Report from ICSC RECON: The Global Retail Real Estate Convention
Last week was the National ICSC RECON Convention, where the overall mood in Las Vegas was upbeat. Attendance from the lending community was up in each of the segments—just about every major CMBS lender, traditional bank, and mortgage banker had a presence—an indicator that lending activity is on the rise.
What really grabbed my attention was all the buzz about retail leasing. Activity is brisk in most major markets, but there are also indications of recovery in some secondary markets. A prominent retail developer told me that places like the Sacramento Valley, Palm Springs, Las Vegas, and Phoenix are showing positive signs of retail activity as a result of nascent recoveries in the housing sector.
Single family construction is starting up again in those markets, which in turn tends to spur retail activity. Another colleague well-versed in the Palm Springs area showed me a study listing over 4,000 homes currently under construction in the cities of Coachella and Indio combined, which seems to lend some credence to the sub-market rumors.
We hope to see you at next year’s ICSC RECON Convention!