It's that time of the year again for ICSC NEW YORK — one of the biggest dealmaking and networking events for retail in 2025. This year, will professionals look past the uncertainties from the weak labor market to elevated construction costs or will the uncertainties continue to linger as we approach 2026?
Without question, it's a nuanced picture. But real estate firms and brokers appear to be downplaying the headwinds ahead of the event at the Javits Center.
MOST OPTIMISM IN YEARS
In fact, Centennial President Paul Kurzawa is taking the enthusiasm to another level, noting that anticipation of the event is "one of the most forward-looking in recent memory."
"Overall, the tone heading into the event is intentional and optimistic," he told GlobeSt.
"Retailers and developers are thinking long term and looking not just for space but for the right partnerships and the right environments to grow. That alignment is what makes this year’s ICSC especially energizing.”
Martindale, Avison Young's principal leading Retail Market Intelligence, thinks retailers and property owners are entering 2026 with more optimism than they had in "several years."
"I expect dealmaking to be active, but disciplined, grounded in data, consumer shifts, and the continued strength of open-air retail formats," she said.
Momentum Around Placemaking
Particularly, Kurzawa sees continued growth in the entertainment, medical and wellness centers, with momentum on "smaller and adaptable" retail formats. He added that this year, placemaking transitioned to more of a core strategy compared with this being a luxury in years past.
"Retailers want environments that extend dwell time, support omnichannel behaviors, and deliver experiences you simply cannot replicate online," he explained.
"Centers that have invested in that kind of experiential infrastructure are seeing sustained traffic, stronger sales, and more retailer interest."
Vestar, another owner of retail real estate, is paying attention to the vacancy trend, which is at record lows inside its portfolio that's concentrated on the West Coast. This will force the company to get creative.
"There will be a strong focus on creatively finding availability in our portfolio for tenants growing their store counts," Kean Thomas, Vestar's vice president of finance and development, told GlobeSt.
This year, ICSC expects to see roughly 8,000 attendees at this year's event.
But most importantly for business leaders and CRE — the optimism is far outweighing the potential downsides. Now it's about putting it into action at ICSC NEW YORK 2025 and continuing the momentum into next year.
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