For more than four decades, Elliot Feuerstein has spearheaded a range of successful real estate and retail developments in and around San Diego, CA. Elliot Feuerstein currently serves as an officer of Mira Mesa Shopping Center, a role in which he pays close attention to the latest news and developments in the shopping and retail fields.
The retail industry has been in flux over the past few years, with major companies, such as Sears and Kmart, shuttering hundreds of locations and companies like Toys ‘R’ Us disappearing completely. However, a recent report suggests that these seemingly cataclysmic events are not hurting the retail and real estate investment industries as much as one might expect. One big reason for this is that small-shop leases have increased significantly over the past year.
Among other major real estate investment companies reporting impressive numbers, Kimco Realty Corp. reported an occupancy rate of its retail properties of over 90 percent for the second quarter of 2018, which the company says is the highest rate in nearly a decade. Company executives attributed this surprising number to a dramatic increase in demand for small-shop leases by fitness, medical, health and wellness, and restaurant companies. The surge in these kinds of leases helped Kimco report a strong revenue growth rate of nearly 4 percent for the quarter.