Vacancy in the Retail market continues to tighten as demand from retailers remains high and new construction is repressed by high construction costs.
New construction may be hindered by high construction costs, however some projects are able to successfully move forward with spec buildings and build-to-suit options. Many of these are occurring in grocery-anchored centers such as the pads in front of Costco and Winco on Chinden Blvd in North Meridian. New buildings on these pad sites are a mix of unanchored strip centers and bank or quick service restaurant sites.