The predictions that looked a lot more like reality on the show floor.

Everyone arrives at ICSC with predictions. The real question is which ones survive contact with 25,000 people on the show floor.

Chris Ressa and CBRE's Karly Iacono weren't just attending ICSC Las Vegas. They were in the middle of it. Between meetings, deal discussions, and serving as panelists at the inaugural ICSC+PROPTech event, they had a front-row seat to the conversations shaping retail real estate in 2026.

One of the biggest takeaways? The relationship between cap rates and interest rates is no longer as straightforward as many expected. Despite elevated borrowing costs, strong demand for retail assets continues to support pricing. With more capital chasing a limited supply of quality opportunities, retail fundamentals are increasingly driving investment decisions.

That reality reinforces another trend both hosts have been watching closely: the rise of the operator. Rather than relying on financial engineering, investors are focused on creating value through leasing, rent growth, and hands-on asset management. In today's market, execution matters.

The conversation also turns to AI, which surfaced in meeting after meeting throughout the week. Surprisingly, the most interesting discussions weren't about corporate technology initiatives. They were about how people are using AI in their daily lives to improve productivity, make better decisions, and create more balance between work and life.

Karly also highlights the growing influence of healthcare tenants in retail real estate, comparing today's medical and wellness concepts to the rapid expansion of quick-service restaurants a decade ago.

Above all, ICSC 2026 underscored the enduring value of being together in person. With more than 25,000 attendees, packed events, and nonstop networking, the energy was impossible to ignore. In an increasingly digital world, the appetite for real-world connection may be one of the strongest signals yet for the future of brick-and-mortar retail.

What You’ll Hear

Why the mood at ICSC felt fundamentally different this year
What 25,000 people in Vegas signaled about retail real estate
Why retailers are doubling down on physical stores
How the return of the operator is reshaping the market
Why AI moved from buzzword to business conversation
What the demand for in-person experiences means for retail's future

Chapters

00:00 — The energy coming out of ICSC Vegas

Why this year's conference felt bigger, busier, and more optimistic than expected.

02:40 — Did we get our predictions right?

Chris and Karly revisit their pre-ICSC outlook and compare it to what actually happened on the ground.

03:50 — Retailers are spending again

The surprising scale of capital flowing back into physical stores and what it signals about retailer confidence.

05:40 — Why store investment matters now

How retailers are shifting resources away from infrastructure and back into the customer experience.

06:45 — The net effective rent story

Why tenant investment is becoming one of the biggest drivers of value creation for landlords.

09:35 — A landlord and broker debate underwriting

Chris and Karly challenge each other's views on NOI, value creation, and long-term ownership economics.

14:40 — The return of conviction in retail

What retailer spending says about the future of physical stores and why confidence appears to be growing.

15:25 — Cap rates, operators, and a changing investment landscape

Why execution matters more than ever and how investors are evaluating retail assets differently.

25:25 — AI enters the mainstream conversation

How artificial intelligence moved from buzzword to everyday discussion across the conference.

28:40 — Healthcare's growing role in retail real estate

Why medical and wellness users are becoming increasingly important retail tenants.

33:25 — What 25,000 people tell us about physical retail

The broader takeaway from ICSC and why in-person experiences remain a powerful force in the market.