With the continued barrage of retail bankruptcies, stores closures, repositionings and rightsizings of store fleets—and the fact that many experts say the U.S. is over-retailed—it probably comes as no surprise that retail construction levels remain well below pre-recession levels.
“Another factor is with some of these larger shopping centers, the development is focused more on building complementary property types,” notes Alexander Levy, a consultant at research firm CoStar Group Inc. “You might see a mall and they will add on apartments or offices or hotels nearby and then it becomes more of a mixed-use property. That’s been growing coming out of the recession.”. . . more