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Consumer spending drives investor revival for urban retail in 2024
Research - FEBRUARY 21, 2024

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Consumer spending drives investor revival for urban retail in 2024

by Andrea Zander

Urban retail is poised for an investor resurgence in 2024, underpinned by robust consumer spending, as well as record-low total retail vacancy. This led to a combined 3.3 percent growth in asking rents in prime retail corridors from 2022 to 2023, according to JLL’s 2024 City Retail Report. Consumer spending continues to grow, surpassing $705 billion in September 2023, and retail vacancy reached a historic low of 4.2 percent at 2023 year end.

“Urban retail has reclaimed its prominent position in the market in 2024 with its resilient tenant demand, robust occupancy rates and steady rent growth,”

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