Part 6 of 8: 2014 Outlook for Retail
National retail vacancies are expected to continue to decline through 2014, with rents anticipated to increase at a modest pace. As always, individual markets will be subject to some variances. Overall, demand for Class A retail space will remain strong. Luxury and budget retailers, as well as specialty grocers, continue with the majority of the retail expansion efforts.
According to NAR researchers (National Association of Realtors), the net absorption of retail space is projected to grow from 11 million square feet in 2013 to 18.1 million square feet in 2014. While speculative retail development is not likely to return to the marketplace soon, retail development with secure tenant commitments will continue to grow.
As senior vice presidents with Transwestern, Patrick Owens and Shannon Pope spealize in providing retail tenant representation services throughout the Chicago area. With more than 30 years of combined real estate experience, the duo has represented some of the biggest names in retail throughout their careers.