COTD: Prime retail rent grows 0.5% in Q3

It translated to a price increase of $28.40 per square foot.

The average gross rent of prime retail spaces grew 0.5% quarter on quarter during the third quarter of the year, according to a Knight Frank report.

It translated to a price increase of $28.40 per square foot, attributable to a two-sided dynamic.

“Some retailers have exited the market amidst the persistently challenging operating environment,” Knight Frank said.

However, vacated units have been and continue to be swiftly absorbed, sustaining occupancy and underpinning slight upward pressure on rents.

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