A few sizeable move-outs drove the vacancy rate up 20 basis points (bps) to 6.3%.

 

COVID-19 continued to hamper the retail market at the beginning of the year, but the situation improved significantly late in Q1, spurring optimism for the remainder of the year.

 

The average asking rate stayed flat at $2.48 NNN in Q1 2021, $0.06 below the Q1 2020 rate.

 

Leasing activity appears to be stabilizing, most recently driven by fitness centers and health & social service providers.