With just days left before the beginning of ICSC's RECon begins in Las Vegas, at least one REIT is not anticipating a new wave of developments around the industry.
At his company's first quarter conference call, DDR Corp. CEO Daniel Hurwitz noted the challenges developers still face in creating new product: land prices and entitlements. Surprisingly not a problem: rents.
“You can justify reasonable market rents for a new development,” Hurwitz said. “But you have land owners who think their land is worth a lot more than it is.”
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