CHICAGO—As they looked forward to the latest Chicago Deal Making conference, held today and tomorrow at Navy Pier by the International Council of Shopping Centers, officials from Next Realty LLC told GlobeSt.com that big changes have recently occurred in the metro region's retail sector.
After years of recession and then a modest recovery, landlords are finally seeing some benefits. "If they are in A locations, tenants are now willing to pay up," reversing a long period of stagnant rent growth, said Alex Katz, director of acquisitions. "There is an urgency among retail tenants that they didn't have a short time ago and we're seeing them become very aggressive in securing the top locations."
That aggression has given owners and investors the confidence to redevelop the A and B locations, he said. Furthermore, the extraordinary popularity of retailers such as Mariano's is finally "allowing new development to occur."
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
