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10 APRIL 2021
Matt Harding calls it “a pleasant surprise, in a sense, to be where we are” as a
retail management firm in April 2021, considering the state of the industry in April 2020.
The Levin Management Corp. CEO noted that most of the tenants that needed assistance last year were “up and running” across its portfolio. Leasing activity has
also picked up, he added, while collections have rebounded from the height of the COVID-19 crisis.
“Overall, we’re fairly positive with the way that things are sitting right now,” said Harding, whose North
Plainfield-based firm manages more than 100 properties in the region for nearly 15.5 million square feet.
He added: “I think if things continue the way they’re going and we see
Harding isn’t the only executive with cautious optimism about a recovering retail sector in New Jersey and elsewhere. Some are more cautious than others — and rightfully so, given the enduring struggles of malls, further bankruptcies by large chains and other challenges — but industry leaders say the path to stability has become clearer in recent months.
That’s especially true for properties that were fundamentally stronger before the pandemic, which are now drawing the attention of tenants that are driving new leasing activity.
“If you have good real estate, people
are finding it,” said George Jacobs, president
of Jacobs
Enterprises Inc.
CAUTIOUS OPTIMISM
Retail leaders see a clearer path to recovery, despite continued uncertainty
By Joshua Burd
continued improvement in terms of vaccines and people getting back out to work, helping the restaurants and so forth, we think that
in Clifton. “And
the question
is: At what
rents? Rents
are not going
up, but if you
can mimic or
get close to the rent you had, then it just becomes a function of your obligations and how leveraged are you?”
Jacobs, whose firm owns or manages 17 million square feet
Matt Harding
there’s a steady increase from here for the rest of the year.”
George Jacobs
Despite the enduring struggles of malls, further bankruptcies by large chains and other challenges to brick-and-mortar retail, industry leaders say the path to stability is becoming clearer. That’s especially true for properties that were fundamentally stronger before the pandemic, which are now drawing the attention of tenants in search of space.