Nine Takeaways from ICSC New York Conference, Day One
Attendees at this year’s ICSC New York’s National Deal-Making Conference tell us the mood on the floor is generally optimistic, and the buzz of businesses filling the halls of level one at Jacob Javits Center seemed to echo that.
“There’s definitely energy at the show. The election is over, people are cautiously optimistic about retail,” says Hal Shapiro, senior director at Winick Realty Group.
Here we present nine takeaways from interviews with industry professionals on the show floor.
- Deals are taking longer to close, as the decision-making for site selection is becoming a longer process, says Anjee Solanki, national director of U.S. retail services with Colliers International. Retailers are becoming more active in site selection and more selective in the types of store formats they want in specific markets. “Retailers are now asking to see the numbers,” Solanki says, adding “data is a must” in their strategy decisions.
- Rents undergo a market correction: The softening of rents across some retail property types shows “the market is correcting,” Solanki says. “Deals are still being done, especially if you have good co-tenancy and location, but you are no longer going to garner rents like seen at the peak.” For tenants with good financial standing, landlords are now willing to offer not only several months of free rent, but also help with build-out costs, Shapiro says.
For more, download the full article in PDF
Winick Realty Group is one of New York’s prominent real estate firms specializing in retail leasing and advisory services. Over the years, Winick Realty has served a broad range of domestic and global clients, with a strong emphasis on long-term representation and expansion and growth strategies. Winick Realty Group is highly recognized as a forerunner in the retail real estate market.