Rising sales and low levels of new construction have helped U.S. retail centers register positive year-over-year rent growth for 13 quarters straight, according to CBRE. Net asking retail rent averaged $16.97 per square foot nationally in the first quarter, the firm reports. That is up by 6 percent from the first quarter of 2016. It is also 10.7 percent higher than the recent low of $15.33 per square foot recorded in the fourth quarter of 2013.
“Retail rents have not been this high in nearly eight years,” wrote Spencer G. Levy, CBRE’s head of research for the Americas, in the firm’s quarterly report. “All retail segments had positive rent growth this quarter.”