Vacating Rite Aid spaces will likely be absorbed quickly as supply remains at all-time low

Heading into its second bankruptcy, RITE AID’s real estate is highly adaptable with sizes and features attractive to a broad range of retailers, restaurants and service providers.

With vacancy levels at a multiyear low across the U.S. at single-tenant freestanding sites, convenience, neighborhood and community centers, nearly all the vacated Rite Aid spaces will be absorbed without doubt over the next two years — and at higher rent spreads.

Rite Aid stores are typically freestanding buildings averaging between 10,000 and 15,000 square feet, on sites at high-visibility, high-traffic intersections, which are in great demand.

Expect dollar stores, specialty/ethnic grocers, QSRs, fast casual restaurants, fitness, educational uses and health and wellness tenants to snatch up these leases.

Read more: Here’s where roughly 1,200 Rite Aid leases are on the market (CoStar News)