chi-bofa This Bank of America property in Glenview, IL, which recently sold with a cap rate of 4.5%, is the type of bank location most sought after by investors.

CHICAGO—As recently reported in, the retail side of banking is undergoing a profound change as customers adopt the use of mobile apps. Banks don’t need as many branch locations and many have begun to also shrink the footprint of their remaining outlets. But investors, attracted by the superb credit rating of many banks, still have an appetite for these properties, according to a new report from the Boulder Group, a net lease firm in suburban Chicago.

“It’s a bifurcated market,” Randy Blankstein, president of Boulder, tells “We are seeing less new construction and the trend is certainly for banks to get smaller,” but investors still consider properties leased by big players such as Chase and Bank of America to be safe bets, partly due to their ability to fully utilize the new technology.

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Brian J. Rogal

Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.

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