In the first quarter of 2012, U.S. retail vacancies fell to 10 basis points to 10.9 percent, according to Cassidy Turley (Washington D.C.), a commercial real estate services provider. The decline represents the first dip in retail vacancies in five years.
Kevin Thorpe, Cassidy Turley’s chief economist, explained that the retail sector hasn’t yet fully recovered from the recession, but has made progress: “The U.S. retail sector is on pace to absorb 12.4 million square feet in 2012 – equal to about half the pace of 2006 and 2007 – and the latest data confirms that the uptrend in retail is clear, consistent and accelerating, all of which is good news.”
Trends predicted by the firm for 2012 include an increase in urban redevelopment, big-box downsizing, grocery-sector expansion, an increase in mergers and acquisitions, and interest in high-income, low-unemployment shoppers.