JLL: Q3 Urban Retail Shatters Records
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Urban/street retail volume year-to-date has reached 22%, according to JLL’s Q3 research.
NEW YORK CITY—Investor interest in urban retail shows no signs of slowing down, potentially positioning 2015 as the highest year on record for the subsector and outpacing the records set in 2014, according to JLL’s Q3 2015 Investment Outlook.
The research shows that retail sales transactions total nearly $59 billion year-to-date, a 10% increase over last year. Also of note, the third quarter’s average pricing per square foot was the second highest quarter on record since 2001 at $522 per square foot, reflecting quarter-over-quarter gains of 8.1%. In addition, primary retail investment market cap rate compression is outperforming the US market-at-large, with 80% of the primary markets seeing cap rates compress over 20 basis points year-to-date…
