The United States is ‘under-retailed’ by 200 million square feet, or the equivalent of five-and-a-half Central Parks in New York City. This is according to CBRE’s latest analysis of the retail market, which examines post-pandemic shifts in shopper demographics and their evolving needs.
From the 1980s into the early 2000s, the country overdeveloped retail space, but development has sharply declined over the past 15 years. Annual retail construction completions were down by more than 80% between 2021 and 2023 compared with the mid-2000s, the report said.
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.
