Press Release: Retail Group
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NAI Alliance Retail Division recently completed their market survey of the Reno Sparks Market for the third quarter of 2008. Excluding regional malls, their findings show total rentable square footage at 12,004,070 and total vacant square feet at 1,221,830. This gives an overall vacancy rate of 10.18% and line shop vacancy of 15.20%. This is the highest overall vacancy level since 1993 when the market was recovering from a previous recession.
Total Net Absorption for the second quarter is -21,231 square feet and the total Gross Absorption is 155,229 square feet. It is expected that vacancy rates will climb in the fourth quarter as several large retailers have announced their intention to close local stores.
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