{"id":1004738121,"date":"2024-11-21T03:48:31","date_gmt":"2024-11-21T11:48:31","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004738121"},"modified":"2024-12-06T02:00:44","modified_gmt":"2024-12-06T10:00:44","slug":"the-next-star-of-post-pandemic-recovery","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/the-next-star-of-post-pandemic-recovery\/","title":{"rendered":"Retail\u2019s Post-Pandemic Recovery"},"content":{"rendered":"\n

Urban retail is emerging as a stellar post-pandemic sector, attracting both investors and prime tenants, in a trend driven by sturdy consumer spending, an increase in foreign tourism in major U.S. cities and an ongoing rise in office attendance<\/a>, according to a new report by JLL.<\/p>\n\n\n\n

Let\u2019s put some numbers on that. JLL reports that of the total multi-tenant, single-asset transaction volume, urban retail\u2019s share hit a five-year peak in the year-to-date figures for the third quarter of this year: 14 percent of the total and a 180 percent year-over-year increase.<\/p>\n\n\n\n

The report also cites Kastle Systems\u2019 10-city Back-to-Work Barometer, which indicates that weekly average office occupancy has nudged 61 percent, signaling a gradual return to the urban core.<\/p>\n\n\n\n

\"U.S.<\/a>
U.S. urban retail transaction volume. Chart courtesy of JLL<\/em><\/figcaption><\/figure>\n\n\n\n

As foot traffic in city centers increases, JLL forecasts, urban retail is poised for a strong recovery. Luxury brands such as Chanel, Gucci and Louis Vuitton are spearheading this revival by expanding their brick-and-mortar presence in top cities.<\/p>\n\n\n\n

This in turn is helping to power leasing activity in prime urban corridors, such as Miami’s Design District and New York’s Meatpacking District, in sync with return-to-office numbers.<\/p>\n\n\n\n

\n\n\n\n

READ ALSO<\/strong>: How Dining Trends Are Reshaping Shopping Centers<\/a><\/p>\n\n\n\n

\n\n\n\n

As of October, most prime urban corridors saw year-over-year increases in foot traffic, making them increasingly attractive to investors. Examples include Miami\u2019s Design District, Boston\u2019s Newbury Street and Seaport, as well as Chicago\u2019s Fulton Market and Wicker Park.<\/p>\n\n\n\n

High Streets are still riding high<\/h2>\n\n\n\n

In the new report, JLL zeroes in on specific cities and retail streets where the resurgence of urban retail is most clearly visible.<\/p>\n\n\n\n

For example, the Beverly Hills Triangle, with its highly coveted streets, especially Rodeo, Beverly and Brighton Way. Also, vacancy on Melrose and Robertson in West Hollywood is nearly nonexistent.<\/p>\n\n\n\n

No new space is underway in these areas, as development is constrained by both zoning restrictions and limited availability of financing.<\/p>\n\n\n\n

Areas such as Brickell and the Miami Design District are leading the strong demand in Miami\u2019s urban core. According to JLL<\/a>, the city never experienced a substantial drop in its downtown activity, because of the mix of hotels and residential with office space.<\/p>\n\n\n\n

New York is also seeing a low enough vacancy in its prime retail submarkets, where rents have stabilized and are even growing in some locations.<\/p>\n\n\n\n

Chicago is seeing a visible increase in demand for urban retail, especially in areas where foot traffic is up because of return-to-office trends, JLL reports.<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Prime urban corridors are seeing increased attention from both luxury retailers and investors, according to JLL.<\/p>\n","protected":false},"author":882,"featured_media":1004738152,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21783,23891,21742,21749,51037],"tags":[32796],"class_list":["post-1004738121","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-investment","category-national","category-latest","category-retail","category-trends","tag-jll"],"acf":[],"yoast_head":"\nRetail\u2019s Post-Pandemic Recovery - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Urban retail is emerging as a stellar post-pandemic sector, attracting both investors and prime tenants, according to JLL\u2019s latest report.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/the-next-star-of-post-pandemic-recovery\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Retail\u2019s Post-Pandemic Recovery\" \/>\n<meta property=\"og:description\" content=\"Urban retail is emerging as a stellar post-pandemic sector, attracting both investors and prime tenants, according to JLL\u2019s latest report.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/the-next-star-of-post-pandemic-recovery\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2024-11-21T11:48:31+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-12-06T10:00:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/Urban-retail-transaction-volume.png\" \/>\n\t<meta property=\"og:image:width\" content=\"854\" \/>\n\t<meta property=\"og:image:height\" content=\"640\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/the-next-star-of-post-pandemic-recovery\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/the-next-star-of-post-pandemic-recovery\/\",\"name\":\"Retail\u2019s Post-Pandemic Recovery - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/the-next-star-of-post-pandemic-recovery\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/the-next-star-of-post-pandemic-recovery\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/Urban-retail-transaction-volume.png\",\"datePublished\":\"2024-11-21T11:48:31+00:00\",\"dateModified\":\"2024-12-06T10:00:44+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555\"},\"description\":\"Urban retail is emerging as a stellar post-pandemic sector, attracting both investors and prime tenants, according to JLL\u2019s latest report.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/the-next-star-of-post-pandemic-recovery\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/the-next-star-of-post-pandemic-recovery\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/the-next-star-of-post-pandemic-recovery\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/Urban-retail-transaction-volume.png\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/Urban-retail-transaction-volume.png\",\"width\":854,\"height\":640,\"caption\":\"U.S. urban retail transaction volume. 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