Positive net absorption has continued for the last eight consecutive quarters. The first half of the year was strong then third quarter weakened due to the uncertainly caused by the U.S. debt ceiling increase negotiations. Fourth quarter picked back up to make for a decent if not a stellar year.
“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.”
“The indication is that many markets are becoming slowly and cautiously optimistic,” adds 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.”