Retail Markets Show Sign of Improvement

(whimsical music) – One of the most pleasant things to see in the survey was the really solid rebound in optimism in retail in all
markets except Los Angeles. – As we look forward to 2022, there are going to be
more housing developments, there’s more housing that will be built. As a consequence, there’s
going to be a need for more brick and mortar retail. – You have a lot of people that have a lot of discretionary income and that’s obviously retail supportive. (whimsical music) – I think owners and developers
are figuring out retail. It took a few years but I think they have the
formula now on what works. They’re drawn there not
strictly by what they can buy, because you can do that online, but more about how
they’re gonna spend time. – You better have some
entertainment value there or experiential idea there that makes it more interesting to visit. A park, there’s restaurant,
food and beverage. People really want to have an experience. (whimsical music) – Retail is a need in order
for office to be successful and in order to draw the kind of talent that companies are trying to attract. You want restaurants, you want
places to gather after work. – [Jerry] And you’ll often see that on the ground floor of office buildings. – They’re building retail
near office, near working, so you’re all in one area. – Developers are more focused
where the opportunities are. Perhaps smaller projects,
retail, infill projects. – The truth is they’re smaller. They’re smaller because
generally that retailer knows what you’re gonna buy
before you get there. They’ve done their homework. (whimsical music)

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