BURLINGTON, MA—KeyPoint Partners, LLC has released The KeyPoint Report for Eastern Massachusetts/Greater Boston 2019. This comprehensive retail real estate report examines supply, occupancy, absorption, and retailer expansion and contraction for virtually every retail property in the region, said Bob Sheehan, Vice President of Research at KeyPoint.
According to the Report, total retail real estate inventory in the region experienced a modest decline this year to 196.0 million square feet, a drop of 0.2%.
The occupancy rate was 90.6%, a slight increase from the prior year. Hobby Lobby was the retailer adding the most new space in the region, adding 106,600 square feet in two new stores.
The Medical & Dental category led all retail categories in added square footage, with Health & Fitness services in second place. Restaurants lost the most square footage in the region, contracting by 541,500 square feet.
“Notable store closings in the region were Sears and Macy’s, which closed a combined four department stores; Fallas, which closed all of its six stores; and Rite Aid, which netted 26 fewer stores. Restaurant chains experienced considerable consolidation, led by Subway, Papa Gino’s, and D’Angelo’s,” Sheehan says. “The region should expect to see more fallout from the impact of e-commerce and the inability of retailers to react to it. While there are undoubtedly some major bright spots, it will likely be another volatile year.”
The KeyPoint Report is based on KeyPoint Partners’ GRIIDÔ, a powerful source of retail market knowledge that maintains detailed information on virtually every retail property in key New England markets. The Eastern Massachusetts Report includes 189 cities and towns, representing more than 3,500 square miles (44% of Massachusetts’ land area) and approximately 5.3 million people (77% of the state population).