Retail property sector’s recovery continues

Total retail sales increased by 31 percent year-over-year in the second quarter due to an improving economy and strong consumer demand, reported CBRE. The overall retail availability rate fell by 30 basis points quarter-over-quarter to 6.2 percent. Availability rates continue to vary widely by market, with suburban and secondary markets outperforming urban cores.

Total retail net absorption remained positive for the third consecutive quarter, reflecting continued demand recovery from the COVID-19 pandemic.

Retail completions increased by 48 percent quarter-over-quarter to 7.1 million square feet in the second quarter but were down by 10 percent from a year ago.

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