ICSC Conference Takeaways: Positive Leasing Demand Despite Macro Volatility

Research evidence excerpt

ICSC Conference Takeaways: Positive Leasing Demand Despite Macro Volatility

Real Estate | Retail

May 20, 2026

Michael Griffin, CFA ICSC Conference Takeaways: Positive

212-752-0886

Michael.Griffin@evercoreisi.com Leasing Demand Despite Macro Volatility

Steve Sakwa We recently attended the annual ICSC retail conference in Las

212-446-9462 Vegas where we had 16 meetings across several days and met

Steve.Sakwa@evercoreisi.com with many REITs, private owner/operators and brokers. The

overarching tone was notably constructive on retail

fundamentals despite the continued uncertain macroeconomic

backdrop. Conversations consistently reinforced that retail

remains one of the more favorable real estate asset classes due

to limited (but not zero) new supply, healthy tenant demand,

resilient consumer spending & very liquid capital markets.

The consensus view was that consumers remain resilient,

although signs of bifurcation are beginning to emerge. While

many landlords and brokers acknowledged growing pressure on

lower-income consumers, there was broad agreement that

consumer spending has held in and elevated energy costs and

gas prices have not impacted sales or traffic at retail centers.

Leasing fundamentals remain healthy across open-air retail as

well as malls, with many retailers already talking about their ’27

and ’28 leasing plans and store expansion needs given the

dearth of quality retail space that’s currently available. Capital

continues to aggressively pursue retail assets, particularly

grocery-anchored and necessity-based centers, compressing

spreads and in some instances limiting acquisition opportunities

for the REITs.

Many landlords emphasized that the sector is still benefiting

from a decade-plus period of effectively no new development,