A couple of years after some real estate professionals were concerned that retail was on its deathbed, the property type is back and providing new opportunities, according to an executive at global developer Portman.
With brokerage JLL estimating the country's overall retail vacancy rate at 4.1%, companies including Portman are taking advantage of a lack of availability and building shop space, Dotan Zuckerman, the firm's head of retail development, said in a video interview. He pointed to the retail space the firm is developing at its Spring Quarter mixed-use project at the site of a former funeral home in Atlanta as an example.
"Retail is really having a moment now and standing on its own," Zuckerman said.
Watch the video to find out more about Spring Quarter and Portman's developments across the Sun Belt.