Total retail sales increased by 31% year-over-year in Q2 due to an improving economy and strong consumer demand.
The overall retail availability rate fell by 30 basis points (bps) quarter-over-quarter to 6.2%. 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 pandemic.
Retail completions increased by 48% quarter-over-quarter to 7.1 million sq. ft. in Q2 but were down by 10% from a year ago.
Average retail asking rent increased by 20 bps quarter-over-quarter and 10 bps year-over-year to $20.86 per sq. ft.