City Retail 2023
Luxury, digital natives and athleisure drive prime urban demand.
- Ebere Anokute
The urban recovery continues
More than two years out from the onset of the pandemic in 2020, North America’s prime retail corridors have recovered at varying paces. Prime corridors that draw from existing residential populations have recovered faster than those located near central business districts, which are still awaiting the full return of office workers and international tourists. However, retail real estate fundamentals throughout the country are solid—steady absorption, low vacancy, increasing rents—contributing to positive outcomes in urban leasing:
Residential migration to the south has encouraged rent growth and retailer interest in the Sun Belt, especially Miami.
Luxury retailers are especially active, propelled by a confident, affluent consumer base.
Digitally native tenants are expanding their horizons and finding luck in new cities.
Athleisure retailers have shown newfound interest in Canada, as foot traffic recovers post-lockdown.
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