A recent report released by JLL shows that a massive shift in banking is having an impact on commercial real estate. Smart phones and mobility, combined with FinTech, is determining the future of banking real estate. This has been true in the four Texas metros, with all of them showing a decrease in the number of branches from 2010 to 2016.
Interestingly enough, on the one hand, both the recession and consumer technology led to a near 8% decline in U.S. branch banks since 2009, according to the Federal Deposit Insurance Corp. (FDIC). This includes all four Texas metros. On the other hand, new branches continue being built to fulfill market needs.
JLL’s trends noted that branch locations will continue to shrink, both in number and footprint, and automated branches will be coming.
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