When to Sell a Retail Property Without an Asking Price

US inflation rose more than expected last month The cost of everyday necessities continued to climb in October, putting more pressure on Americans already struggling to keep up with grocery bills, housing costs and other household expenses. Consumer prices rose 0.4% from a month earlier, more than the 0.3% increase economists had anticipated, according to data from the Bureau of Labor Statistics released Tuesday. Nearly a third of the overall increase in prices came from shelter costs, which include rent and other housing-related expenses...

By Marc Perlof | @MarcRetailGuy CA #01489206 November 9, 2026 If you own retail real estate, here’s what just changed for you. Waiting is not a neutral decision. Every month an ownership group delays an important decision, the property's income, risk, financing, marketability, or value can change. The true cost of waiting usually becomes clear only after the opportunity has passed. Whether the property has one owner or several, delaying an important decision should be evaluated like any other investment choice because the financial consequences continue to change over time. Last week, I discussed why multiple owners often struggle to make timely decisions. This week, let's look at what that delay can actually cost. Why Do Owners Keep Waiting? Most ownership groups do not delay because they are careless. They delay because they believe waiting reduces risk. Some are waiting for interest rates to improve. Others are waiting for property values to increase. Some want to wait until a tenant renews. Others simply cannot reach an agreement. Each reason may sound reasonable on its own. The problem is that the property continues to change while ownership waits. What Changes While You Wait? Retail properties are not static investments. Leases continue moving toward expiration. Buildings continue to age. Deferred maintenance becomes more expensive. Financing markets change. Buyer demand shifts. Elections may also lead to changes in tax policy, regulations, public spending, or development rules that affect ownership decisions. Tenants open, close, expand, and relocate. Every month of delay changes the investment, even if nothing appears different from the street. The important question is not whether waiting changes the property. It almost always does. The important question is whether those changes improve or weaken your financial position. How Can Waiting Reduce Property Value? Many owners assume the property's value will eventually increase enough to offset the cost of waiting. Sometimes that happens. Sometimes it does not. For example, waiting another year may result in: A major lease moving closer to expiration. Higher repair or replacement costs. Less favorable financing. Increased vacancy risk. Lower buyer confidence. Missed redevelopment or repositioning opportunities. A higher property value does not automatically produce a better investment result if income falls, expenses rise, or risk increases along the way. The goal is to evaluate the entire financial picture, not just the future sale price. What Should Ownership Be Measuring? Instead of asking, "Should we wait?" Ask questions such as: What is the financial cost of waiting six months? What could improve during that time? What could become worse? What assumptions are we making? What evidence supports those assumptions? Those questions move the discussion away from opinions and toward measurable investment decisions. Real Deal Insight With the same ownership group mentioned in last week’s blog, one of the main questions was whether waiting would improve the financial result. One sibling believed more time could lead to a higher property value, while another was concerned about what could happen to the property during that waiting period. I helped the family compare the potential benefit of holding against projected income, lease rollover, future capital needs, holding costs, and the risks of changing market conditions. The question was not simply whether the property might be worth more later. It was whether waiting was expected to produce a better overall financial result after considering what could change along the way. Strategic Advice for Retail Property Owners Before deciding to wait, calculate what waiting is expected to cost and what it is expected to produce. Review upcoming lease expirations, projected capital improvements, financing, operating expenses, tenant stability, and market conditions. Then compare those factors against the potential benefits of delaying the decision. Waiting should be an intentional investment strategy, not simply the result of uncertainty or disagreement. Owner Self Assessment If your ownership group decides to wait another year before making a major property decision, can you clearly explain why waiting is expected to produce a better financial outcome? Final Takeaway Waiting is not free. Every delay has potential financial consequences that should be measured before the ownership group decides to postpone an important decision. Next week, in "When Multiple Owners Disagree: How Family and Business Partners Can Move Forward," I'll discuss why ownership groups reach deadlocks and how a structured decision making process can help move important property decisions forward. If your ownership group is deciding whether to hold, lease, refinance, improve, or sell, 1031 exchange, I can help you compare the financial consequences of acting now versus waiting before you commit to either path. Is your ownership group waiting because the numbers support it, or simply because no one is ready to decide? Based in Los Angeles. Serving Southern California. Active across California. Advising clients nationwide. #RetailRealEstate #CommercialRealEstate #RetailProperty #PropertyOwners #FamilyPartnership #BusinessPartners #FamilyOffice #InvestmentProperty #ShoppingCenters #MarcRetailGuy