4 Real Estate Considerations for Banks in an Online World
February 7, 2020, Law360, by Andrew McIntyre–
As banking continues to shift from brick-and-mortar buildings to the internet, banks — many of which lease their space — are evaluating just what physical footprint is best, and lawyers say keeping a few points in mind during discussions with landlords is crucial during the process.
While the move away from physical banks has similarities to the shift from retail stores to online shopping, banks have certain unique considerations, such as vaults and ATMs, that factor in heavily when questions of downsizing or repurposing are on the table, according to experts. And the shift to online banking could proceed at an even faster clip than the parallel retail shift, given that consumers generally don’t need to see or feel their money, unlike, say, shoppers for clothing.
“Brick-and-mortar banks are declining in importance,” said Neisen Kasdin of Akerman LLP. “Millennials are doing most or all of their banking online. It’s only when you get to baby boomers that you see people do all their banking in person, and even that’s changing.” There’s also been a shift toward opening small branches in supermarkets, which gets branches in areas with heavy foot traffic.
“When new supermarkets open up, banks are taking smaller spaces inside those locations,” said Robert McPeak with McDonald Carano LLP, noting that many of those bank branches are open seven days. To read the entire article click here.
About McDonald Carano
McDonald Carano has been shaping Nevada’s legal, business, and policy landscape since our founding in 1949. With more than 60 lawyers and government affairs professionals working from offices in Reno, Las Vegas, and Carson City, we are Nevada’s law firm for business. Our local, national and international clients include Fortune 500 corporations, fast-growth and mid-market companies, entrepreneurs and startups, non-profit organizations, government entities, and high-net-worth individuals. Our attorneys deliver cross-discipline, one-stop, business law and government affairs counsel. Please visit mcdonaldcarano.com
You have chosen to send an email to McDonald Carano. The sending or receipt of this email and the information in it does not in itself create an attorney-client relationship. If you are not already a client, you should not provide us with information that you wish to have treated as privileged or confidential without first speaking to one of our lawyers. If you provide information before we confirm that you are a client and that we are willing and able to represent you, we may not be required to treat that information as privileged, confidential, or protected information, and we may be able to represent a party adverse to you.
I have read this and want to send an email.