As published on GlobeSt.com on May 16, 2019
LAS VEGAS—While many industry insiders like to take a backseat in politics, according to Ben Terry, VP of Coreland Cos., there has never been a more critical time for the industry.
GlobeSt.com caught up with Terry in preparation for the upcoming ICSC RECon show May 19-22 in Las Vegas and he said that the retail industry needs to be proactive in the 2020 election. “The Split-Roll Property Tax is on the November 2020 ballot, and curiously titled the California Schools and Local Communities Funding Act,” he said. “If it passes, all commercial property tax will be reassessed, and the negative impact will most dramatically affect small businesses and local economies.”
According to Terry, “At a time when we are all working towards stabilizing local brick-and-mortar retail, this would be an incredible setback. All of us need to become an active part of the discussion.”
As for his other thoughts for the retail market, Terry said that as for as transactions go, there is some frustration happening in regards to the pace. “No one expects leases to be executed overnight ̶ it’s a different time and a much different marketplace. However, even the simplest lease deals are commonly taking 6-8 months,” he tells GlobeSt.com. “Sometimes the disconnect is on behalf of the landlord, and other times on behalf of tenants. It’s a challenge for everyone.”
One of the best ways to move a lease deal forward is to try and be realistic from the beginning, he adds. “Negotiations factors such as CAM Caps, exclusivity clauses, HVAC responsibility should be secondary. This is top-of-mind for me as we prepare for RECON because the conference gives us a great opportunity to get a pulse on the market. I look forward to many discussions on how to best overcome hurdles like these.”
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