Metropolitan Retail Vacancy Rates in August 2009
According to the data provided by NAR/TWR, in August 2009, San Jose posted the lowest retail vacancy rate of 6.9%, followed, in ranking order, by Honolulu, Las Vegas, Orange County, San Francisco, Miami, and Long Island, which posted vacancy rates between 7.1% and 7.4%. Nashville, Salt Lake City and Los Angeles, with vacancy rates ranging between 8.0% and 8.2% complete the list of the 10 metropolitan markets with the lowest retail vacancy rates in August 2009. It should be noted that NAR/TWR report a national average retail vacancy rate of 12.1% as of August 2009. The market with the highest retail vacancy rate averaging 19.2%, was Detroit, followed by Columbus with an average vacancy rate of 18.2%. Fort Worth and Cincinnati follow as the third and fourth markets with the highest retail vacancy rates in August 2009, averaging 17.7% and 17.0%, respectively. Dallas, Indianapolis, Cleveland, Atlanta, Kansas City and Tucson (in ranking order) complete the list of the 10 markets with the highest retail vacancy rates in August 2009, with vacancy rates ranging between 16.6% and 16.9% for the three first markets and between 15% and 15.4% in the case of the other three markets. It should be noted that a national retail vacancy rate of 12.2% is reported by NAR/TWR in August 2009, which is slightly higher than the 12% reported in May 2009. The graph below describes the changes in percentage points in metro retail vacancy rates between May 2009 and August 2009 based on the data provided by NAR/TWR for these two periods. The negative change indicates a decreasing vacancy rate, while the positive change reflects an increasing vacancy rate. As indicated below, the Sacramento and Columbus vacancy rates registered the largest reduction of 0.8 and 0.4 percentage points, respectively, while Seattle and Cincinnati vacancy rates registered the largest increase of 2.2 percentage points.
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