Regional Retail Market
- The regional vacancy rate increased from 9.2% at the end of 2020 to 9.5%, but vacancy appeared to be leveling off for the near term.
- Retail chain bankruptcies and mass store closings slowed, and consumers returned to in-person shopping.
- Investment volume increased sharply during the second half of the year.
Although at the highest level in a decade, the region’s shopping center vacancy ended 2021 only minimally higher than at the end of 2020. There were no new major anchor vacancies, and the number of chain store closings had less of an impact than in the previous two years.