Wagga's national retail brands have been hit hard by the pandemic, but other commercial real estate offerings in the city are telling a different story.
Fitzpatricks Real Estate's Greg Howick said specific national retailers had been dramatically impacted by coronavirus, with the impact of the Victorian lockdown felt in Wagga's main street.
In struggling industries like fashion, Mr Howick said national cash flow issues were leading to regional shopfront closures while local traders had been generally more resilient.
"If a store closes in Wagga, it's not a reflection on Wagga," he said.
"Those (national) firms are under a lot of stress."
Chain stores Riot Art, FSW Shoes, and Ishka have all closed on Baylis Street in the past year, with a date set next month for the closure of Target.
With JobKeeper winding down, Mr Howick said more stores could still be forced to close.
However he said some industries had seen the opposite effect of the pandemic like hardware and crafts stores, and there were prospective owner-occupiers in the market for vacant properties to open their businesses.
Wagga property valuer Chris Egan said the city had "flown under the corona radar a bit," but was still seeing some effects of the pandemic.
"No one likes to see vacant shops in their main street, but it's happening across the board," he said.
Mr Egan said investors were seeking properties with reliable tenants, meaning there was a strong demand for occupied properties but a reluctance to invest in vacant lots.
Off the main street, Mr Howick said industrial land was seeing demand to the point of creating a shortage in the city.
"Industrial land within six months is going to be critical," he said.
He said there was strong inquiry from out-of-town investors, and low interest rates were driving an interest in both building new properties and securing stable investments.
"Bricks and mortar is shown to be the preferred place to put your money, even if there is pain with retail," Mr Howick said.
"Investors want security of income, they want to park their money and get cash flow.
"If a property is well located, has a solid, national tenant, they're paying strong prices."