Gyms are back and landlords love it
Social distancing and the rise of at-home fitness caused a 33% drop in the market value of the fitness industry between 2020-21. However, gyms are now outpacing other retail categories. Gyms take up more square footage: up to 4.5M square feet in the first 3 months of 2022 from ~2M square feet at the end of 2021. This has been refreshing for many landlords still dealing with pandemic-driven vacancies.