Louisville Among the Most Active Markets in the Country for Retail Development

The retail sector has remained resilient amid concerns surrounding inflation, rising interest rates and a potential recession. One key factor in the sector’s steady performance is minimal development activity. At the national level, just under 50 million square feet of retail space was completed last year, which is the lowest annual total in CoStar’s data history. At the same time, construction starts moderated for the fourth consecutive quarter at the end of 2022 and less than 70 million square feet of retail space is underway, representing just 0.6% of total inventory.