Mid-Year 2023 Triad Retail MarketView

Highlights

• Triad retail vacancy finished the first half of 2023 at 6.0%, up slightly since year-end 2022 but down 8 basis points year-over-year.
• Average asking rates increased by 4.5% year-over-year to $14.53 per sq. ft. 
• Construction activity remains modest at just 88,000 sq. ft. up 50,000 sq. ft. since H1 2022. 
• The Triad's retail market recorded 188,000 sq. ft. of net absorption during the first half of 2023, which is a slight decrease from the 205,000 sq. ft. absorbed in the second half of 2022.
• Retail property sales in the Triad area reached $107 million in the first half of 2023, which is a 43% decline in volume compared to the second half of 2022.