• The region’s retail vacancies increased modestly to 12.9% as the enclosed malls in the market remain in transition and/or await redevelopment to new uses.
  • In 2019, regional closures by traditional big-box retailers, such as Sears and Kmart, had a significant impact on the increase in retail vacancy.
  • Interest remains strong in power, lifestyle, and mixed-use centers located in, or around, former enclosed mall properties.
  • Neighborhood centers anchored by grocers also continue to be highly sought after by both investors and tenants.