The International Council of Shopping Centers, more notably recognized by its four letters, ICSC drew thousands of people to the 2017 RECon this year in Las Vegas, Nevada. RECon is the world’s largest retail real estate convention with close to 37,000 attendees this year representing 58 countries. This powerful real estate conference brings together industry professionals to network and make deals all over the world.
SVN Desert Commercial Advisors participates every year. This year there were several advisors in attendance including Rommie Mojahed, Beau Flahart, Mary Nollenberger, Nicole Ridberg, Eddie Gonzalez, Christopher Leone, and SVN newcomer Julie Harris who just completed the MRED (Master of Real Estate Development) program at Arizona State University in Tempe, AZ.
The conference is set up to explore other opportunities with other CRE-related professionals. Additionally, the conference offers breakout sessions that are comprised of a variety of different education and certification sessions throughout the 3 day conference. SVN Director of Retail Leasing & Sales, Mary Nollenberger stated, “The retailer expansion plans within the restaurant and entertainment industries are staying strong.” Nollenberger who was just recently acknowledged as one of the 2017’s Most Influential Women of Commercial Real Estate by AZRE Magazine. Director of Retail Leasing & Sales Investment, Rommie Mojahed and Nollenberger have been an integral part of developments such as Chandler Crossings, Crismon Gateway Village, and Greenway Market Place, 8th Ave Shops and Village Grove Plaza. Advisors, Beau Flahart and Eddie Gonzalez were also a part of some of these retail developments above.
“Inland states like Arizona are becoming much more attractive and desirable to investors,” said Beau Flahart. Flahart is who is most notable for his shopping center development deals in the east valley believes the retail market has been on a steady pace and the opportunity for investors to come to Arizona to invest is worthy of their ROI. Buyers are still looking for retail acquisitions and lenders are still willing to finance. Mojahed said, “It was exciting to see all the new activity.” A leading topic throughout the conference was also how big box retailers compares to e-commerce. “This year’s ICSC really showed how the retail market is evolving. Medical/Dental users are converting from a traditional office space to retail space,” said Mojahed. In short, the retail market is still thriving, Arizona properties are still hot, and we can expect to see some repurposing and we can expect to see office space conversions into retail space.