Commercial Property Insurance Costs
Commercial Observer
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It is a major concern in commercial real estate today: the rising cost of insurance. Oscar Seikaly, CEO of Miami-based NSI Insurance Group, shares his thoughts, especially about the situations in Florida and California. Also for today: Fancy grocer Erewhon is expanding.
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— Tom Acitelli, Deputy Editor
Oscar Seikaly On Insurance Costs and Coverage in Wake of L.A. Fires
Since the pandemic, Florida’s real estate market has been in boom mode. But soaring insurance costs have clouded otherwise sunny skies. Commercial property insurance premiums have shot up from 50 to 100 percent in the past few years, depending on the property type and location, said Oscar Seikaly, CEO of Miami-based NSI Insurance Group. The trend is raising costs for both landlords and tenants. “Tenants are having a hell of a time,” Seikaly said. “When they signed the lease, the insurance premiums were a lot lower than they are now.” The following interview has been edited for length and clarity.
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Upscale Grocer Erewhon to Open Three New Locations in L.A. in 2025
Hold onto your $25 smoothies, because ultra-luxe grocery chain Erewhon is expanding to three new locations in Los Angeles County this year. Erewhon — an anagram of “nowhere” and a favorite of celebrities and influencers alike — will open storefronts in Glendale, West Hollywood and Manhattan Beach in 2025. The new branches will join 10 other Erewhon outposts spread across Southern California. The Manhattan Beach location will open first, in March, at 1700 Rosencrans Avenue, which is owned by the City of Manhattan Beach. The West Hollywood joint will open over the summer at 8550 Santa Monica Boulevard, which is owned by an entity that’s managed by Cochise Capital, records show. The Glendale location is set to open later this year at 520 North Glendale Avenue, which is owned by two limited liability companies run by an individual named Michael Curcio.
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