels. SVN brokers closed several property deals, including a $1.5M 1.5-acre retail property in Montgomery, Alabama; a $3.3M 14,000 SF medical office building in Colorado Springs; and a $1.5M lease of an 8,000 SF office space in Chicago. The weekly newsletter also provided details on several other closed property deals and listings.
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RESTAURANT BOOKINGS
● Reservations have consistently risen after a Winter slump where bookings
again fell as low as 85% below pre-COVID benchmarks in late-December
2020. On average, bookings have moved 1.8% closer back to pre-pandemic
conditions on a weekly basis since the beginning of the year.
● Several US markets have seen a surge in restaurant bookings and are
currently trending well above 2019 levels. In some metros, this can be
explained by reservation requirements for sit-down table-service, though most
of these restrictions have, in recent months, relaxed. Domestic tourism
hotspots are performing exceptionally well, seeing a step up as US tourists
have had fewer foreign destinations with open borders to choose from.
● Miami Beach (+72.4%), Miami (+56.4%), Las Vegas (+53.8%), Naples
(+49.1%), Fort Lauderdale (+22.4%), Scottsdale (+17.6%) and Austin (+2.3%)
comprise the list of markets performing above 2019 benchmarks.
ECONOMIC UPDATES
PROVIDED BY
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June 14th- June 20th, 2021
EVENTS & WEBINARS
TUESDAY
JUNE 15
SFR Product Council Meeting
10:00am PT | 1:00 pm ET
WEDNESDAY
JUNE 16
Best Practices Webinar
8:30 am PT | 11:30am pm ET
WEDNESDAY
JUNE 16
SVN Hospitality Product Council Meeting
11:00 am PT | 2:00pm pm ET
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Please visit www.svn.com for more information
on the properties featured on today’s call and to
view all of SVN’s active listings.
DISCLAIMER
This information has been obtained from sources believed reliable. We have not verified it and make no guarantee,
warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only
and do not represent the current or future performance of the property. You and your advisors should conduct a careful,
independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.
All SVN® offices are independently owned and operated.
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