Retail construction sunk to a two-decade low in the first quarter of 2020, with just 400,000 square feet completed in 80 metro areas, according to a report from Moody's Analytics Real Estate Information Services.
The retail figures were down 70% from the fourth quarter of 2019 and represented the lowest numbers since Moody's started collecting the data in 1999.
First quarter construction numbers were also grim for office space, which dropped almost 85% from the last three months in 2019, the lowest number in seven years. Apartment completions were down 38%. The figures for both sectors were based on completions in 82 metro areas.
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Cheryl Miller
Cheryl Miller, based in Sacramento, covers the state legislature and emerging industries, including autonomous vehicles and marijuana. She authors the weekly cannabis newsletter Higher Law. Contact her at [email protected]. On Twitter: @CapitalAccounts
