With the holidays just around the corner, a new report from Newmark suggests some retailers may find themselves hunting for space and coming up dry.
The national retail availability rate remained at a “decades-low” 5% in the third quarter and has held steady since Q4 2023 due to strong demand and a shortage of available space. Only 5.8M SF of new retail space came online in Q3, Newmark said.
Leasing activity was down 33% from the 10-year average and down 31% year-over-year, with just 29.3M SF leased in the quarter. While that is “largely due to limited availability in high-demand trade areas, particularly for prime retail assets,” the report…
Source: Retail Leasing Slows Ahead Of Holidays, With Available Spaces Rare