OPINION: “Over the next four years, we expect retail construction to rise at an annual pace of around 3.3%-3.5% — net of inflation — narrowly outpacing broader commercial construction activity,” Rob Rourke writes.
A strange thing is happening in Chicago’s northern suburbs — fine-dining restaurants that previously wouldn’t set foot outside of downtown are rushing to open up there.
But that’s just one part of a bigger picture in brick-and mortar retail that runs counter to the dominant narrative that has predicted the demise of brick-and-mortar retailing. Retail real estate is proving resilient and is even poised for a rebound, despite pressures caused by Covid and growing online channels.
That means more retail spaces will be occupied by incoming businesses. And as these business start up, they will often require an overhaul and repurpose of the physical footprint; Whether that’s a run-down old building being repurposed as a new restaurant, or a hair salon redesigned as a doggie day-care center, these spaces will recycle.
The trickle-down benefits are substantial. Demand for refitting and repurposing retail spaces stands to strengthen the whole ecosystem, from construction firms to building products to architects and interior designers. Property owners too will gain, even if they are leasing at lower rental rates than before. After all, that’s much better than having unoccupied space.
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