Strong Retail Performance and Soaring Rents: Boston, Miami, and Raleigh's Low Vacancy Rates

Retailers eyeing Boston, Miami, and Raleigh should brace for fast-paced markets with the lowest vacancy rates in the US. The findings, supported by Marcus & Millichap, show retail vacancy rates at just 2.9% this quarter, reflecting robust consumer spending. In addition, a steady rise in US retail sales is forecasted, with online sales predicted to surge. Meanwhile, Boston’s retail scene flourishes with limited new supply, and notable developments are set to uplift the area further. Miami's Design District experiences a phenomenal 200% rent increase, attracting luxury retailers, while Raleigh-Durham's constrained supply keeps demand high. These trends promise bullish outlooks for 2024, as the race for space in these cities heats up.