An uptick in new deal activity combined with limited move-outs kept the vacancy rate at 6.1%.
COVID-19 disrupted the retail market significantly in 2020, but news around vaccine approval and roll out spur optimism for late 2021.
The average asking rate climbed $0.03 to $2.48 NNN as more spaces hit the market.
After new leasing activity reached the lowest point in nearly 10 years in Q2, activity rebounded in Q4, reaching 607,011 sq. ft.