Remember when the U.S. was an over retailed nation? That was then. Today construction has dwindled and over 130 million square feet of retail space has been demolished in just the past five years, especially in aging malls.
CoStar's September 2023 real estate update reveals that retail space per capita in the 45 largest markets in the U.S. has hit "a multi-decade low" of 54.3 SF per capita – a 3.9% drop since its 2009 heyday of 56.5 SF per capita.
Within 34 of these 45 markets, supply per capita contracted over 15 years by an average 7.3%, or 4.3 SF.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
