Thanks for Visiting!

Register for free to get the full story.

Sign Up
Already have a account? Log In

The Impact of Population Growth on Commercial Real Estate 

Shira Petrack
October 3, 2022
The Impact of Population Growth on Commercial Real Estate 

Our latest white paper draws on Crexi’s commercial real estate data insights and’s foot traffic intelligence to show how recent migration trends and overall population growth are uniquely impacting the local retail space in six growing cities. Below is a taste of our findings. To find out which up-and-coming markets made the cut, what is driving retail recovery in each area, and unique ways CRE players can capitalize on these changes – read the full report here

The Resurgence of Brick-and-Mortar Retail 

Brick-and-mortar retail is back. More than two years after the first COVID-induced lockdowns, occupancy of new retail assets is now at an all-time high. Storefronts made up the bulk of new retail inventory added in Q2 2022, and cities with growing populations are seeing a particularly marked retail resurgence. 

The increase in residents is driving certain similar real estate patterns across the six cities featured in this report. But as each region has its own unique character, their growth is also creating commercial opportunities specific to each locale. Certain cities are seeing movie theater visits surge, while other areas are seeing a strong office recovery – and some districts are simply seeing grocery visits skyrocket. 

Population Growth 

Each city selected for this report is located in a county that has experienced a substantial population increase over the past three years. Though some gained more residents than others, all counties saw growth rates significantly above than the average nationwide rate of 1.4%. And, as this report shows, all six cities featured are seeing different facets of their retail space impacted by the recent migration. 

Denver County, CO, Maricopa County (Phoenix), AZ, and Clark County (Las Vegas), NV, saw their populations increase between 2.3% and 2.9% from July 2019 to July 2022. During the same period, the population of Travis County (Austin), TX grew by 4.5% and the populations of Lee County (Fort Myers), FL and Ada County (Boise), ID, climbed a whopping 8.3% and 10.3%, respectively. 

U.S. Census Bureau data source: (NA-EST2019-01, NA_EST2021_POP)

Retail Real Estate Market 

All six cities featured here have more in common than just their growing population – according to Crexi data, the median asking price per square foot for retail real estate in all six markets exceeded the national median in Q2 2022. Austin tops the list at $456 per square foot, followed by Denver at $390 and Las Vegas at $371. And in Boise, Phoenix, and Fort Myers, retail real estate was sold at a median price of $234, $201, and $186 per square foot in Q2 2022 – well above the nationwide median price of $152 per retail square foot during the same period. Phoenix and Denver also have some of the highest demand for industrial real estate, which includes warehouses and distribution centers that cater to e-commerce shoppers – indicating a high demand for both offline and online retail in the area. 

To understand the unique retail impact of the population growth in each city, read the full report here

Get 3 brand & industry
breakdowns every week

Subscribe to the newsletter

Great! Prepare your inbox for data-driven insights...
Oops! Something went wrong while submitting the form.

Get a Demo

Please enter your first name
Please enter your last name
Please provide a valid email
Please enter your email
Please enter company name

Thanks for reaching out!

One of our experts will be in touch soon

Try Free
Oops! Something went wrong while submitting the form.
Location Intelligence Breakdown: Coffee Caps-Off 2022
Digitally Native Brands Lean Into Brick & Mortar
Washington, D.C. Population Changes & Trends
A Location Intelligence Perspective on Macy’s Rightsizing
Amazon-Powered Shopping: The Future of Brick-and-Mortar Grocery?
Cold Weather, Hot Visits: Diving into Winter Resorts
Wawa and 7-Eleven: Leaning Into the “Slurpee Effect”
2022 and Beyond: Catching Up With McDonald’s & Chipotle
Let’s Have Some Fun! Going Out Is In’s Q4 2022 Quarterly Index Adds Industry Executives to Leadership Team To Drive Company's Next Phase of Growth
5 Emerging Retail Formats: 2023’s Brick-and-Mortar Evolution
Grocery Update: Zooming in on the Lone Star State
2022 Office Recap: The Year of the TGIF Work Week
What Lies Ahead for Brick-and-Mortar Luxury in 2023 Mall Indexes: December 2022 Recap
Looking Back on 2022’s Holiday Shopping Season
Post-Pandemic Migration Trends in New York
Top Retailers for 2023
The Live Sports Advertising Opportunity
Domestic Migration to the Mountain States: Small Shifts with Big Implications
New Year, New Food: 5 Dining Trends For 2023
This is Why Shop-in-Shops Are Everywhere
Super Saturday 2022 Recap
The San Francisco Shift
Grocery Year-End Update: Publix in the Spotlight
Three Ways Retailers Can Think Small to Increase Store Impact
Offline Beauty Is on an Upswing
The Evolving Migration Patterns of New York’s Florida Snowbirds Office Index: November 2022 Recap
How Viral Social Media Trends Can Drive Offline Engagement
Are You Ready for Some Football? Experiential Marketing Shows Promise
Mall and Shopping Center Trends For 2023
Retail Corridors and Indoor Malls: A Holiday Head-to-Head
Placer Bytes: Nike, lululemon, and GameStop Update Mall Indexes: November 2022 Update
Black Friday 2022: Consumers Hear the Call
Digitally Native Brands: Taking Off, Offline
Discount and Dollar Stores Leading the Pack
Turkey Wednesday 2022
Retail’s Evolving Holiday Season
Placer Bytes: Starbucks and Department Stores Ahead of Black Friday
Ulta: A Force to be Reckoned With
College Towns Drive Dining Growth
Foot Traffic Trends Reveal Consumers Ready for Holiday Cheer
How Retailers Can Win Big By Going Small
How Are Consumers Feeling Ahead of Black Friday 2022?
Off-Price, Hibbett, and Dick’s Pre-Holiday Check-in
Ho, Ho, Wholesale: Costco, Sam’s Club, and BJ’s
October 2022’s Retail Rebound
Target and Walmart Ahead of the Holidays
Home Improvement: Leave it to the Pros
Despite Inflation, Holiday Season is Off to a Good Start Office Index: October 2022 Recap Mall Indexes- October 2022 Update
Americans Double Down on Fitness
The State of Grocery
CVS and Walgreens: The Wave Continues
Coffee Chains Brewing Up Visits Spotlight: Pizza Players
What Drove COVID-Era Urban Migration Trends?
Kroger and Albertsons: A Merging of Strengths
Texas Roadhouse Innovations Dishing Up Success
Holidays on the Horizon: Mid-Range and Luxury Shopping
McDonald's and Chipotle's Post-Pandemic Success
Announcing’s Q3 2022 Quarterly Index
5 Hot Restaurant Brands for 2023
Target Finds a Winning Deals Day Formula
Five Trends to Watch for 2022’s Holiday Shopping Season
September 2022 Analysis: A Difficult Month and Time for Optimism
Inflation’s Retail Winners
Five Apparel Retailers to Watch Ahead of the Holidays Spotlight: Wawa’s QSR Pivot Mall Indexes: September 2022 Recap Office Indexes: September 2022 Recap
The Impact of Population Growth on Commercial Real Estate 
Starbucks' New Makeover
There's Somethin' About Pumpkin
Expanding Offline Reach
Breakfast Restaurants are Rising in Popularity
The Power of Labor Day 2022
Tourism in Miami Heating Up
Citi Trends on the Rise
Reaching Rural Consumers Through Retail Media Network
Darden Restaurants Cooking Up Success
The Home Improvement Sector: A Sign of Consumer Confidence
QSR Is Having a Northeastern Growth Spurt
Domestic Migration’s Ripple Effects
A Look Back at Back To School 2022
Kroger Digital Tell-All
The Return of In-Person Networking
The Reinvention of the American Mall Office Building Indexes: August 2022 Recap Mall Indexes - August 2022 Recap
Five Below’s Back to School Success
Plus-Size Fashion’s Staying Power
Placer Bytes: Best Buy & GameStop 
Petco Barking Up the Right Tree
Lipstick Effect Boosts Ulta’s Growth