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Since 2009, the Midwest has had minimal retail development. The pent-up demand is driving cities, counties and owners to consider new construction in an effort to capitalize on retailers expansion plans. During the last 18 months JLL’s Donn Fuller, has seen his existing clients, who didn’t want to inject capital into their assets during the downturn, look to reposition and renovate their centers.
The construction market seems to slowly be gaining traction due to availability of capital and access to debt financing. A number of projects that halted phase two of their construction, are now reconvening and jumping aboard the markets momentum. An expanding trend is cities looking to revitalize their downtowns by expanding their retail and restaurant offerings. Many cities have prime. developable land at their disposable that would make for perfect retail locations.
With all the opportunities at hand, a development’s success is still all about one thing… location, and that hasn’t changed, says Donn.