Retail dollar volume in the region has kept pace with the prior two years. Activity was up from 273 transactions in 2013 to 370 in 2014, an increase of 36% year-over-year, while dollar volume saw a marginal increase to $620M. The average price per square foot for retail properties in 2014 rose to $270 PSF, a 10-year high, and the average cap rate increased by 80 bps to 7.4%. The sector finished 2014 with the strongest quarter of the year, with 30% of total dollar volume coming in 4Q14. Two of the largest retail projects currently underway are the long-awaited American Dream Meadowlands, a 5 million square foot entertainment/retail mega-complex slated for completion in 2016, and the first phase of Hudson Lights, which will feature 200,000 SF of retail space at the foot of the George Washington Bridge in Fort Lee.