Consumers are spending, retailers are offering, and low supply is keeping demand for store space high, especially in the most desirable locations, according to a Newmark 3Q 2024 report on retail trends and conditions.
Retail space availability was at a multi-decade low of 5%. Only 5.9 million square feet was delivered in the quarter, keeping conditions tight. And although the 29.3 million square feet leased in the quarter was 33% below the 10-year average, that was due to its scarcity, especially for prime retail assets, the report said. “Retail demand for new space outpaces other CRE sectors,” it noted.
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