Following the pandemic, the industrial sector of commercial real estate surged as consumers shifted to online shopping, expecting deliveries and avoiding in-store purchases. Many believed these changes were permanent, signaling a lasting decline in the retail sector.

However, this week, The Wall Street Journal reports that retail is booming once again, with national chains outcompeting local businesses for prime locations.

“A lengthy stretch of scant new construction of retail real estate, combined with demand from expanding retailers, has reduced a longstanding property glut. Retail availability sits near record lows. Landlords, who struggled for years to fill vacant storefronts, now have the upper hand in rent negotiations.”

Nearly six in 10 small businesses said their rent had increased over the past six months, and nearly  half of independent retailers couldn’t pay their September rent in full, according to a survey by the business-networking platform Alignable, the article reported.