An analysis by CoStar said that while the “overall retail market was cold over the past year,” 10 standout markets did well. All but one were in the Sun Belt.
The Sun Belt metros benefited from strong population and employment growth, friendlier tax and business policies, and agreeable weather.
Product sales volumes aren’t the best gauge of the retail CRE market. From January and November 2024, not counting the usually busy December period, advanced retail trade sales grew 4.3% according to federal data. That wasn’t bad by any means. The period from January 2010 through December 2019 saw 48.3% growth, or about 4.8% per year. That does includes 2010 through 2014 with almost 5.2% annual growth as the economy was returning to normal, starting from a low baseline.
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