Consumer Confidence Drives Retail Sales Growth
- Retail sales increased 3.8% year-over-year in Q4, driven by growth in the non-store retailers (including e-commerce) and food service & drinking places categories.
- Retail net absorption totaled more than 9.8 million sq. ft. in Q4 2019. Although down by nearly 58% year-over-year largely due to a significant decline in new construction, this level of net absorption was still a positive sign for the retail sector.
- Total retail availability remained unchanged from Q3 at 6.1%, the lowest rate tracked since the start of this survey.