Demand for leasing space has increased significantly from 2020 to 2021. Many businesses that were already on the brink of closing were propelled to close during the pandemic and new, stronger tenants have taken their places within retail strip centers.
Retail commercial real estate firms have stated that from March 2021 to March 2022 was the strongest year for retail tenant lease ups in nearly five years. With the pandemic winding down and pent-up demand to go out, a brick-and-mortar retail presence for these stores is stronger than ever. Now, with the help of data and technology, tenants are able to pick and choose where they want to be based on the clientele and demographics that they serve.
“Over the past 12 months, more stores have opened than closed, according to CBRE. In fact, after 70 retailers declared bankruptcy in 2020, the retail sector is now seeing the lowest levels of bankruptcy filings in the past five years.” It seems there isn’t enough leasable space and has become a very competitive market.
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