CHICAGO-In terms of retail investment growth and activity, the growth rate in 2011 should match that of the growth of 2010 from 2009, according to Jones Lang LaSalle. Buyers, especially REITS, will be lining up for acquisitions next year, the company said.

Sales of significant retail properties totaled $13.9 billion through October of this year, representing a 62% increase over the $8.9 billion of sales during the same period in 2009, JLL said in its recent 2011 Retail Outlook. Cap rates continue to decline and positively impact retail values, the company said.

Greg Maloney, CEO and president of JLL Retail, said that pent-up demand combined with a lack of new construction and more realistic seller expectations should result in a strong pipeline of closed transactions moving into the new year. The first quarter will likely be slow, like this year, Maloney said, but things will pick up in the third quarter.

“People are out spending this holiday season,” Maloney tells GlobeSt.com. “They’re not just looking, they’re actually buying. It will be interesting to see how this week goes, with Christmas being on a Saturday. There will be a lot of people on vacation this week, they’ll be out shopping.”

Companies are going to be coming back into the mix after a couple years off, he says. “In 2011, we’ll see landlords and retailers continuing to be creative at filling vacant space, including pop-up stores, temporary leasing of inline spaces, nonprofits and incubator tenants. Retailers that have a strong 2010 will come out swinging with expansion next year,” Maloney says.

For the first time in more than two years, new retail development is even being discussed, he says. A pipeline could begin to deliver by 2013. However, fundamentals such as jobs and housing are still an issue. “It’s not like there’s going to be big shopping centers built to existing ones,” Maloney says. “But there are certain parts of the country that are still under-retailed. However, we have to get unemployment under control, people getting back to work will boost consumer confidence.”