Insights from Coast to Coast: Learning from ICSC Conferences 🌐
What are we learning from ICSC shows across the country? 🤔 I had a chance to speak with Daniel Taub, National Director for Marcus & Millichap, as he has the responsibility and unique opportunity to attend each ICSC conference, taking care of our customers and gaining insight. 🌟
Retailers are very active and eager to open more stores. 🛍️ Although certain bankruptcies and store closures are making the headlines, there are numerous well-known and new operators that are planning aggressive expansion. 🚀 With that, AI and mobile data have become more essential focal points for the site selection process. 📱
There is heightened optimism in the overall market as compared to last year. 💡 Retail sales are very positive, occupancy rates are at all-time highs, and anticipation of rate cuts happening this year is helping investor sentiment. 💵
Shopping center Buyers are seeking properties with similar criteria, as to likely answer the demands of the capital backing them. 🏢 The pricing divide between Sellers and Buyers is still relevant, though Buyers are now much more accepting of the current trends and not expecting huge discounts with an implosion in the retail property type. 👥 They are using prudent decision making and are patient with their money. 💼
Sellers, on the other hand, are still hoping to achieve prices quoted prior to the increased rate environment, but they do show some signs of giving in to the new realities of the marketplace. 🔄 With a lack of supply on the market, it continues to put further pressure on pent-up demand. 🔍
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