Cushman & Wakefield’s new U.S. Shopping Center MarketBeat report shows positive trends continuing for the retail market, and Atlanta is one of the top major markets in retail performance during the first part of 2016.
Among major U.S. metro areas, Atlanta showed the fifth-highest net absorption in the first quarter of 2016, sitting at 328,673 square feet. That was behind only Dallas (954,093), Phoenix (531,523), Los Angeles (472,221),and Tampa (363,453). Atlanta is also one of the top markets when it comes to retail product under construction as of 1Q, with 677,681 square feet in the works, the eighth-highest number of any major metro in the country.
Retail vacancy was down to 9.3%, more than a full percentage point lower than it was one year ago, when it sat at 10.5%. Average asking rents fell a bit to $24.05, but they’re still over the $24 mark for the third straight quarter.
Nationally, 1Q was the 16th consecutive quarter in which overall shopping center vacancy either remained steady or declined, standing at 7.9%. The average asking rent in the U.S. is now at $26.08, a number that has consistently climbed over the past year and is up from $24.48 one year ago.
For much more on the U.S. Shopping Center Snapshot, including a detailed look ahead at what we anticipate is to come from the retail market in the next few quarters, download the full report here.