CHICAGO-The more than 200 exhibitors, and hundreds of brokers, developers and owners, who descended here Thursday for the International Council of Shopping Centers 2010 Chicago Deal Making program, seemed upbeat about the future of retail both in the city and nationwide. The event is being held Thursday and Friday at the Hyatt Regency on Wacker Drive.
At every turn, attendees had positive thoughts about increased leasing activity, property movement and even new development. There were even good words about the local retail market. “Chicago is one of those regions where a lot of retailers are still actively pursuing properties,” said Timothy Just, a VP with Jones Lang LaSalle who among other properties is leasing up Yorktown Center in Lombard, IL. “I think 2011 you’re going to see more retailers make expansions. They have capital now, but they’re being very selective. There are some retailers, though, who are making a big push now, such as Chick-fil-A.” The Atlanta-based fast food chain opened 83 stores in 2009, and is on track to open almost 80 this year.
Most of the conference is taken up by frantic one-on-one meetings between participants, but there were a few notable events, including the Women in Real Estate forum, a round-robin style format that included topics such as new retailers and globalization, keeping tenants in business during renovation, successful zoning approvals and understanding municipal politics. The forum was supposed to be led by Faith Hope Consolo, chairwoman of the Retail Group at Prudential Douglas Elliman Real Estate, but the recent Midwest storm prevented her from attending.
Overall, many attendees agreed that 2011 should bring retailers back into an expanding frame of mind. “We had 41 leases in the past quarter, things are trending up,” said Diana Leone, a leasing specialist with Ramco-Gershenson Inc. out of Farmington Hills, MI. “Knock on wood, we’re hoping activity will increase and the phone will keep ringing.”
Adam Connor, a sales associate with NAI MLG Commercial in Milwaukee, agreed. “Our development market is up, and we’re seeing retailers eyeing more store expansions. We’re hoping to see aggressive growth in Q1 through Q3 2011,” he said.
| Highlights from the Event |
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Debra Hazel with Jersey City, NJ-based Debra Hazel Communications (on left), discusses retailers that are opening new stores during a Women in Real Estate portion of the ICSC meeting. Listening are Deborah Haney with Sierra and Daven Ritter with Urban Retail Properties (on right).
Chad Macy, left, and T.J. Just, both VP leasing specialists with Jones Lang LaSalle, show off their main project, the Yorktown Center in Lombard, IL.
Chris Palermo, left, acquisitions manager with Midland Atlantic in Cincinnati, discusses the retail market with Chase Young with Cassidy Turley’s St. Louis office.
Adam Connor, left, and Kevin Schmoldt with NAI MLG Commercial in Milwaukee say their city is booming with new retail opportunity.
Inland Commercial Property Management Inc. VP Fred Heichman, left foreground, and President Scott Carr, right foreground, discuss retail deals with Jacqueline Haynes and John Byrne, both VPs in the Indianapolis office of Cassidy Turley.
Diana Leone and Gilli Zofan, both retail leasing specialists with Farmington Hills, MI-based Ramco-Gershenson Inc., say the company arranged 41 leases in the third quarter.© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
