Weekly Perl: A Commercial Real Estate News Recap

Marc Perlof • November 21, 2025
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Under Armour restructuring includes split from its biggest star

Under Armour is parting ways with basketball star Stephen Curry as part of a restructuring initiative that includes focusing on its namesake brand. The athletic apparel and footwear company said it plans to separate Curry Brand from Under Armour, ending a partnership “that has redefined performance product and athlete-led storytelling for more than a decade.” Under Armour had long played up its partnership with 11-time NBA All-Star...

A blurry picture of a clothing store with clothes on display.

Retail roulette: How Trump’s tariffs altered buying

Ever-changing tariff rates have introduced uncertainty and confusion for retail buyers. But could they also present an opportunity for new supply chain strategies?


With the Trump administration’s approach to tariffs, yesterday’s price is not today’s price.

Retailers may have found this to be particularly true this year as tariff rates have fluctuated at a pace rarely seen before. The on-again, off-again approach has impacted the ability to predict costs of goods from suppliers retailers have typically leaned on, impacting a buying process that often relies on historical data...


A car is parked in front of a sign that says 223

Expanding retailers face space crunch; Tariffs expected to slow global trade growth; Residential lending conditions ease

Expanding retailers face space crunch

National retailers looking to boost the number of their locations face rising challenges as U.S. retail construction remains limited. Those companies will increasingly be turning to “second generation” spaces vacated by others as conditions favor small formats over big boxes, according to the latest national retail trends report from brokerage JLL...

The front of an aldi store with a sign in front of it.

Home Depot lowers outlook as soft housing market cuts its sales


Saks Off 5th will be closing 10 stores scattered across the United States as its parent, luxury retail giant Saks Global, looks to streamline its brick-and-mortar property.


The off-price chain with 79 locations now has slated nine stores for closing starting early next year, New York-based Saks Global confirmed in an email to CoStar News. A 10th location, at 125 E. 57th St. in Manhattan, will go dark on Dec. 31 as the building that houses it is converted from commercial to residential use. That prompted Saks Off 5th's decision to exit that retail site...

Bombas teams with Leap, Shopify and Simon for brick-and-mortar expansion

Direct-to-consumer sock brand Bombas continues its push into physical retail.



Best known for its comfortable socks and “buy one, donate one’ business model, Bombas has opened third-ever retail location, at The Domain in Austin, Texas. The opening follows the October debut of the brand’s first-ever stores, at Town Center in Boca Raton, Fla., and New York City. All three stores offer the company's full product assortment, which has expanded beyond socks to include underwear, T-shirts, slippers, slides and more...


Burlington to fill empty Modell’s space in Westchester County

Post Road Plaza in Pelham Manor, N.Y., is once again fully occupied.


Burlington Stores has signed lease for a 30,500-sq.-ft. space at the center that was vacated by Modell’s in 2020, and Gloss Nail Bar & Lash closed on a 3,500-sq.-ft. space. Post Road Plaza sits across the street from a BJ’s Wholesale Club and serves high-income Westchester residents as well as customers from the nearby Bronx...

Retail Analytics Drive Smarter Site Selection In Crowded Markets

For brands like Chipotle, with 50+ Manhattan locations, the challenge isn’t entry—it’s optimizing within a saturated market. Kenneth Hochhauser, EVP at RTL, says every new site must be backed by rigorous data analysis to justify its value, reports GlobeSt. This is especially true in dense urban environments...


By Marc Perlof January 5, 2026
By Marc Perlof | MarcRetailGuy January 5, 2026 If you own commercial real estate, here’s what just changed for you. In 2026, the SBA quietly made a significant change that affects who can purchase your property and how transactions are completed. Access to SBA 504 loans (owner user loans) is increased by revised citizenship and residence requirements introduced in the SBA SOP 50 10 8 update. This is significant since the market for small and mid-sized commercial assets is mostly driven by SBA financing. This is the overall view. More purchasers are now eligible. Under the updated SBA 504 rules, buyers can now include up to 5 percent ownership by certain foreign nationals or conditional permanent residents. Many otherwise strong buyers were left out prior to this shift. A larger group of eligible owner-users can now apply under the SBA 504 foreign ownership eligibility regulations. Clarity is another benefit of this move. The SBA 504 rules use the IRS definition of a principal residence. As a result, there is less misunderstanding, underwriting happens quicker, and there is less chance of transactions collapsing at the end of the process. It's easy to understand why commercial property owners care about this. Pricing is determined by financing. Competition increases as more purchasers are eligible. Better terminology and stronger values are supported by this. More importantly, clearer rules mean fewer surprises in escrow. Less friction. Fewer price changes. Fewer broken deals due to financing issues discovered too late. These changes are already influencing how I’m structuring pricing guidance, buyer targeting, and deal timelines for commercial property owners planning 2026 exits. Here is what commercial property owners should understand right now. SBA 504 loans typically require only about 10 percent down from the buyer, compared to 25 percent to 35 percent for conventional bank loans, based on SBA program guidance as of 2024¹. The SBA 504 program supports owner-occupied properties where the operating business occupies at least 51 percent of the space for existing buildings or 60 percent for new construction, per SBA rules². SBA 504 loans can finance projects up to approximately $5 million per loan, with higher limits for certain public policy goals, according to SBA program documentation³. These rules apply to all SBA 504 applications approved on or after January 1, 2026. That means deals being planned today for 2026 closings should already be structured with these changes in mind. Key takeaways supported by SBA guidance. Expanded buyer eligibility increases the pool of qualified commercial owner-users¹. Clearer residency definitions reduce underwriting friction and deal risk². SBA 504 loans remain one of the most equity-efficient tools for owner-user commercial real estate buyers³. If you own commercial real estate and are thinking about selling, refinancing, or planning a 2026 exit, this update directly affects your strategy. Buyer demand is not just about the market. It is about who can get loans and on what terms. If you want to understand how these SBA changes affect your buyer pool, pricing range, or timing for a 2026 sale, reach out. With these new SBA 504 loan changes expanding eligibility, how might a larger and better-capitalized buyer pool change the value of your commercial property? #RetailRealEstate #SBA504 #CommercialRealEstate #RetailPropertyOwners #InvestmentSales
By Marc Perlof January 2, 2026
Holiday Spending Drives Retail Gains Holiday retail spending grew 4.2% in the US as in-store sales captured 73% of spend, with strong gains in electronics and apparel...
By Marc Perlof December 29, 2025
By Marc Perlof | MarcRetailGuy December 29, 2025 If you own retail real estate, here is what just changed for you. The New Year signifies more than just a new calendar. It marks the official reset point for tenant expectations, capital planning, and leasing strategy for retail property owners. Preliminary data for 2026 suggests that moderate but consistent growth is on the horizon. The Conference Board anticipates that consumer spending will increase by approximately 2% in Q1, primarily fueled by essential goods and neighborhood convenience retail.¹ The status of discretionary categories is still unclear. At the end of 2025, vacancy rates in neighborhood centers throughout the U.S. stood at 5.2%, marking the lowest level in over ten years.² While strong demand and limited new construction give landlords more leverage, it is crucial for them to use data to guide their decisions. The tone is set in January. Those tenants who ended the holiday period with a flat or negative performance are the most susceptible to cash flow stress in the early part of the year. This year, online commerce is projected to increase by another 7%, with mobile now leading the way in discovery and price comparison.³ Centers that facilitate easy access, smooth parking flow, designated pickup areas, and good visibility will attract tenants who are ready to pay higher rents for operational efficiency. It should now be simple for you to focus. Check year-end tenant sales or foot traffic counts, if they are available. Assess the recovery and operating costs of CAM. Determine areas that require repositioning. And begin discussions about renewal ahead of time with tenants who have done well. Powerful operators have already devised their strategy for 2026. Also, landlords should. Call or DM me. I can walk you through a New Year portfolio checkup that turns uncertainty into a strategy you can execute. Are you starting 2026 with clear data or just waiting to see what happens? #retailrealestate #CRE #2026retailoutlook #retailinvestment #leasingstrategy
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