Not only that, but Contis predicts that the cost of development will continue to rise as well. "I think liquidity for development projects will get more and more expensive," he says.

In a later session, professionals stressed changes in the industry and discussed how traditional shopping centers will no longer be the norm due to the proliferation of mixed-use centers and "hybrid" developments that have varying retail uses. "Everything is blending," says Richard Kuhle, president of Phoenix-based Vestar Development Co. "But what we're trying to do is provide a platform for retailers to have the highest sales that they can."

Kuhle says customers are preferring developments with more options, pointing to his firm's Desert Ridge Marketplace in Phoenix, a retail-entertainment center that he says receives 19 million visitors a year, compared to the 12 to 14 million that visit a successful regional mall. "People will drive by other shopping centers to go to yours," he says.