Press Release: Retail Group
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NAI Alliance Retail Division recently completed their market survey of the Reno Sparks Market for the fourth quarter of 2008. Excluding regional malls, their findings show total rentable square footage at 12,371,812 and total vacant square feet at 1,622,929. This gives an overall vacancy rate of 13.12%, line shop vacancy of 16.77% and anchor vacancy of 10.58%. These are the highest overall and anchor vacancy rates since they began tracking market statistics in 1990. 2008 saw a year of stark contrast between gross and net absorption. Total net absorption for the fourth quarter was -9,285 square feet and the total gross absorption was 536,808 square feet. Gross absorption for the year was 947,771 square feet, tied for the second highest year on record. However, the net absorption came in at a dismal -11,506 square feet, the lowest on record.
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