ICSC conferences are the perfect place to gauge the state of the market. Here are some observations from this years New York ICSC: 
 
  • Attendance was up this year - especially amongst service providers (contractors, architects and attorneys). 
  • Show was active and upbeat. 
  • REITS are very active and looking for product. 
  • Developers are more active & starting to fill up pipeline. That said there is still a lack of product on the market.  
  • Tenant's are very selective - we are still seeing excess stores & downsizing (there was also a lack of tenant reps at the show). 
  • Issues remain with loan maturities and banks "pretend & extend" approach. 
  • Cap rate compression - investors would sell, but not buy; investors looking for opportunistic/value add plays. 
  • Institutional players are recalibrating their portfolios. 
  • Still a lot of uncertainty (people are conservative-risk adverse) due to the economy. 
  • There is a bifurcation between credit and non credit deals due to lack of non recourse financing for non credit deals.
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