New Bank Branch Footprint Is Alot Smaller; CresCom Follows Suit

Following a trend of the big banks, community banks are figuring out what branches ought to look like goring forward.  Charleston-based CresCom just opened their newest location in Cane Bay in Berkeley County and it looks very different than your mother’s bank.  First, it is 1,200 SF, vs. a traditional bank branch of 4,000-6,000 SF.  Electronic transactions, direct deposit, smartphones, ATMs, video tellers, and, well, paperless technology is playing a greater role, too.  John McDermott has a great article on what banks looked like then and now, and in the future.  Our little insight is branches will be reduced by 50% to maybe 80% in 10 to 20 years; at least thats what experts are predicting as the big banks are selling off (and leasing back) their branches in bulk instead of owning them.

About charlestonCREblog

30 years' in the commercial real estate biz - investment sales, consulting, banker, appraiser, brokerage. Trained in Atlanta and moved to the Lowcountry in 2008 and now sharing offices in Charleston and Jacksonville, FL. Exclusive listings, buyer representation, and consulting/analysis to help clients make the best commercial real estate decisions.

Posted on August 26, 2014, in CHS Retail, Commercial Real Estate, Development, Retail/Retailers, The Post and Courier and tagged , , . Bookmark the permalink. Leave a comment.

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