Senior Vice President
TULSA, Okla. (July 6, 2023) — As many retailers like Party City and Bed, Bath & Beyond close locations, what’s left of the empty space?
Chad Byerly, senior vice president in Northmarq’s Tulsa office, recently shared his thoughts on retail closures for the Connect CRE article, “Retailers jump on bankruptcy-driven vacancies.”
Byerly said these closures haven’t led to much empty space on the market because these spaces are attractive to retailers like grocery stores that want to “add additional stores in existing markets” and enter new geographic locations.
Byerly is optimistic for the rest of 2023. He noted that many sellers are increasingly motivated to move product in the retail space.
“They’ll continue to move their pricing based on the market and to find the right buyer to close the transaction,” he said.
Topics covered in the article include:
• Which retailers are backfilling empty spaces.
• Outlook on second half of 2023.
• Transactions dependent on retail types.
