- USA | 29 October 2020
What long-term trends do you see emerging as the door slowly closes on the pandemic?
The trend is leaning towards more mixed-use development. People seek places that combine living and working, and these assets offer a curated, engaging experience beyond typical shopping centers. We’re exploring increased mixed-use developments, evaluating how we can integrate multifamily housing or entertainment options into our retail assets. Our focus is on bringing in curated brands and diversifying tenants across food, entertainment, and health spaces to enrich the shopping and living experience.
Do you think there will be a real estate market correction?
Current discussions center around the housing market, and it’s likely we’ll witness some corrections ahead. Local housing prices have surged while inventory remains exceptionally low. Despite significant new development, challenges persist due to construction costs and labor availability. Over the next few years, I anticipate a leveling out as inventory for single homes and rentals increases. In retail real estate, we’re already observing some correction. The pandemic accelerated the online shopping trend, impacting some of our centers, yet historic low cap rates for various asset types help offset concerns.
What particular areas or neighborhoods are emerging as real estate hotspots?
Holly Springs and Apex have truly come into their own. These areas are actively revitalizing their downtown cores, transforming quiet streets into bustling hubs with new mixed-use buildings and residential living spaces. Despite the pandemic, construction in these markets continued unabated, with thousands of new homes and apartments under development. The move of companies like Fuji to Holly Springs signals the value these communities offer, attracting families with their small-town charm amid significant growth.