U.S. Retail Vacancy Reaches Record Low in 4th Quarter

By Hayden Spiess in Shopping Center Business

Shopping center vacancy reached a record low during the fourth quarter of 2022, according to a report by Cushman & Wakefield. Vacancy rates declined 20 basis points quarter over quarter to 5.7 percent.

“The economic backdrop has become highly uncertain over the last several months, with retailers preparing for more challenging conditions in 2023, yet retail fundamentals have not yet flinched,” says Barrie Scardina of Cushman & Wakefield. “Consumer behaviors remained healthy to close out the year: shopping mall foot traffic exceeded 2019 levels in the final two weeks of December, and holiday sales are expected to have been modestly positive. Inflation continues to be a concern for shoppers and retailers, though the rate of price increases moderated in recent months.”

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