Retail Industry News
New retail vacancy numbers distressing
Monday, 22, March 2010
MDrive along Pearl Road from Cleveland through Strongsville. Prepare to get overwhelmed by the number of empty stores you see as the long-established shopping corridor becomes better known as U.S. Route 42 down Brunswick way.That profusion of empty stores epitomizes the sour outlook for empty retail space in the region for Keith Hamulak, a specialist in retail real estate at the Cleveland office of CB Richard Ellis.
Mr. Hamulak said the drive reflects the increase in empty store space seen in CB's annual retail survey, which he and four colleagues produce; the situation worsens as one heads from Cleveland and Akron inner suburbs to outlying areas.The just-completed survey shows retail vacancy in Northeast Ohio climbed to 12.49% effective March 1 from 10.34% in last year's statistics. Mr. Hamulak and his colleagues do not expect the retail vacancy to worsen beyond this. However, the survey reveals what a punch the recession dealt the region's shopping centers.
