Derrick Almassy of CBRE
CHICAGO—This year has already had a few economic shocks like Brexit, and the uncertainty of the upcoming presidential election, of course, still hangs over everything. But as landlords and investors in the retail sector get ready for the two-day International Conference of Shopping Centers' Chicago Deal Making conference, which starts this Wednesday at Navy Pier, the demand for these properties looks strong, and many owners might be ready to sell.
“We have a lot of listings coming out,” Derrick Almassy, Oak Brook, IL-based first vice president with CBRE's national retail investment group, tells GlobeSt.com. “The sheer number of deals is high,” and that's after a summer when the investment market was in the doldrums. “Our hope is that we are through a temporary pause.”
Less product has been available for most of the year, he adds, as many owners seemed reluctant to sell properties in high-performing markets. And that reluctance then stopped still others from putting their own properties on the market, as they knew they would have few opportunities to put the proceeds from a sale back into real estate.
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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.
