Austin is the top market for retail's comeback, according to a new report from CrowdStreet, followed by Charlotte, Nashville, Orlando, and Raleigh-Durham. 

Retail was the second-hardest hit asset class after hotels, as most retail operators—except grocery stores—continued to reel from the effects of COVID-19 shutdowns and slowed foot traffic. Further consolidation is also expected for the industry, especially as brick-and-mortar retail reimagines its future in the wake of the pandemic. CrowdStreet predicts the best-located centers will continue to backfill vacancies wrought by COVID-related store closures, and those tenants who remain will likely look to upgrade their physical footprint.

But there's also some good news afoot for retail: according to Green Street, total retail sales were up 10% year-over-year in the third quarter (with the exception of restaurants, cars, and gas).  Rent collections increased from 70% to 90% in the third quarter, while leasing activity continues to accelerate. And the Biden Administration's new round of stimulus is likely to positively impact the sector, particularly small businesses.