Continuing with our 15th anniversary coverage on where retail has been, where things stand today and where things are headed, Rick Chichester, president and CEO of Faris Lee Investments, says that on a national level the retail market is faring well.
“From an investment standpoint we're seeing sustained demand for the retail property type, particularly in core/urban markets and certain sub-categories like STNL, where there is a tremendous amount of play among foreign and private investors,” he says.
Rents and vacancies have increased and decreased respectively, he adds, “giving a long-awaited reappearance of balance that is attractive to investors and consumers alike.”
In core and urban markets the respective moves in rents and vacancies have been sharp, Chichester says, in secondary and tertiary markets the pace has been more moderate. “As a whole the retail market has benefited from the relative lack of new development as well as the continuance of a low interest rate, debt-friendly capital markets environment.”
Of course all retail is consumer driven, he adds, “so the moderate but steady improvement in consumer confidence and employment provides the foundation that all of this rests on.”
Check back with GlobeSt.com in the next few days for more coverage on the retail market. We are live at the ICSC Western Division conference in San Diego.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
