The Pace of Retail Development Remains Anemic

In recent weeks, developers have announced plans to build a fortress mall in New Jersey, a large mixed-use center in Boston and dozens of smaller grocery-anchored centers, among other projects.

With retail sales improving and demand for space firming up, is the market for development beginning to heat up?

Not exactly.

Since the turnaround time for new projects is usually 18 months or longer, many of the developers announcing projects today are reviving centers that were on the drawing board prior to the downturn. Those projects have been put on the backburner in 2009 and 2010 to allow time for retail vacancies to stabilize.

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