Retail-Space Absorption Nearly Triples

10.2 million sq. ft. leased in the first quarter as planned retail expansion increases 40%

Nearly 65 million square feet of retail real estate has been absorbed in the U.S. over the past year, with net absorption at positive levels for the past seven quarters, according to a midyear outlook report compiled by Jones Lang LaSalle. In the first quarter, 10.2 million square feet was leased nationwide, up from 3.9 million a year ago, the report says. New development remains low, totaling about 36 million square feet over the past 12 months, a fraction of the 235.4 million square feet delivered in 2005.

(More on retail occupancy expansion . . . )