A new analysis from the National Association of Realtors research economist Brandon Hardin shows retail vacancies declining, which is putting upward pressure on rents.
Retail vacancies in the first quarter of 2022 have dropped to 4.5%, even lower than the closing rate of 4.7% at the end of 2021.
As Hardin noted, this varies significantly by type of retail. "The lowest vacancy is reserved for general retail (2.7%) while power center and strip center vacancy were relatively close to one another at 5.2% and 5.0%, respectively," he wrote. "Mall and neighborhood center vacancy, while declining, remain slightly elevated at 8.0% and 6.9%."
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