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Open-Air Centers Win

NEW YORK CITY-Developers say the retail type is attracting double-digit increases in rent, but also costs.

By By Debra Hazel | Updated on January 19, 2007

NEW YORK CITY-Rents are high, but so are costs, creating a positive, but cautious outlook for retail real estate 2007, according to a panel of leading open-air center developers speaking at the 2007 Deutsche Bank Real Estate Outlook Conference here.

Many community shopping center developers are seeing double-digit increases in rent rates, largely due to rapid expansion by some tenants. But challenges remain on the tenant and leasing side.

“We’re seeing unprecedented tenant demand, which is giving landlords unprecedented pricing power,” said Daniel Hurwitz, senior executive vice president and chief investment officer of Developers Diversified Realty, Beachwood, Ohio.

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