Regional Retail Market | Overview
- The regional vacancy rate increased to 10% during the last of 2020, the highest level in over a decade.
- The bankruptcy of 27 chains with regional locations resulted in multiple vacancies.
- Asking rents have remained stable, but there is greater flexibility in signing rents due to fewer active prospects.
- Investment volume was down by 25% from 2019.
The region’s shopping centers were already challenged coming into 2020. The lockdown measures due to the pandemic added another layer of stress to retailers.