Published on 22 May 2023 on FX Empire via Yahoo Finance
U.S. retail vacancy rates hit a 15-year low at 6.1% in Q2, with increased rents.More stores opened than closed in the U.S. for the first time since 1995.Brookfield Asset Management predicts 2,600 new stores requiring 23 million sq ft.
The recent data point to a significant revival in the retail real estate market. According to a Wall Street Journal report, U.S. retail vacancy rates fell to 6.1% in the second quarter, the lowest in at least 15 years, with asking rents for U.S. shopping centers in the same quarter 16% higher than five years ago. For the first time since 1995, more stores opened than closed in the U.S. last year, a trend that is expected to continue despite looming recession fears. The real estate firm Brookfield Asset Management anticipates that the net new 2,600 stores will require an estimated 23 million square feet of space.
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