May 31-June 3. Kevin D. Gray, CRE, of PricewaterhouseCoopers Securities in New York, said this lack of euphoria was very much the mood of the recent International Council of Shopping Centers convention, held in Las Vegas SC in mid-May. While the mood was positive because of the strength of the economy, it was a lot more cautious than the year before because of interest rates. The CMBS market has slowed down dramatically. Foreign investment also has slowed because of the exchange rates.
Power centers are less favored in investment class than land by institutional investors.
Gray says that retail has been unfairly tarnished by concerns about the Internet that are largely unproven. Theaters are purpose-building, Hesterberg said. Screen conversion is costly. The new stadium seating is concrete. The developer is responsible for that.