The general trend for retail leasing in late 2023 and going into 2024 is up. That’s the consensus of experts interviewed by Connect CRE at the recent Connect Retail West conference.
“Demand for retail space, specifically on CREXi, is through the roof,” said Andrew Hotchkiss, regional director at CREXi. “We’re seeing a ton of tenants searching for spaces.”
Hotchkiss acknowledged that the average space requirement is smaller by about 1,000 square feet, indicating that “tenants are right-sizing their occupancy space.” That said, he predicts that vacancy rates will continue to fall.
In the video below, you’ll also hear from Andrew Chung, founder and principal, The Econic Company, and attorney Barry Edwards with Greenberg Glusker.