LOS ANGELES—The economy is growing at a moderate pace, and that may be helping to keep retail vacancies down and push consumers into the market without overzealous growth, according to Rick Chichester, president and CEO of Faris Lee Investments.

At the recent ICSC Western Division conference, we sat down with Chichester for an exclusive interview, where he talks about the economic factors affecting the retail market and where we are in this cycle. He took a moment to issue caution to investors to maintain discipline and really underwrite their real estate investments. Chichester admits that he doesn’t hold the same long-term views for the economy as some of his colleagues in the industry, and expects to hit some bumps in the road toward the end of 2016. Watch the video to find out why.