Total transaction volume increased 81% year-over-year.
For the sixth consecutive quarter, retail net absorption in the U.S. remained positive. This quarter, it did dip slightly to 18.9 million square feet, but total transaction volume increased 81% year-over-year to $44.7 billion. Over the past year, over 250 million square feet of retail space has been signed. In 2022, U.S. retailers have announced many more store openings than closures (4,432 openings, 1,954 closings). Discount retailers are opening the most stores, with restaurants coming in second and apparel stores in third.
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