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Strip centers post lowest availability rate in years


Available space in strip centers dipped to 11% in the second quarter, the lowest rate for these neighborhood venues since 2008. The reason: omnichannel growth and format experimentation, according to CBRE, which tracked availability across 62 U.S. markets.

“We’re seeing the growth of omnichannel retailing continue to enhance the need for space in brick-and-mortar centers. Additionally, retailers are trying new concepts and continuing to experiment with different store formats, sizes, and displays." said CBRE chief economist Jeffrey Havsy.

The greatest year-over-year declines in availability rates came in Denver, Nashville, Atlanta, Salt Lake City and Austin. Among those posting increases in availability were Albuquerque and Orange County, California.

Availability is a measure of all space offered for lease, including space currently occupied or offered for sublease. It differs from the vacancy rate, which monitors empty retail space.

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