Total retail sales in Q4 2020 remained above the Q1 pre-pandemic level, driven by strong holiday spending.
According to the U.S. Census Bureau, excluding restaurant/auto & gas, retail sales in the November/December holiday period were up nearly 9% year-over-year.
Consumer sentiment continues to improve, driven by the COVID vaccine rollout and additional fiscal stimulus.
Net absorption of 7.1 million sq. ft. in Q4 marked the first quarterly gain since the start of the COVID-19 outbreak in Q1 2020.
Despite positive overall fundamentals, retail recovery varies widely by market and property type.
Analysis of retail rents is excluded from our report this quarter due to an internal upgrade of the dataset. For local market rent data, please visit our U.S. Research page for our latest local market reports.