Research by commercial real-estate firm CBRE says more than 1.3 million square feet of new retail space opened across the Valley last year. That’s more than double the year before, but still a fraction of the pre-recession peak.
In 2007, the Valley experienced nearly 10 times the retail construction we saw last year. But, that’s OK, said Jessica Glick, a research analyst with CBRE.
“The building that we’re seeing right now is sustainable growth, and we don’t expect construction to go back to those levels we saw pre-recession because the retail market has evolved, which is primarily the result of e-commerce and therefore, demand for retail space has softened,” she said.