Even if there a market shift downward, retail investors have a key advantage over past declines, noted Daniel Hurwitz, CEO of Raider Hill Advisors and a past trustee of ICSC.

“We tend to have a 10-year flood every year in this business,” he said. “But one thing that's different this time is we're not in an oversupply situation. Construction starts are slow, that will give us a bit more runway than we've had in the past.”

Verifying the point, Gazit Global chairman Chaim Katzman said, “We don't see ground-up development. If you talk about Florida, I can't think of five new projects going on.”

Simply put, added Hurwitz, “It wouldn't be prudent to underwrite a development site now that will take four to five years to build. That's good, it will stabilize the industry through the next period.”

In the meanwhile, investors are getting creative and setting their sights elsewhere, revealed Wagman. “We found opportunities in secondary and tertiary market where we can buy on yield. We have acquired about $500 million this year; we haven't bought an asset here in two years.

He elaborated, “ 'High-street' has become a sexy term, everyone wants to sell Class B and C assets and put their best property on the cover of a report but we went the opposite route. We have to zig when others zag. When the REITs are focused on super sexy, high profile assets, we go to income producing investments, and vice versa.”

The market players—and watchers—also opined on the likely impact of the Presidential election's results on the market.

“I'm hoping the market is right and he's going to deliver on what he's promised (in terms of carried interest, Dodd-Frank, etc.),” stated Hurwitz. “I'm a big supporter of infrastructure and we would benefit from wage growth, so it's all good as long as everyone is good with deficit spending.”

Weighing in more conservatively, Wagman said, “I don't that Trump's election is going to profoundly impact the industry just because he's a real estate guy. But there's certainly an excitement for tax reform.”

Katzman expressed more concern, but he sounded realistic rather than panicked. “The question is, 'How will the US be perceived? Will it remain the triple-rated, standard bearer of security or will it be downgraded to Double A?

“This is the first time that the unwavering safety and stability of the US may be questioned,” he continued. “This is a different ball game. That's the big risk we're facing.”

NEW YORK CITY—Though they acknowledged the fact that we're “late in the cycle,” a trio of retail real estate executives expressed optimism for the holiday season and for 2017.

The three professionals spoke during a panel discussion at the International Council of Shopping Centers' New York National Deal Making conference earlier this week, where they provided rationales for their collectively bullish stance.

“It's late in the cycle but you could be at the bottom of the eighth and hit a triple,” asserted Richard Wagman, managing partner, Madison Capital. “We believe we'll see strength in the second half of the year and we're hoping this month is strong.”

Admitting one soft spot, he continued, “There's been a big impact from the rise of the dollar. Tourism is down and that's had an impact on specific markets like Fifth Ave. and super luxury. But retailers are gearing up for a stronger year in 2017 and we think there could be a Trump bump, so we're pretty excited for next year.”

Even if there a market shift downward, retail investors have a key advantage over past declines, noted Daniel Hurwitz, CEO of Raider Hill Advisors and a past trustee of ICSC.

“We tend to have a 10-year flood every year in this business,” he said. “But one thing that's different this time is we're not in an oversupply situation. Construction starts are slow, that will give us a bit more runway than we've had in the past.”

Verifying the point, Gazit Global chairman Chaim Katzman said, “We don't see ground-up development. If you talk about Florida, I can't think of five new projects going on.”

Simply put, added Hurwitz, “It wouldn't be prudent to underwrite a development site now that will take four to five years to build. That's good, it will stabilize the industry through the next period.”

In the meanwhile, investors are getting creative and setting their sights elsewhere, revealed Wagman. “We found opportunities in secondary and tertiary market where we can buy on yield. We have acquired about $500 million this year; we haven't bought an asset here in two years.

He elaborated, “ 'High-street' has become a sexy term, everyone wants to sell Class B and C assets and put their best property on the cover of a report but we went the opposite route. We have to zig when others zag. When the REITs are focused on super sexy, high profile assets, we go to income producing investments, and vice versa.”

The market players—and watchers—also opined on the likely impact of the Presidential election's results on the market.

“I'm hoping the market is right and he's going to deliver on what he's promised (in terms of carried interest, Dodd-Frank, etc.),” stated Hurwitz. “I'm a big supporter of infrastructure and we would benefit from wage growth, so it's all good as long as everyone is good with deficit spending.”

Weighing in more conservatively, Wagman said, “I don't that Trump's election is going to profoundly impact the industry just because he's a real estate guy. But there's certainly an excitement for tax reform.”

Katzman expressed more concern, but he sounded realistic rather than panicked. “The question is, 'How will the US be perceived? Will it remain the triple-rated, standard bearer of security or will it be downgraded to Double A?

“This is the first time that the unwavering safety and stability of the US may be questioned,” he continued. “This is a different ball game. That's the big risk we're facing.”