U.S. Retail Space Availability to Drop in 2011, CB Richard Says
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Space available for lease at U.S. local retail centers will decline next year for the first time since 2005 as consumer spending rises, according to commercial broker CB Richard Ellis Group Inc.
The availability rate, which refers to space being actively marketed and ready for tenant construction in a year, will fall to 12.8 percent for neighborhood and community shopping centers at the end of 2011 from a peak of 13.2 percent in the second half of this year, according to a forecast from CBRE Econometric Advisors, a unit of Los Angeles-based CB Richard Ellis.