The most significant impact of the pandemic so far has been felt by small business owners. Increased costs and operating restrictions that resulted in revenue losses is forcing many retailers to pivot their business models in efforts to stay afloat. Fitness, food users and restaurants with footprints larger than 1,500 SF with minimal to no take out revenue are expected to be hit the hardest by the present pandemic.
- Retail vacancy has experienced an increase of 105 basis points since Q4 2019.
- Average asking net rates have remained relatively stable at $28.37 PSF for newer developments and $20.87 PSF for existing developments.
- The longer the pandemic endures, the more businesses will continue to struggle. It is projected that the amount of available space within the market may double or triple once government funding programs cease.