Occupancy costs for pet supplies stores rose by 48% in 2024.
Though available retail space remains at historically low levels, the average number of days (124) it took landlords to fill vacancies hit a six-year high in 2024.
That’s because rent and occupancy costs (rents plus triple nets divided by reported sales) also hit six-year highs, according to a “2025 Market Outlook Report” from Datex Property Solutions, a data provider of retail rent payments, operating performance, and leasing activity to both landlords and tenants.
The national average occupancy cost for retail brands rose to 7.73% last year, a nearly two-percentage point increase over 2023’s average of 5.83%. At the same time, nearly 70% of rents on new leases increased, compared to 63% the previous year.
https://chainstoreage.com/datex-retail-real-estate-occupancy-costs-hit-six-year-high-2024