National Retail Is Improving, New Store Openings Outpace Closures!
E-Commerce be darned, the Third Quarter 2022 Colliers Retail Market update shows the national retail vacancy rate at 4.3%. Compare this with the national office vacancy rate of 12%! Malls are posting an 8.7% vacancy rate. There is 61.5 million square feet of new retail space under construction. NNN rental rates on an annual basis range from $48.51/sf in Honolulu Hawaii to $32.89/sf in the San Francisco East Bay region. “Retailers remain in expansion mode as store openings continue to outpace closures.” Remember not too long ago when we thought Amazon and e-commerce was the end of much of our brick & motar retail?
