2022 Triangle Market Overview and 2023 Forecast: RETAIL

February 24th, 2023

Retail Trends and OutlookJoaquin Canals NAI Tri Properties broker photo

Each year, our industry experts evaluate and review the Raleigh, Durham, and greater Triangle commercial real estate market’s annual performance. We share activity and trends from the market data we analyzed and experienced in 2022 to activities we anticipate in 2023.

What are the key market drivers? How have the different real estate sectors performed?

In this segment, we interviewed Joaquin Canals, Senior Vice President to share his thoughts on retail trends. To learn more about other property types click on office, land, flex, healthcare, life science, investment sales, and warehouse.

What was unique about 2022? And were there any milestones for this property type?

There was nothing unique about 2022 as we continue to see the demise of average malls and store closings. Bed Bath & Beyond is the latest storing closing announced with more to come.

Who were the big “winners” in this property type?

NOBODY! Due to lack of new inventory, landlords were able to maintain rental rates and, in some cases, raise rents for small tenants. After years of being empty, some big-box Landlords are reducing rents.

Do you see any new emerging trends? Where do you see growth occurring?

We will continue to see retail as a part of mixed-use projects in urban areas. Restaurants and entertainment development will continue as well.

What do you anticipate for 2023?

2023 will be mostly the same as 2022, but I expect retail sales numbers will drop due to inflation (less money in consumer pockets) and a slowing economy.

In our market, what challenges are there in this property type?

A major challenge is that there are no ‘anchor stores’ looking for new space. This will create a slowdown, and even a complete stop to retail development.

As you look ahead, planning your CRE goals for 2023, let our real estate advisors help guide you with insider market knowledge and experience.

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