Retail Recovery Continues

  • 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.