Press Release: Retail Group
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NAI Alliance Retail Division recently completed their market survey of the Reno Sparks Market for the first quarter of 2009. Excluding regional malls, their findings show total rentable square footage at 12,497,873 and total vacant square feet at 1,836,132. This gives an overall vacancy rate of 14.69%, line shop vacancy of 18.52% and anchor vacancy of 12.00%. Vacancies continue to increase since last quarter causing the highest overall and anchor vacancy rates since they began tracking market statistics in 1990. Line shop vacancy also continues to rise but has not yet reached the recorded high of 20.3%. Total net absorption for the quarter was -84,929 square feet and the total gross absorption was 123,354 square feet.
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