{"id":1004740093,"date":"2024-12-27T13:57:46","date_gmt":"2024-12-27T21:57:46","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004740093"},"modified":"2025-01-10T05:06:52","modified_gmt":"2025-01-10T13:06:52","slug":"retail-construction-starts-surged-in-h1-2024","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/retail-construction-starts-surged-in-h1-2024\/","title":{"rendered":"Retail Construction Starts Surged in H1 2024"},"content":{"rendered":"<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"600\" data-attachment-id=\"1004740916\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/retail-construction-starts-surged-in-h1-2024\/0125_cpe_commedge_constuction_indust\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/0125_CPE_CommEdge_Constuction_Indust.jpg\" data-orig-size=\"800,600\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"0125_CPE_CommEdge_Constuction_Indust\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/0125_CPE_CommEdge_Constuction_Indust.jpg?w=800\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/0125_CPE_CommEdge_Constuction_Indust.jpg\" alt=\"Construction starts through December 2024\" class=\"wp-image-1004740916\" style=\"width:550px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/0125_CPE_CommEdge_Constuction_Indust.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/0125_CPE_CommEdge_Constuction_Indust.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/0125_CPE_CommEdge_Constuction_Indust.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><figcaption class=\"wp-element-caption\">Source: CommercialEdge, a Yardi Systems company<\/figcaption><\/figure><\/div>\n\n\n<p>Retail construction starts exhibited a dynamic activity pattern in 2024, with sharp contrasts between the first and second halves of the year, CommercialEdge data shows.<\/p>\n\n\n\n<p>Early in the year, construction starts surged, with February standing out for a staggering 164 percent year-over-year increase\u2014or nearly 3 million square feet. March and May also posted significant growth at 80.6 percent (1.9 million square feet) and 139.4 percent (2.6 million square feet), respectively, reflecting strong developer confidence and efforts to meet pent-up demand.<\/p>\n\n\n\n<p>Mid-year activity began to moderate, as June recorded a 35.3 percent rise, followed by July&#8217;s 64.5 percent growth, which translated into 1.7 million square feet. These figures, while positive, suggested a cooling trend compared to the earlier months. By August, the pace had further slowed, with a 44 percent year-over-year increase, or 1.1 million square feet in project starts.<\/p>\n\n\n\n<p>September showed a significant decrease in pace, with a 53.3 percent decline in construction starts. The downward trend continued through the end of the year: October\u2019s activity showed a 85.5 percent decrease year-over-year, while November\u2019s 96 percent drop marked a dramatic near-halt in new projects.<\/p>\n\n\n\n<p>The sharp second-half contraction <a href=\"https:\/\/www.commercialsearch.com\/news\/construction-industry-gears-up-for-growth\/\">may reflect economic pressures<\/a>, including high interest rates, <a href=\"https:\/\/www.commercialsearch.com\/news\/adapting-retail-real-estate-to-new-consumer-demands\/\">shifting consumer habits<\/a>, or a pullback in retail demand. These patterns highlighted by CommercialEdge underscore a pivotal year for the sector, moving from optimism to caution as developers reassess future opportunities in an evolving retail landscape.<\/p>\n\n\n\n<p>\u2014Posted on December 27, 2024<\/p>\n","protected":false},"excerpt":{"rendered":"<p>There&#8217;s been a notable slowdown in starts as 2025 approached.<\/p>\n","protected":false},"author":741,"featured_media":1004740916,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,37750,23891,37749,21749],"tags":[50674],"class_list":["post-1004740093","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-research-center-development","category-national","category-research-center-cpe","category-retail","tag-commercialedge"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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