2023 Triangle Market Overview and 2024 Forecast: RETAIL

February 20th, 2024

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 2023 to activities we anticipate in 2024.

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, investment sales, and warehouse.

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

The Retail market is still a Landlord’s market due to limited new inventory becoming available. Rental rates have been steadily increasing and will probably continue to do so.

What was unique about 2023? And were there any milestones for this property type?

Nothing really unique except for the lack of new construction. Except for malls, I was surprised by how vacant retail spaces were leased. Vacant mall spaces will remain vacant.

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

Landlords were the big winners.

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

The lack of new construction will continue, fueled by lender constraints. No loans, no construction!

What do you anticipate for 2024?

Unfortunately, more of the same.

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

Lack of new construction and rising rental rates.

What factors are you seeing drive CRE decisions in this property type?

There is just a lack of activity due to almost no construction, making existing spaces desirable.

What do you love about working with this property type?

The dynamics between Landlords and Tenants and how retailers adapt to the ever-changing retail landscape.


As you look ahead, planning your CRE goals for 2024, let our real estate advisors help guide you with insider market knowledge and experience.

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