2024 Mid-Year Retail Market Vacancy/Net Absorption

Vacancies declined among both in-line and anchor spaces in the first half of 2024. The real positive is that the decline is being driven primarily through leasing up vacant space rather than reductions of the total inventory through repurposing or demolition of obsolescent space. The multi-year process of the market inventory shrinking to the level of equilibrium with demand through repurposing and demolishing space may be at an end or at least paused. Meanwhile, 20,936 square feet of space was absorbed in the first six months of 2024.