I & 750 or so fellow brokers/developers/retailers got together in Atlanta for the Southeast International Council of Shopping Centers (ICSC) conference this month. The number of convention exhibitors was half the size of last year & every developer I spoke with was basically sitting on their hands and waiting out the economy. The active ones are being creative & putting in non-traditional uses (e.g., churches) & fighting long term lease deals until the market improves.Retailers are still actively looking for new sites but, only with prime locations & strong demographics. The Chairmen of ICSC delivered a lack luster report with expectations that we should see a 1% growth in Christmas sales & most of 2010 will be flat with signs of improvement in the 2nd & 3rd Quarter.
Marcus & Millichap Chairmen Harvey Green thinks we will avoid the $750 Billion CMBS credit "crisis" & hopes to see improvement Q2-3 in 2010.
Rex Benton is a Savannah Commercial Real Estate Agent for Mopper-Stapen, Realtors. He can be reached at the downtown office of Mopper-Stapen, Realtors at 912-238-0874 or our website. Office, Industrial, Retail & Investment properties for sale or lease.
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