Retailers turn to second-generation space for expansion opportunities
Executive summary
• Net absorption remained positive for the 15th straight quarter, totaling 4.5 million square feet at the end of September. The availability rate remains tight, at 4.7% and vacancy has remained unchanged throughout 2024 at 4.1%.
• Retail construction costs have soared since the pandemic, thanks to surges in inflation, cost of capital, labor and material prices. While 5-year rent spreads are also up by double-digits, in many cities rent spreads are still trailing construction costs....
RSK: Not much retail development plus old leases renewing at much higher rates is a win for retail investors and owners for now.
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- - Volume: 24 - WEEK: 47 Date: 11/19/2024 4:11:06 PM -