Friday, January 9, 2015
Small Net Increase in Occupied Retail Space in 2014
According to a report issued by Colliers International, a commercial real estate firm, 2014 saw a small net increase in the amount of retail space occupied by merchants. The report stated that an additional 12,972 sq ft of retail space was filled last year, which reduced the vacancy rate from 4.2 percent to 4.1 percent. As points of comparison, since 2000, the highest rate was 8.5 percent (2003) and the lowest was 2.2 percent (2006). The average retail rate increased to $3.64 per sq ft, up from $3.35 per sq ft in 2013. Colliers predicts that there is a strong likelihood that this will pass $4 per sq ft within the next 18 months.