Retail real estate registered a slight uptick in conditions in the fourth quarter of 2020, according to a new outlook on the sector from JLL, and a few major markets across several key US regions are poised to come out on top. 

When it comes to retail's recovery, location is king. JLL notes that the pandemic has created winners and losers: "essential retailers continue to be crucial for day-to-day life, and discretionary retailers struggle with closures and consumers' tightening budgets," the report says. "But there is another bifurcation taking place—one of location."

Sun Belt markets, particularly those across the Southeast, are experiencing strong rent growth, while markets hard-hit by COVID restrictions in the Northeast and California have seen declines. Nashville posted a 6.5% rent increase in the fourth quarter, while Raleigh saw an increase of 6% and Atlanta clocked in up 1.9%. Meanwhile, New York saw a decrease of 5%, San Francisco registered a 4.5% decline, and Boston posted losses of 3.1%, according to Costar data.