The challenges confronting America’s downtowns often stem from the considerable amount of vacant office space in towering buildings. Yet, another critical aspect of downtown revitalization involves addressing the growing vacancy in retail spaces across cities nationwide. Once vibrant shopping hubs, downtowns have lost appeal to many retailers due to shifting population and demographic trends, a trend predating the Covid-19 pandemic. Even suburban retail areas have encountered difficulties, with U.S. malls recording an average vacancy rate of 8.7% in 2023 — the highest among all retail property types tracked by Jones Lang LaSalle Inc. (NYSE: JLL). The post-pandemic retail landscape continues to evolve, with retailers and restaurateurs increasingly opting for high-end, open-air lifestyle centers in suburbs or trendy urban neighborhoods adjacent to, but not necessarily within, central business districts.
*Article courtesy of New York Business Journal
For more information about New Jersey, Pennsylvania or New York health care, industrial, retail, office, land or other commercial properties, please call 856-857-6300 or send an email to info@wolfcre.com. WCRE, is a leading New Jersey, Pennsylvania, and New York commercial real estate brokerage firm that specializes in healthcare, office, retail, land, industrial, and investment properties.
WCRE is a full-service CORFAC International brokerage, and advisory firm that provides a full range commercial real estate listings, services and property management services for landlords, owners, investors, tenants and more.
As experts in tri-state region, the WCRE team provides ongoing detailed information about commercial properties to our clients and prospects to help them achieve their commercial real estate goals.
