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Report: Region's retail vacancy rate rises slightly in 2013

Rochester Business Journal
January 21, 2014

The region’s retail vacancy rate was up slightly in 2013, an annual commercial real estate Market Outlook by CBRE Inc. Rochester shows.

The market saw 252,000 square feet of new space added to its inventory, including the Von Maur store at Eastview Mall and Wegmans Food Markets Inc. store on East Avenue. But the removal of a similar amount of retail space inventory resulted in an overall net increase of some 41,000, the report states.

The net result of the changes was a year-end vacancy rate of 11.2 percent, up slightly from 2012, the report states. The 2012 rate had been roughly flat with 2011.

The report divides the office space market into the city and suburban submarkets. The vacancy rate for the overall city office space was 19 percent at year-end, down slightly. Class A space vacancy was 21.6 percent and Class B was 17 percent. The overall vacancy rate for the suburban office space market decreased to 13.8 percent, down 1.3 percentage points, the report states.

The report found overall minimal changes to the industrial inventory in the market, with the vacancy rate remaining stable at 10.9 percent, up 0.4 percentage points. The suburban vacancy rate was 9.2 percent, down slightly. The industrial vacancy rate in the city increased to 13.2 percent, up from 1012.

Flex space vacancy declined by 2.2 percentage points to 10.4 percent at year-end 2013.

The CBRE report takes a comprehensive look at Rochester area economic and business news, notable developments and overall market activity.

(c) 2014 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email service@rbj.net.


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