Swamped by a deluge of retail bankruptcies, restructurings and resizings over the past two years, and experts contending that the U.S. is over-retailed, retail development remains at a pace well below historic highs.
million sq. ft. of retail space is forecast to be completed in 2017,
according to CoStar. While that represents a healthy 35.8 percent
increase over the 2016 figure of 52 million sq. ft., it’s less than half
the pace of construction posted at the last market peak. In 2007 and
2008, 175 million sq. ft. and 168 million sq. ft. of retail space were
completed, respectively, CoStar data tabulates.. . . more