Lifestyle centers may be one of the most undervalued retail asset classes currently. According to JLL, increased customer foot traffic, declining vacancies coupled with growing rental rates and broad-based expansion plans from retailers are bolstering confidence and signaling that lifestyle centers will come back strongly.
While smaller grocery-anchored retail has dominated investment demand recently, the increase in vaccinations and re-openings is motivating shoppers – and investors – to return to other retail segments.
Lifestyle centers were conceived as a modern-day interpretation of the mall and are known for their outdoor settings and incorporation of other uses like office, multi-housing and hospitality space. They also usually include upscale, national-chains, and specialty retail with dining and entertainment options.
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