LAS VEGAS—At the ICSC Las Vegas conference, Jaysen Chiaramonte, Senior Associate at Kennedy Wilson Brokerage, shared his observations on the current state of the retail market, noting that "it's an interesting time for retail right now." From the demand for immediate space filling to the rise of location-specific operators, and the movement towards quality experiences, Chiaramonte tells GlobeSt.com.

He discussed the existence of a duality between vacancies and opportunistic tenants. Ownership groups and landlords are grappling with the need to fill vacant spaces, and their urgency varies, he says. Some are eager to fill space immediately, while others adopt a more patient approach. This dichotomy, he says, has led to a diverse range of offers, including requests for high tenant improvement allowances. "Some tenants are exploring multiple options to see what sticks, while others have specific criteria and are willing to pay a premium for prime locations."

Chiaramonte also highlighted the challenges associated with first-generation spaces, primarily due to the high cost of build-out and the availability of capital. The approval process for these spaces is time-consuming, and tenants are only willing to consider such spaces if they offer exceptional terms or if they receive favorable deals from landlords, he says, adding that the high barrier to entry makes securing first-generation space a difficult task in the current retail landscape.

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Natalie Dolce

Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.