The year 2023 ended with just 4.6% of retail space available nationwide

The NRF cautioned that tighter credit conditions and higher borrowing costs remain a threat in 2024

A host of factors may continue to act as a drag – rather than a boost – to the markets though.

Home mortgage payments have risen from 23% of household income in November 2019 to nearly 39% in November 2023

Theses buildings must be highly energy efficient, free of onsite emissions from energy use, and powered by clean energy.

Completions totaled 440,000 in 2023, boosting supply to the highest levels since 1987

Meanwhile, it appears that builders have found ways to try to work around rising prices.

Moves to the Southeast and Southwest continued to lead the way