A new study from CBRE suggests that retail has been a market force familiar from others, like multifamily and medical office. They're looking to secondary and tertiary markets to find economically friendly environments.

"Outer markets offer retailers a new customer base combined with slightly cheaper rents due to lower land costs and more available land for development than in primary, urban-adjacent markets" they wrote. "Prominent retail occupiers remain thirsty for expansion while being conscious of avoiding market oversaturation or cannibalization of existing locations."

Pennsylvania has become a notable example. "A pioneer example of outer market growth is Lancaster, PA," CBRE wrote. "Whole Foods and Wegmans both opened their first locations in Lancaster County in 2018, anchoring mixed-use, grocery-anchored projects, The Shoppes at Belmont and The Crossings at Conestoga Creek, respectively. These two centers opened the door for growth and have since welcomed the county's first Nordstrom Rack, Ulta, Dick's Sporting Goods, honeygrow and Shake Shack."

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