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U.S. retail availability to drop to 12.7%: CBRE

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The amount of retail real estate available in the United States is expected to drop to 12.7 percent by the end of 2011, according to a new analysis from CB Richard Ellis Econometric Advisors. CBRE-EA predicts that the uptick in retail sales combined with a limited supply of space will slowly decrease the availability rate for community centers around the country. CBRE-EA’s forthcoming report on annual trends for 2011 also predicts that demand for retail space will be positive for the first time since 2007. However, the increase is expected to be modest. “Availability rates across retail types are so high that a full rent recovery is five years away on average,” said Abigail Rosenbaum, an economist with CBRE-EA. The study also noted that the first sign of demand is already beginning to reduce shopping center availability. TRD

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