Single-Tenant Retail Space Remains in Demand
Tightness in market could cause stores to rethink their location strategies
Consumers’ current spending priorities favor single-tenant retail operations, a new report from Marcus & Millichap finds. Single-tenant retailers generally fall into eight main categories, the commercial real estate advisor reports: auto parts stores, convenience stores, dollar stores, fast-casual restaurants, fitness centers, grocery/general retail, pharmacies and quick-service restaurants.
“The outlook for dining and necessity retail remains positive as summer approaches, despite a flat trend in overall consumer spending,” the report states. “Continued inflation, labor market concerns and high interest rates are influencing households to prioritize social interactions over big ticket items that were popular during lockdowns.”
That prioritization of spending on necessity goods will aid renewal and new leasing activity across certain key types of single-tenant retail, the report notes, including supermarkets, drug stores and convenience stores.
“The collective tightness across these subsectors may motivate some retailers to re-evaluate their leasing criteria, considering spaces in urban settings, outlying locations or older shopping centers,” the report states.
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