H2 2023 Triad Retail MarketView

February 15, 2024 15 Minute Read

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  • Triad retail vacancy finished the year at 5.8%, down 19 basis points from the first half of 2023 but up 4 bps year-over-year.
  • Average asking rates increased by 4.0% year-over-year to $14.67 per sq. ft.
  • Construction activity declined to just 20,000 sq. ft., down 78,000 sq. ft. since H2 2022. 
  • The Triad's retail market recorded 120,000 sq. ft. of net absorption during the second half of 2023, which is a slight decrease from the 188,000 sq. ft. absorbed in the first half of 2023. 
  • Retail property sales in the Triad area reached $59 million in the second half of 2023, which is a 63% decline in volume compared to the first half of 2023.