Retail sales post highest growth since 2012; rent growth continues to rise
- Retail and food sales posted a 6% year-over-year gain in Q2—the biggest such increase since 2012.
- Asking rent growth continued to rise, despite concerns over vacancy.
- Although down from Q1, net absorption remained positive.
- Consumer sentiment remained historically high, despite a small decline from Q1.
- Store closures and e-commerce growth continued to negatively affect the lifestyle & mall segment.
- New supply remained limited, creating opportunities for redevelopment of existing properties.
- With the unemployment rate at its lowest level in many years, wages and spending are expected to post healthy growth for the remainder of 2018.