Investment outlook


Retail transaction volume increased 28.9 percent year-over- year in 2018, driven by the entity-level transactions of Unibail Rodamco’s purchase of Westfield and Brookfield’s purchase of GGP and massive disposition activity from public REITs. However, this does not tell the whole story. When excluding these transactions, U.S. retail investment declined by 18 percent in 2018. But, what does the future hold for 2019?


Preliminary figures from JLL’s U.S. investment outlook found that while the year is off to a slow start with transactions down 4.9 percent quarter-over-quarter through March 2019, there is


8 THE RETAIL INVESTOR promise that the market will kick-up later in the year.


Retail transaction volume in Q1 2018 totaled $11.1 billion. Although there continues to be a steady volume of retail product on the market, it is being met by a finicky buyer pool.


“We are seeing more clarity around pricing in the market as the bid-ask spread has narrowed between buyers and sellers. Sellers are becoming more educated about how buyers are underwriting risk, and buyers are rising to seller expectations and meeting the market,” added JLL’s Chris Angelone.


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