Retailers overcame various economic challenges and signed leases for over 52 million square feet in the second quarter, marking a more than 10% increase from the average of the past two years and the highest quarterly leasing since Q1 2022. This figure is expected to rise further, as up to 30% of leasing activity often goes unrecorded until after the quarter ends. With estimates included, retail leasing for the quarter could surpass 73 million square feet, reaching this milestone for only the third time in five years.
Despite facing concerns such as consumer health, rising costs, and low space availability, retailers remain highly active. This is evidenced by a record number of retail space searches on CoStar’s LoopNet platform during the quarter.
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.
