Positive net absorption continues in central Ohio retail market
The fourth quarter retail market report for central Ohio shows that the last half of the year was less active than the first. However, the last three months of 2011 mark eight straight quarters of positive net absorption according to the Central Ohio Commercial Information Exchange (COCIE).
“Retail Markets throughout the country are generally continuing to recover from the 2008 spiral,” said Randy Best, chair of the Central Ohio Commercial Information Exchange (COCIE) and President of Best Corporate Real Estate. “Owners of retail properties have discounted their rents enough and made concessions to attract a variety of national and independent retailers.”
Asking lease rates are relatively flat, if not down in some cases. Investors are taking advantage of deep discounts on restaurant buildings that have been empty for some time.
“The indication is that many markets are becoming slowly and cautiously optimistic,” add Best. “As older centers begin to fill back up and fewer new centers are on the horizon, absorption is beginning to happen.”
“Locally we have had a strong retail presence, and we feel that this will only continue to improve over the next couple of years.”
Lifestyle Family Fitness has left the market, selling four centers and closing six, which could lead to negative absorption in the first quarter of 2012.
For vacancy & absorption purposes, COCIE tracks 356 existing community, convenience, neighborhood, grocery anchored strip and power centers with a minimum of 20,000 SF in the Franklin, Delaware, Union, Licking, Fairfield, Pickaway and Madison counties with a total inventory of almost 38 million square feet.
The entire database includes 3,599 retail records totaling over 92 million square feet and also includes big box retail, regional centers, smaller convenience centers, restaurants, free standing single tenant buildings, fast food properties, etc.
Click here to view the 4th Quarter 2011 Retail Overview
Click here to view the 3rd Quarter 2011 Retail Overview
Click here to view the 4th Quarter 2010 Retail Overview