Retail construction sunk to a two-decade low in the firstquarter of 2020, with just 400,000 square feet completed in 80metro areas, according to a report from Moody's Analytics Real Estate InformationServices.
The retail figures were down 70% from the fourth quarter of 2019and represented the lowest numbers since Moody's started collectingthe data in 1999.
First quarter construction numbers were also grim for officespace, which dropped almost 85% from the last three months in 2019,the lowest number in seven years. Apartment completions were down38%. The figures for both sectors were based on completions in 82metro areas.
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Cheryl Miller
Cheryl Miller, based in Sacramento, covers the state legislature and emerging industries, including autonomous vehicles and marijuana. She authors the weekly cannabis newsletter Higher Law. Contact her at [email protected]. On Twitter: @CapitalAccounts
