The country’s retail sector availability rate should see a notable decline, falling to 12.4 percent by the end of 2012, according to a new report from CBRE Econometric Advisors issued yesterday.
The availability rate, which is the space that is actively being marketed and available for tenant construction within a year-long period, should see a further dip in 2013, falling evern further to 11.7 percent.
The rate for the third quarter of 2011 stood at 13.2 percent.
New construction, meanwhile, will reach historic lows in 2012. But there will be a modest increase in rents – about 1.8 percent – in 2013.
“We do not expect rents to get back to their 2008 levels until early 2017,” said Abigail Rosenbloom, an economist at CBRE-EA.
The company does predict retail rental growth in Denver, Austin, Nashville, New York, and Columbus over the next two years.–DRosen@Observer.com