ICSC Attendees Report Increased Leasing Activity
National Retail Properties Team Co-Chair Tara Scanlon was quoted in a National Real Estate Investor article titled, "ICSC Attendees Report Increased Leasing Activity."
The article reports that many industry experts at the International Council of Shopping Centers RECon 2010 were confident that the retail real estate sector is on the mend, even if it is still facing some economic headwinds. They cautioned, however, that the industry has not returned to the boom years. Expanding retailers know they are a valuable commodity at a time when vacancy rates at retail centers remain high. As a result, retailers are negotiating for shorter lease terms with multiple extension options. In addition, some are asking for kick-out and exclusivity clauses and are able to get them when they know they have a lot of leverage. But retailers are also eager to get back to opening new stores again after a prolonged lull. As a result, they are willing to work with landlords and are often arriving at fair deals, according to Ms. Scanlon. "Tenant and landlord relations have gotten better," she said. "Landlords have to make the deals work and [they have] been very collaborative."