Mixed Shopping Cart for Retail: ICSC Show Report

December 11, 2023

Commercial Property Executive
By: Paul Rosta

Attendees at ICSC’s annual New York City conference presented a wide range of impressions of the diverse sector. Upbeat projections for leasing in certain segments mixed with the reality that building new product is a tall order these days.

On the plus side, “Retail is literally the primary asset class,” asserted Kristin Mueller, JLL’s president of retail property management. “That is a twist and a turn and a change. The last time people were so upbeat about retail was the 80s and 90s.” Retailers want to expand at a time when suitable space is hard to find, she added.

The resurgence of consumer demand is giving the sector an unexpected rebound. “If you look across the commercial real estate spectrum, retail is in something of an enviable position,” despite considerable economic uncertainty, noted Brandon Isner, CBRE’s head of retail research for the Americas. “The overall market is tightening, and a lot of retailers are still in expansion mode.”

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