Retail sentiment took a turn at the end of 2020. The sector was hit hard by the pandemic, and capital investment halted. However, the announcement of two vaccines helped to fuel consumer spending at the end of the year, and gave investors a renewed confidence in the eventual recovery of retail.

"Despite the significant increase in COVID-19 infections and deaths in the fourth quarter of 2020, investor sentiment for retail has begun to recover due to the optimism over the efficacy of the two COVID-19 vaccines currently being deployed in the US," Gary Glick, a partner at Cox, Castle & Nicholson, tells GlobeSt.com.

The rebound in retail spending could help to drive increased retail investment in 2021, particularly for shopping centers. "It is anticipated that shopping center investment sales will start to normalize based on abundant liquidity, low cost of capital and attractive returns toward the third quarter of 2021. This financial environment will reward investors with a wider yield spread and additional gains from asset value appreciation."