Tuesday, May 22, 2007

Maybe I spoke too soon - Mall convention now as big or bigger than some malls

Perhaps the local downturn rumored to be happening here in the exurbs is just local. Or maybe not. Only time will tell.

What I can tell you is that the ICSC convention in Las Vegas is booming this year. The Retail Traffic Court Blog reports this morning that there's two million square feet of space in the Leasing Mall -- up 500,000 sf from last year -- and an estimated 55,000 attendees, which is 10,000 more than last year. If there's a slowdown, these people will have nothing of it.

One of my clients just reported in to tell me that they are booked solid with meetings every half-hour for the next two and a half days. Granted, they own some very hot property in a very hot market. It will be interesting to see what comes out of this.

My analysis? I don't live in a hot market, but I work in a very hot market. I think there may actually be a slowdown in some sectors, but I also think, based on the attendees and the deal-making going on, you will just have more people chasing the hottest markets. Deal flow will either be very hot or cold, with not much luke-warm. This is definitely worth watching with time.