2023 Year-End Retail Market Vacancy/Net Absorption

The overall market vacancy rate declined to 7.7% at year-end 2023 from 8.4% at year-end 2022 based on reductions in both anchor and in-line vacancies.

Overall, the market absorbed 35,632 square feet in the last six months of 2023, a better performance than the first half of the year when only 3,654 square feet was absorbed. Interestingly, the second half absorption was the result of 70,435 square feet of positive net absorption of in-line space partially offset by 34,803 square feet of negative net absorption among anchor spaces.