The US Retail Sector On Pace to Absorb 12.4MSF in 2012

LAS VEGAS-In a report that came out at ICSC RECon2012, Cassidy Turley reports that the in the first quarter of 2012, the retail sector absorbed 3.1 million square feet, following a pace of 3.4 million square feet in the previous quarter. The pace over the last six months is five times faster than any point in the recovery cycle. But the sector still has a long way to go to reach full recovery, noted the firm’s chief economist Kevin Thorpe. “We may have a long way to go to reach what’s considered full recovery, but the US retail sector also has made tremendous strides from our depths,” Thorpe said. “The US retail sector is on pace to absorb 12.4 million square feet in 2012—equal to about half the pace of 2006 and 2007—and the latest data confirms that the uptrend in retail is clear, consistent and accelerating, all of which is good news.”