Branch Bank Closings on the Rise
U.S. banks closed more than 760 branches in the year ending June 30, according to banking research firm SNL Financial. This marks the third straight year of declines after a long cycle of rapid expansion among financial institutions.
Bank of America has been the most aggressive among the financial giants in shuttering branch locations and CoStar Group recently provided a nice summary of the trend in a post on their website.
Prime Locations Up for Grabs
While the future of Branch Banking is still being debated, the fact remains many of the branches slated for closing are located in prime, highly visible locations and create new opportunities particularly for retail and healthcare, which is an industry increasingly taking a retail centric approach to site selection of new facilities, with an increasing emphasis on convenience.
The property pictured above is a great example which happens to be one of my new listings. The former Bank of America Branch (30,000 SF) sits on 5.75 acres at the corner of St. Johns Drive and NASA Parkway directly across the street from NASA’s Johnson Space Center and adjacent to the Christus-St. John’s Hospital Campus.