Retail leasing in the U.S. in Q1 2023 dropped by 57% compared to the same period in 2022.

 

Retail leasing in the U.S. in Q1 2023 dropped by 57% compared to the same period in 2022.  Sales of retail properties fell from $30B in Q1 2022 to $15.5B in Q1 2023. Retailers leased 13.2 million square feet less in the first quarter, a 57% decline from the 31 million square feet leased in Q1 2022. Analysts claim that even though large retailers such as Bed Bath & Beyond, David's Bridal, and Tuesday Morning are set to close their retail stores, the 30 million square feet they are closing will not affect the market enough to cause a wider crisis. The vacancy rate in Q1 2023 officially stands at 4.7%, compared to the 5.1% rate in the same period in 2022.