What’s Going to Be Hot on the Menu Next Year?
Social media-driven “food fads” are transforming menus and promotions at restaurants across the country, according to the National Restaurant Association’s 2024 What’s Hot Culinary Forecast.
Social media has become an indispensable tool for restaurant marketing, generating buzz and fostering a culture of culinary exploration. One example is the runaway popularity of the hot honey breakfast sandwich, a dish that has captured the attention of food enthusiasts and influencers alike. Instagram and TikTok are abuzz with mouthwatering images and enthusiastic recommendations for the sandwiches.
“This year’s trends are dominated by consumer craving for comfort and community with a healthy side of curiosity influenced by social media,” said National Restaurant Association senior vice president of research Hudson Riehle. “Old favorites like barbecue are taking on new flavors, and social sharing is influencing the spread of regional fares like Nashville Hot. Even the chicken competition is going global on local menus.”
Across all the food categories, comfort foods were most popular. The 1,500 culinary professionals surveyed pointed to soups and stews, stuffed vegetables and melty cheeses as next year’s hottest trends. Global foods have been a hot trend for a while. Riehle said they’re a safe way for customers to experience new ingredients and an economical way to diversify a menu and they can be an easy way to integrate healthier options. The most popular menu items in 2024 will be dishes that are versatile, flavorful, affordable, social and adaptable to regional flavors and interpretations.
Streamlined menus are also increasingly popular. Operators are offering customers fewer choices to reduce kitchen complexity and food waste and to provide a higher-quality experience for the customer.
National Restaurant Association’s Top Culinary Trends for 2024
1. world-stage soups and stews like birria, chicken tom kha gai, laksa, salmorejo and upscale ramen
2. global chicken wings
3. international barbecue
4. incorporation of social media trends like TikTok
5. grilled/cooked cheeses like provoleta, queso fundido, raclette, halloumi and juustoleipa
6. wagyu beef
7. stuffed vegetables like chiles en nogada, stuffed peppers and stuffed cabbage rolls
8. regional menus
9. streamlined menus
10. hot honey breakfast sandwiches
Lenders Offered Better but Fewer Deals to Commercial Property Borrowers in Q3
Borrowing costs were down for commercial property owners in the third quarter, while as less activity occurred, according to CBRE and the Mortgage Bankers Association.
The dollar value of loans made to retail properties in the third quarter declined 51% year over year, according to the MBA’s Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations. Borrowing and lending were down for every property type and capital source. All commercial property types experienced a 49% decline. Healthcare dropped 76%, multifamily 50%, office 49% and industrial properties 35%.
But the month-over-month trend line is less discouraging, according to Jamie Woodwell, MBA head of commercial real estate research. “Compared to this year’s second quarter, volumes were more stable, and some sectors, including industrial properties and life company lenders,
showed an uptick in volume.” The dollar value of loans to retail properties, for example, declined by only 20% between the second and third quarters. Overall commercial property loan originations declined by only 28% during the period.
Meanwhile, borrowers are getting slightly more favorable rates, according to CBRE. Underwriting measures loosened a little in the third quarter. The overall debt-service coverage ratio averaged 1.33, down from 1.37 in the second quarter, according to the firm. The average underwritten cap rate rose by 16 basis points to 5.68%, while the average loan-to-value ratio increased to 61.4% in the third quarter from 58.3% in the second quarter.
“While capital markets headwinds continue, we are seeing signs that lending conditions may be stabilizing for certain asset classes,” said CBRE Debt and Structured Finance U.S. president James Millon. “Credit is gradually loosening, cap rates are resetting higher and the Fed’s rate-hiking campaign may be near the end, which collectively could pave the way for an uptick in deal volume in the second half of next year.”
WPG’s $1 Billion CMBS Deal Is the Largest Securitized Retail Financing of 2023
In the largest securitized retail financing of 2023 year to date, WPG closed on a $1 billion CMBS transaction to refinance its 8.5 million-square-foot portfolio of 38 shopping centers. The nonrecourse loan repaid and eliminated the company’s corporate debt and substantially reduced its borrowing costs. In June 2021, the company, which has rebranded from Washington Prime Group, filed for Chapter 11 bankruptcy protection. It reemerged five months later as a private company owned by investment firm SVP.
U.S. Retail Sales Dipped in October
U.S. retail and food services sales declined 0.1% from September to October, putting an end to a six-month streak of increases. Furniture stores posted the biggest decline, followed closely by miscellaneous store retailers, a category that includes specialty shops like florists, according to the U.S. Census Bureau’s tally.
Hilco Real Estate Hires Co-CEO of Real Estate Asset Management Division
Hilco Real Estate hired Alan Shaw as executive vice president and as co-CEO of its real estate asset management division. He has more than 25 years of experience in commercial real estate, including stints as senior vice president of development at Simon and as vice president of real estate at Sears Holdings.
By Brannon Boswell
Executive Editor, Commerce + Communities Today