The commercial construction industry in the United States has been steadily expanding since 2010. In 2019, some 85.25 billion U.S. dollars worth of commercial real estate were built in the United States. Vacancy rates in both the retail and industrial real estate sector were impacted by the COVID-19 pandemic and more than doubled in the first half of 2020.
In spite of the growing trend for retailers to shift their focus to ecommerce, retail rents in many cities globally remain sky high. The two most expensive retail locations worldwide were Causeway Bay, Hong Kong and Upper 5th Avenue, New York as of June 2019.