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 James Chung, founder and principal, The Econic Company, and attorney Barry Edwards with Greenberg Glusker.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).