Retail vacancy held steady at 6%. Although the total amount of vacant space grew, it was offset by occupied space in new developments, keeping the ratio in check.
The closure of Sports Authority swept through the market, shuttering 12 locations in the metro area. Several have been retenanted by other outdoor retailers such as Sportsman’s Warehouse and Dick’s Sporting Goods.
The majority of other store openings were restaurants and service providers, reflecting the growing role internet purchases play in retail real estate.
Brokers report that spaces under 3,000 sq. ft. are the most in demand, and appear to be in short supply. In the Downtown submarket, asking rates for that size range are $35 to $70 per sq. ft, per year, NNN.