NEWPORT BEACH, CA—Industries are thriving and collapsing simultaneously side by side in centers, creating a very dynamic business atmosphere, SRS Real Estate Partners' SVP and market leader Garrett Colburn tells GlobeSt.com. Having recently been named an emerging retail leader in Real Estate Forum, Colburn sat down with us for an exclusive chat about how the sector is changing and how it is meeting the challenges that lie ahead.

GlobeSt.com: What are the key elements to matching the right retail tenant with the right property?

Colburn: Really understanding your tenant's business and what makes them successful is critical. It is also important to know and understand as much as possible about the subject property and area in order to make better real estate decisions based on facts. For instance, knowing how other tenants in the project are performing compared to their averages is usually a good place to start. We obviously study and factor in many other elements like demographics, traffic counts and patterns, parking and access, visibility, retail co-tenancy, etc. Once we are well armed with all the pertinent facts and have talked to key players in the market, we can better evaluate whether the property is the right fit for that particular tenant.

GlobeSt.com: How has this process changed as we move further into economic recovery from the downturn?

Colburn: The market is on fire and has definitely shifted into the landlord's favor once again in most parts of SoCal. Retailers need to get more aggressive to compete with others for most properties, and owners are well armed with multiple offers to choose form when there is a change on their property. The competitive landscape is also causing tenants to get more creative and consider opportunities that they might not have a few years ago with non-prototypical stores and layouts.

GlobeSt.com: What's new about what retail tenants are requesting or looking for in their space or from their landlords?

Colburn: Retailers will continue to be focused on strong brand awareness and visibility to their customers while striving to keep rents low and landlord contributions high.

GlobeSt.com: What else should our readers know about retail leasing?

Colburn: Retail leasing is a very dynamic business that seems to be changing at a more rapid pace than ever. Industries are thriving and collapsing simultaneously side by side in centers. One retailer's loss is another's gain. The grocery industry is a great example. Decades ago, no one would have predicted that the traditional giants would be under this much pressure. Literally dozens of formidable competitors have bene rapidly expanding over the last few years and are eating up their market share in all different segments. The Internet has also become a formidable competitor for most retail tenants that are either adapting to the new norm or struggling to grow. Very exciting times in our business because with change comes new opportunities for expanding retailers and restaurants.