“A new nationwide report is outlining the potential path for economic recovery this year as the pandemic continues for a third year. The group of economists and scientist say the recovery will be driven by several recent trends including supply chain disruptions, increased household savings and the growth of online shopping. In the Mastercard Economics Institute’s annual report, economists are predicting a shift to some pre-pandemic spending habits this year. For example, as international travel borders reopen and ease restrictions, the report anticipates a return to what they call the ‘experience economy,’ which means spending more money on experiences and even services instead of goods.” -- Kirstin Garriss, CMG Washington News Bureau
Vacancy continues to be very low which is helping drive up lease rates. Under construction projects are still seeing delays in completion due to material supply and transportation to destinations. Yet, national tenants are still actively expanding, and brokers are working to find the perfect space as retail continues to grow as we come out of the pandemic.