Shopping Centers Today International

MAR 2016

Shopping Centers Today is the news magazine of the International Council of Shopping Centers (ICSC)

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Page 32 of 59

r. SeuSS might well have been writing about today's bustling open-air shopping center industry when the cele- brated children's book author wrote long ago: "it's opener, out there, in the wide, open air." while premium enclosed malls hold up, open-air centers will be extend- ing their industry dominance well into the future, retail reit executives and analysts say, given present trends of development, leasing and investment. "the open-air retail landscape is healthy," said Conor C. Flynn, president and CeO of Kimco realty Corp., in an earnings call last month. "big-box retailers are back looking for space; junior-box players continue to be the most aggres- sive; traditional and specialty groceries are active; and our small-shop leasing also indicates a healthy trajectory." the tight supply is also pushing rents higher for open-air reits, most of which report occupancy rates between 93 and 96 percent. "most of these centers are full or close to full, and there is a line of tenants look- ing to find space," said reit analyst rich moore, a managing director at M a r c h 2 0 1 6 / S C T 33 OPen SeaSOn open-air center valuations are sky-high as investors and retailers vie for a liMited supply By Steve McLinden

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