LAS VEGAS—As part of our ICSC's RECon 2016 event coverage, we caught up with Peter Muoio, chief economist at Ten-X Research, who tells GlobeSt.com that while progress in the retail sector has not been quite as dichotomous as that of the office segment, some regional divides remain.
“Wide-scale growth has been achieved in the Southwest, due to strong demographics, as well as several West Coast markets such as San Francisco and San Jose, which boast booming economies and rapid population growth,” he explains. However, he says that the retail sector's improvement has been more disparate in the Eastern and Midwestern regions, where many markets with weak economies and demographics have contributed to comparatively higher vacancies and slowed NOI growth.
Nationally, he says, vacancies and rent growth are creeping closer to their pre-recession levels, but progress has been slow. “One of the most prevalent trends in the industry is e-retailing, which has in no small part contributed to the retail sector's sluggish recovery,” says Muoio. “The trend toward online shopping is contributing to smaller store footprints with less space needed for inventory, in addition to store closings.”
Check back with GlobeSt.com all week for all the coverage you need from ICSC's RECon 2016 event.
LAS VEGAS—As part of our ICSC's RECon 2016 event coverage, we caught up with Peter Muoio, chief economist at Ten-X Research, who tells GlobeSt.com that while progress in the retail sector has not been quite as dichotomous as that of the office segment, some regional divides remain.
“Wide-scale growth has been achieved in the Southwest, due to strong demographics, as well as several West Coast markets such as San Francisco and San Jose, which boast booming economies and rapid population growth,” he explains. However, he says that the retail sector's improvement has been more disparate in the Eastern and Midwestern regions, where many markets with weak economies and demographics have contributed to comparatively higher vacancies and slowed NOI growth.
Nationally, he says, vacancies and rent growth are creeping closer to their pre-recession levels, but progress has been slow. “One of the most prevalent trends in the industry is e-retailing, which has in no small part contributed to the retail sector's sluggish recovery,” says Muoio. “The trend toward online shopping is contributing to smaller store footprints with less space needed for inventory, in addition to store closings.”
Check back with GlobeSt.com all week for all the coverage you need from ICSC's RECon 2016 event.
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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.
