By Brian Louis
Nov. 21 (Bloomberg) --
Summary of article: The number of vacant space in shopping centers (strip malls, pad sites, etc) will decrease next year for the first time in 7 years. This follows strong industrial growth and increased consumer spending.
Important quotes:
Space available for leasing at U.S. local shopping centers will decline next year for the first time since 2005 as a growing economy spurs retailer expansion, commercial-property brokerage CBRE Group Inc. said.The availability rate, a measure of space being marketed and ready for tenant construction within a year, will fall to 12.4 percent for neighborhood and community shopping centers at the end of 2012. That’s down from a peak of 13.3 percent in the second quarter of this year, according to a forecast from CBRE Econometric
Advisors, a unit of Los Angeles-based CBRE Group.
Purchases at U.S. retailers rose 0.5 percent in October, following a 1.1 percent increase the month before, Commerce Department figures showed last week. Sales at electronics stores climbed the most in two years.
A lack of shopping-center construction will also help landlords rent existing space, according to Abigail Rosenbaum, an economist at CBRE Econometric Advisors in Boston.
Read the full article at Retail Space Availability in U.S. to Fall Next Year
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