Though Atlanta is bucking this trend to some extent (see: Buckhead Atlanta), the consensus reached at ICSC's retail super confab RECon is that new malls and shopping centers won't be rising from the ground until at least 2014. Though this has a plethora of negative consequences- especially for those firms seeking new business or people seeking employment in the broad real estate, design, construction and related services industries (law, engineering, paving...we could go on)- there are some upsides. As real estate owners and investors try to stay busy and make hay with their existing assets, many of these properties will get enhanced, improved and otherwise be made to be more productive. The creativity and resourcefulness required of this process will hopefully carry over to the next development boom, perhaps making the inevitable next bust less catastrophic? (cue laughter) [NREI]
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