Brandmarch Podcast: Behind The Lease

In this episode, we sit down with Jono Lapat, Managing Principal at SRS Real Estate Partners, to deep dive into the dynamic Boston retail market. Jono shares his candid perspective on the city's growth, his client-first philosophy, and the proprietary technology that gives his team a competitive edge.This episode is a must-listen for retail real estate brokers, national brands, and landlords looking to understand the nuances of the Boston market and what it takes to build decades-long client trust.Key Takeaways for Retail Brands, Brokers, and LandlordsThe State of the Boston Retail Market: The current energy is best described as "exciting, decisive, and a bit overwhelming".What Outsiders Miss: National brands looking at Boston from afar often miss the tricky, intricate way the neighborhoods and suburbs trade. The Boston market is not a single-store market; due to distinct neighborhoods, a brand often needs multiple units (e.g., in the Back Bay and Seaport) to capture full market demand.The Hottest Sub-Market: The Seaport is the most exciting neighborhood right now. Developers transformed a series of vacant parking lots into an exploding, vibrant community with food, entertainment, office, and residential space.The SRS Boston Advantage: Jono's team offers a collaborative approach, blending the diverse perspectives of seasoned brokers (25–30+ years experience) and younger talent. Their core focus is placing every client first and making them feel like they are the firm's only client.The Power of "No": A broker's willingness to tell a client to walk away from a bad deal is critical. It establishes a long-term, trustworthy relationship and assures the client that the broker is protecting their best interests, not just chasing a commission.Negotiation Style: Jono is primarily a diplomat and a "people person". He adds value by seeing a deal from both sides and acting as a coach to facilitate a mutual closing.How to Avoid a "Million-Dollar Mistake": Patience is paramount, especially for younger brands entering the tight Greater Boston market. Jono advises clients to wait six months, a year, or even 18 months for the right location rather than rushing into a mistake.Proprietary Technology: SRS utilizes a game-changing, proprietary mapping system that integrates with an Airtable database. This tool allows for real-time information sharing, giving clients both easy-to-read data and a graphic, visual representation to aid in decision-making.Career Motivation: After 20+ years, Jono still loves the business because it's fun and allows him to participate in "building places that people like to go touch, see, shop, eat". The lasting impact of seeing a deal close and a project built is a significant motivator.A Message to Real Estate Leaders: Jono encourages major institutional landlords and heads of real estate considering a move in the market to schedule a meeting to demonstrate his team's track record and the technological tools that differentiate them from competitors.

Andy Moffitt serves as the Senior Managing Director at Newmark Mountain West in Salt Lake City, Utah. He specializes in both landlord and tenant representation, working with sophisticated global retailers and major development projects across the Mountain West.Formerly considered a "flyover" or tertiary market, the Salt Lake City area has transitioned into a primary/secondary position due to strong demographics and consistent top-five national rankings for large employers.Meanwhile, Park City is regarded as a highly affluent area experiencing significant relocation. The city maintains strict "chain licenses," barring retailers with 10 or more global locations from operating on Main Street once the maximum allocation is reached.Key Brands & Developments:Foothill Village: A best-of-class, grocery-anchored east-bench shopping center in Salt Lake City currently undergoing a $25 million reimagining by Asana Partners.The Point: A 600-acre redevelopment of the former Utah State prison in Draper, located within the "Silicon Slopes" tech district.Retail & Dining: Notable brands entering or expanding in the market include Culinary Dropout, Uchi, and the Cheesecake Factory, the latter of which sees exceptional sales in Utah despite lower-than-average alcohol revenue.Local Market Trends:Sports & Entertainment: The creation of a new district in Salt Lake's urban core, supported by a $2 billion tax allocation, will house the Utah Jazz (NBA) and a professional hockey team, with future goals for Major League Baseball.Tourism Surge: A historic six-month open house for the Salt Lake City Temple is expected to draw 4 to 6 million visitors starting in Spring 2025.Future Growth: The state is preparing for the 2034 Winter Olympics, which is anticipated to be a generational event for the region's economy and real estate.Low Vacancy: Class A retail space is currently extremely scarce, with overall market vacancy sitting below 3%.

Kyle Kavanaugh, founder of the boutique brokerage Main and Main, shares insights from over 30 years in the Los Angeles retail scene, emphasizing the importance of mentorship and active listening. He explores the shift toward an "experience" economy where digital transformation and the "influencer effect" accelerate neighborhood trends and prioritize authentic customer service in physical spaces. When building his team, Kavanaugh values integrity and reputation over technical skill, especially as Southern California enters a modern renaissance driven by major global events like the Olympics. This resurgence is attracting diverse international concepts to LA, and Kavanaugh highlights the role of digital platforms like Brandmarch in bridging the gap between established industry relationships and new entrants.