On December 18, 2023, at 4:34 P.M., the U.S. retail sector sustained its expansion throughout 2023, witnessing tenants lease more than 240 million square feet of retail space up to November. Forecasts anticipate this figure to rise further by year-end, yet the robust demand has notably tightened available retail space for the third consecutive year.
The surge in retail leasing aligns closely with consumer spending trends, as retailers adapt by expanding their space in response to heightened demand. Given the ongoing quest for value amidst increased prices, it’s unsurprising that six of the top 10 retailers procuring the most new space in the past year hail from the discount or off-price sector. Notably, Dollar Tree, Dollar General, and Five Below, leading the pack, have collectively secured over 1.3 million square feet of new space in the last year.
For more information about New Jersey or Philadelphia health care space, industrial space, retail space, office space, land or other New Jersey and Philadelphia commercial properties, please call 856-857-6300 or send an email to info@wolfcre.com. Wolf Commercial Real Estate, is a leading New Jersey and Philadelphia commercial real estate broker that specializes in healthcare, office, retail, land, industrial, and investment spaces.
Wolf Commercial Real Estate, a full-service CORFAC International brokerage, and advisory firm that provides a full range commercial real estate listings and services and property management services for landlords, owners, investors, tenants and more.
As experts in both Philadelphia and New Jersey commercial real estate listings and services, the WCRE team provides ongoing detailed information about commercial properties to our clients and prospects to help them achieve their real estate goals.
