Agenda - Council - 04/11/2017 - Laserfiche WebLink

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Outlook Approximately 800,000 to 950,000 sf of absorption is projected in the second half of the year, which could help push the vacancy rate below 6%. As the supply of space continues to shrink, finding quality space will remain very competitive. Prime small-shop space, in particular, will likely continue to be scarce, prompting retailers to get creative to get deals done. The recycling of older concepts will likely continue, offering retailers the opportunity to expand or enter the market. For example, Office Max, Sports Authority, Old Country Buffet and Hancock Fabrics are closing stores, and strong competition exists to backfill these spaces. Rates should continue trending higher due to the space-constrained environment. 41