This Must Be the Place: Food halls are enhancing asset value

Food halls are no longer just a trend—they are a high-impact amenity for improving a property’s dwell time, leasing velocity and NOI. Recorded at Central Perk in Times Square, a quartet of experts from Colicchio Consulting and CBRE explain how the best food halls prioritize operations and programming, new beverage and evening strategies, the lowdown on operator selection and deal structures that offer better risk-sharing and returns.

- Food halls aren’t food courts: Independent concepts + community + beverage drive performance.

- Hybrid work has changed the operating model: Fewer office days demand longer-hour, programming-led models.

- Conversions can happen everywhere: Converting buildings to their highest and best use can work for both offices and food halls, especially in suburban markets.

- Alignment between operators and landlords: Vendor stall flexibility and percentage-rent leases can benefit operators and investors.

- Market snapshot: Colicchio Consulting believes the sweet spot of sizing is around 10,000–15,000 sq. ft. with average buildout costs around $400/sq. ft., depending on the market.