Retail Real Estate's 2010 in Review
Dec 28, 2010 2:07 PM, By David Bodamer
| Click below to see that month's recap. | |||||||||||
| Jan. | Feb. | Mar. | Apr. | May | Jun. | Jul. | Aug. | Sep. | Oct. | Nov. | Dec. |
As 2010 draws to a close, it is an opportune time to look back at one of the more dramatic years the industry has ever faced.
The biggest story by far was the reorganization of General Growth Properties, which successfully emerged from Chapter 11 bankruptcy protection as two firms and, in the process, fought off an aggressive takeover effort mounted by its chief rival, Simon Property Group.
But 2010 had much more to it than that. It was a year that saw the beginning of the industry's turnaround. By year's end, true signs of recovery were all around. Retail sales improved. Vacancies seem to have reached a peak. Rents may be at their bottom. Commercial real estate values--depending on who you ask--have either bottomed out or have started to rise again.
In addition, it was a year that witnessed a proliferation of joint ventures among both public and private retail real estate firms. It was also a year when the industry continued to experiment with social media and began to embrace mobile apps. Developments on those fronts promise to continue to alter the retail real estate landscape next year as well.
The CMBS market began to stir. And while the amount of distressed debt mounted throughout the year, the pace of loans going bad slowed in the second half of the year. And lenders finally began to get active again. To be sure, debt is largely only available for the best assets in the best markets for trusted borrowers, but the situation is gradually improving for everyone else as well.
All of that has left many optimistic about what 2011 holds. Retail Traffic already took a look at what 2011 might bring.
But before 2011 starts, here is one last look at the year that was in retail real estate. (And, for a further look back, check our 2009 Year in Review.)
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