• Negative net absorption of 160,000 sq. ft. was posted in Q4 2020, bringing annual net absorption to negative 946,000 sq. ft.—the lowest total in over 20 years.
  • Direct vacancy rose 102 bps year-over-year to 7.8% and total availability jumped 88 bps to 9.2%.
  • The average direct asking lease rate rose to $20.42 per sq. ft. NNN, up 4.0% year-over-year.
  • The retail construction pipeline remained active with 985,000 sq. ft. under development and 110,000 sq. ft. of new space was completed in Q4 2020.
  • Quarterly retail sales volume improved, while annual sales volume fell 8.8% year-over-year.