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Key takeaways:
- Retail property markets ended 2023 in a position of strength. Property fundamentals are healthy, particularly across open-air and necessity retail segments with vacancy rates below their long-term average across most markets.
- Healthy and well capitalized retailers are continuing with expansion plans, targeting growth areas in the suburbs and non-costal markets. The combination of low availability and the dearth of new construction will keep conditions favorable for landlords in the near term.
- We believe the best opportunities for investment are grocery-anchored centers and open-air centers that fulfil daily needs consumers visit multiple times a week. At the asset level, there is an opportunity to update tenancy with more productive and relevant retailers, roll rents to market and grow NOI.
As consumers continue to require essential goods and services, trade down, seek convenience and stay local due to hybrid work, we remain focused on retail formats which will benefit from these trends.
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