Retail Reduction

Prior to Covid-19, US retail vacancy rates were 4.5%. They are now 5.4% and are expected to end 2021 at 6.2%. As a result, retail rents, which had been rising by 2% per/year before the pandemic, are now expected to decline by 2% during 2021. This weak performance is largely due to the 12,200 retail store closures which will empty 159 million square feet or 1.4% of all retail space.