Remember when the U.S. was an over retailed nation? That was then. Today construction has dwindled and over 130 million square feet of retail space has been demolished in just the past five years, especially in aging malls.
CoStar's September 2023 real estate update reveals that retail space per capita in the 45 largest markets in the U.S. has hit "a multi-decade low" of 54.3 SF per capita – a 3.9% drop since its 2009 heyday of 56.5 SF per capita.
Within 34 of these 45 markets, supply per capita contracted over 15 years by an average 7.3%, or 4.3 SF.
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