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 2009. Excluding regional malls, their findings show total rentable square footage at 12,912,142 and total vacant square feet at 2,060,327. This gives an overall vacancy rate of 15.96%, line shop vacancy of 20.53% and anchor vacancy of 12.62%. Vacancies continue to increase since last quarter causing the highest overall and line shop vacancy rates since NAI Alliance began tracking market statistics in 1990. Anchor vacancy has declined slightly from the record set the previous quarter. Total net absorption for the quarter was 177,760 square feet and the total gross absorption was 260,028 square feet.
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