When it comes to retail real estate, most private real estate professionals would agree that a significant amount of space in the sector will become obsolete or otherwise unneeded in the future. What is more debatable, however, is what reuse option makes the most sense for that retail space.
In this latest installment of Spotlight, we talk to Anuj Mittal, head of Europe real estate at alternative asset manager Angelo Gordon; Joanna Turner, head of property research at Canada Life Asset Management; and Manuel Martin, global head of retail at investment manager Nuveen Real Estate. Mittal, Martin and Turner, all of whom are pursuing retail conversion projects, outline the rationale for why they prefer the alternative uses of office, residential and urban logistics, respectively, while also addressing the drawbacks of other repurposing options.
Correction: The US alone has 1.1 billion square feet of excess retail space, according to CoStar. The podcast erroneously cited the statistic as 1.1 million.