Retail Sales Hard-Hit by COVID-19
- Total retail sales fell 8.1% in Q2, the largest decline since Q2 2009 amid the Global Financial Crisis.
- Despite the decline in sales and consumer sentiment, retail fundamentals remained relatively stable. It will take several quarters to fully register the COVID-19 impact to retail real estate.
- The overall retail availability rate increased by 3 basis points to 6.4%.
- Retail properties experienced their first quarterly decline in net absorption since early 2011. Neighborhood, community & strip centers accounted for most of the decrease in net absorption.
- Construction completions reached their lowest level since the Global Financial Crisis at less than 5 million sq. ft.