U.S. Retail Space Availability Projected to Drop
September 09, 2010
According to commercial real estate broker CB Richard Ellis Group Inc., available lease space at U.S. local retail centers will decline next year for the first time since 2005, as consumer spending rises. The availability rate, which is characterized by the space being actively marketed and ready for tenant construction in a year, will drop to 12.8 percent for neighborhood and community shopping centers at the end of 2011—down from a peak of 13.2 percent in the second half of this year, according to a forecast from CBRE Econometric Advisors, a unit of Los Angeles-based CB Richard Ellis. “It’s going to be a slow and steady recovery over the next several years,” said Abigail Marks, an economist at CBRE Econometric Advisors. “It’s all about sentiment and really starting to see the economy recover at a consistent pace.”
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