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GOOD NEWS ABOUT RETAIL VACANCY
July 23, 2010 12:28 AM
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A July 19 Crains article by Thomas Corfman heralded the news that the retail vacancy rate dropped for the first time in three years in the second quarter of 2010. The amount of vacant space in shopping centers and strip malls dropped to 11.9% from a 12.1% rate the first quarter. To keep things in perspective, 3 years ago, the rate was 7.51%. Retail rents are also edging upward. In the last month, Crains has reported vacancy rate decreases for the office and industrial sectors also. Could it be that we are rounding a corner? Don’t break out the champagne just yet. We’re monitoring this closely and will continue to bring you updates as we see them.
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