Cassidy Turley
National Retail Review
SPRING 2014
Garrick Brown, Editor
Research Director
201 California Street, Ste 800
San Francisco, CA 94111
Garrick.Brown@cassidyturley.com
916.329.1558
Kevin Thorpe
Chief Economist
2101 L Street, NW, Ste. 700
Washington, DC 20037
Kevin.Thorpe@cassidyturley.com
202.266.1161
Retail Review
Shopping
Center
Spring
Statistical
2014 Review
National Shopping Center Overview
Cassidy Turley tracks shopping center vacancy, absorption and
rental rate trends in 60 major U.S. markets. As of the close of
Q4 2013, shopping center vacancy in the markets that we track
stood at 8.6%. This is down from a reading of 9.5% recorded
exactly one year earlier and reflects a year in which over 37.8
million square feet of occupancy growth was posted.
The good news for landlords of community and neighborhood
centers is that type of shopping center will post some of the
strongest gains heading into 2014 and beyond because their
traditional tenant mix (grocery or drug anchors and inline
shop space filled mostly by restaurants and retail services)
is drawn from the retail categories that have been least
impacted by e-commerce.
Feeling Better in the Neighborhood
In terms of product types, the vacancy rate for Community/
Neighborhood/Strip Centers as of the close of 2013 was 10.0%.
This product had a 10.7% vacancy rate one year before, but it
had peaked at 11.2% in early 2010. Over the course of 2013,
this sector of the shopping center marketplace posted nearly
24 million square feet of occupancy growth. The community/
neighborhood/strip sector is the largest sector of the shopping
center market. In the 60 markets that we track, it accounts for
over 3.5 billion square feet of space. That equates to 67% of the
nearly 5.3 billion square feet of shopping center space that we
track. So it shouldn’t come as a big surprise that the 24 million
square feet of net absorption posted last year comes out to about
63% of all retail growth last year.
The good news for landlords of this product type is that it should
post the strongest gains heading forward. That is because the
traditional tenant mix—at least of community and neighborhood
centers—is grocery or drug anchors, restaurants and retail
services. In other words, all of the retail categories that have been
least impacted by the onset of e-commerce.
The bad news, of course, is that this is the shopping center type
in the United States that currently has the highest vacancy level.
Unanchored strip product is a big part of this. And, of course,
issues of shopping center class are involved—a topic we will be
Hawaii
Just over 9.7 million square feet of new Community/Neighborhood/
Strip Centers were delivered in 2013. We are tracking 8.7 million
square feet of space under development now and expect final
delivery totals for 2014 to probably be close to 2013 levels. The
return of residential development in 2014 and beyond will mean
that there will be new rooftops to follow and stronger construction
numbers going forward. The good news is that unanchored strip
construction will be virtually non-existent without strong leasing
commitments in place. Slow improvement from the mom-andpops will help somewhat for that sector, but declines in vacancy
will be measured in basis points, not percentage points.
The New Power/Neighborhood Center
Power Centers may be the surprise story of the year. They rode
to prominence in the Age of the Big Boxes… and we are now
in the Twilight of the Boxes. This is not because all big boxes
are troubled or because superstores or category killers are going
away. It is, however, because of the shift towards smaller boxes.
Highest Vacancy Markets
Lowest Vacancy Markets
San Francisco
tackling in greater detail later in this report. While overall vacancy
for this product type now stands at 10.0%, we estimate Class A
vacancy to be closer to 6.0%. Those levels move up for Class B
(improving in most cases) and Class C product (not improving for
the most part, in nearly every major trade area).
Pittsburgh
2.6% 3.0% 4.6%
Reno
Memphis
Cleveland
14.8% 13.4% 12.7%
Cassidy Turley | 2
Retail Review Spring 2014
In terms of retail categories, a number of box users are in
contraction mode. Office Supplies would be 2014’s poster child.
Staples (the segment leader) is planning on closing 225 stores
through the end of 2015 as it shifts both more towards online
sales and smaller footprints. The Office Depot/OfficeMax merger
has left the new Office Depot with about 300 redundant stores that
will also close over roughly that same timeframe. Meanwhile, the
movement is away from 20,000 to 30,000 square foot floorplates
towards 10,000 to 15,000 square foot stores.
Meanwhile, following the collapse of Borders a couple of years
ago, we continue to see the bookstore category shrinking. Barnes
& Noble will be closing roughly one third of its stores over the
next few years as leases expire. Ironically, the healthiest part of
this sector remains the strong, local independent bookseller—the
retailers that barely survived the onslaught of the boxes in the late
1990s, even as smaller chains and mall bookstores disappeared.
Home improvement retailers have essentially been on hold when
it comes to growth. Home Depot and Lowe’s both focused much
of their efforts in Canada or Mexico in recent years. They should
return to the fold as new home construction picks up and the
residential marketplace continues to recover, but their growth
levels will be conservative, at best.
Even some of the superstore players like Walmart and Target have
been experimenting with smaller footprints. Meanwhile, some of
the players that had been in strong growth mode earlier in the
recession have slowed expansion plans. Kohl’s, for example, grew
at a rate of between 60 and 80 new, 80,000 square foot stores
per year from 2010 through 2012. Kohl’s now has about 10 new
stores in the development pipeline, but has shifted its capital
expenditure budgets (for now, at least) to focus on e-commerce
growth—building their platform and omni-channel capabilities for
the long-term. All of this comes as a number of other box players
are also looking to shrink. Of course, there are some exceptions
Smart power center landlords have adapted. They’ve spent
the money to demise larger box space and backfilled it with
discounters and other junior box users, especially smaller format
grocers. Power centers that have brought in grocery components
have hedged their bets—still relying on the regional draw of their
traditional hard-goods box retailers but also tapping into the
neighborhood draw of grocers and superstores.
to the rule—sporting goods is leading the way. Dick’s Sporting
Goods is looking at opening at least 40 and as many as 50 new
large format stores in 2014.
But, in the aggregate, all of this would seem to spell doom for
power center landlords. Yet, that hasn’t happened. As of the close
of 2013, the vacancy rate for power centers in the 60 markets
that we track was just 6.2%. This is down from roughly 6.5%
one year prior. In 2013, Power Centers absorbed just under 7.8
million square feet of space. New development added about 3.6
million square feet of new product, most of which was occupied
on delivery.
Considering the trends at play, one would expect this to be one of
the more challenged sectors of the retail landscape. However, this
hasn’t happened for a number of reasons—the primary one being
that smart landlords have adapted. They’ve spent the money to
demise larger box space (40,000 square feet and up)—where
there is a shallow pool of potential tenants—to create junior boxes
(under 40,000 square feet)—where there is a solid pipeline of
expanding retailers. They have also jumped on backfilling empty
spaces not just with other hard goods retailers—though off-price
apparel has been extremely active—but with smaller format
grocery players who are in robust expansion mode. In many
centers, we have seen vacant Circuit City locations replaced
with new Whole Foods stores and seen sales per square foot
Largest Decrease in Vacancy (Q4 2012 vs. Q4 2013)
Largest Increase in Vacancy (Q4 2012 vs. Q4 2013)
Birmingham
Mobile
Q412
Q413
New Orleans
Q412
Q413
14.2% 12.1% 8.3% 7.2%
Pittsburgh
Q412
Q413
5.6% 4.6%
Q412
8.1%
Omaha
Q413
Q412
Boston
Q413
10.4% 9.4% 10.8%
Q412
Q413
5.3% 6.7%
Cassidy Turley | 3
Retail Review Spring 2014
climb across all tenants. Meanwhile, a large percentage of new
power center development has been based around superstores
like Walmart or Target—the industry gold standard currently—
transforming the very nature of power centers. The addition
of grocery players is essentially landlords hedging their bets.
You still count on the regional draw (the typical five mile sales
radius) of the box hard goods players, but now also look to the
neighborhood draw (the typical three mile or less radius) that the
grocers bring.
Still, we are only tracking 1.6 million square feet of new power
centers under development in our coverage markets. This
is likely a good thing for existing landlords of both power and
neighborhood centers. What is out there is adapting to a new
reality and faring well. But that, in of itself, is not an argument
for further development—these projects will only happen going
forward with extremely strong commitments in place from tenants.
Until we see a shift from retailers back towards larger space and
bigger boxes, the power center will be on hold—but doing well—
so long as it has adapted to being this new power/neighborhood
hybrid product.
Malls Moving Towards Class A and C Only
With so many department stores and apparel players in either
flat or negative growth mode, one would think that after power
centers, malls were facing the greatest challenges. They are. And
they are not.
The vacancy rate for Malls in the markets that we track as of
the close of 2013 was just 4.5%. One year earlier this metric
stood at 5.5%. Over the course of 2013, the mall marketplace
(in our 60 market survey) recorded just under 2.4 million square
feet of occupancy growth. New mall development was minimal—
just under 627,000 square feet of new space came online. That
being said, we are tracking 2.6 million square feet of new product
Strongest Annual Occupancy Growth
Houston
North
New Jersey
With no other product type is the difference between shopping
center class more glaring than with malls. We estimate Class
A mall vacancy at close to 2.0%, while Class C vacancy is
closer to the 10% threshold. It is imperative that Class B
operators find ways to upgrade their centers to compete with
trophy assets as the mall marketplace is increasingly becoming
divided between the haves and have-nots.
under development and expect final 2014 tallies to cross the 3.0
million square foot mark. Those numbers will likely go up slightly
next year, but the real challenge for mall developers is in finding
anchor tenants.
Those challenges aside, successful mall operators are shifting
their tenant mixes to accommodate more entertainment and
restaurant tenants (both in growth mode) even as many of the
traditional apparel players are either in no growth or even slight
contraction mode.
But with no other product type is the difference between shopping
center class more glaring. We estimate Class A mall vacancy to
actually stand a lot closer to the 2.0% mark. In other words—it
is extremely tight, with quality space hard to find and rents rising
aggressively for trophy centers. Class C vacancy is the problem.
We don’t see this as a big portion of the marketplace, but we
do estimate vacancy for Class C product at the 10% level. Class
B is trickier and here is where we see incredible pressure on
landlords to upgrade and compete with Class A or risk falling into
the dreaded C category. We estimate that vacancy level to be
closer to 5%.
Weakest Annual Occupancy Growth
Dallas
+2.5MSF +2.3MSF +2.3MSF
Chicago
Mobile
Little Rock
-1.2MSF -262KSF -118KSF
Cassidy Turley | 4
Retail Review Spring 2014
Outlets are Special; Other Specialty
Centers not so Much
Specialty centers are the odd duck in our survey. This category
includes lifestyle and outlet centers as well as theme centers. It is
the smallest sector of the marketplace that we track—accounting
for just 170 million square feet of the nearly 5.3 billion we track.
As of the end of 2013, the vacancy rate for specialty centers
was 7.4%. This compares to an 8.0% vacancy rate one year
earlier. Nearly 3.7 million square feet of space was absorbed
in 2013. Three million square feet was delivered and all of that
was in the form of outlet centers. And more than 95% of it was
occupied by tenants within three months of delivery. We are now
tracking almost 4.3 million square feet of specialty centers under
development in the markets we track, and we expect final tallies
for 2014 will be close to 4.5 million square feet. Not surprisingly,
roughly 4 million square feet of that is in the form of outlet centers.
We anticipate that occupancy numbers in 2014 will also be driven
by outlet center growth.
If you want to get a solid read on lifestyle center trends, just reread the section above on malls. It is identical—everything is
driven by class and though we estimate national lifestyle center
vacancy to be near 8%, we also think Class A lifestyle center is
close to 4%. As for outlet centers, we estimate vacancy to stand
at 5%, but also see great divides on the basis of class.
Return of New Development
Developers added just over 17 million square feet of new shopping
center space in 2013. This reflects the largest amount of new
deliveries recorded since 2008 when 19.3 million square feet of
new space was completed. Of course, that was the year that the
Great Recession hit. Most of those projects came online earlier
in the year and, speculative development was still the norm.
But the return of new development will not come without
challenges for existing landlords. And that is because of the
new retail paradigm that is in place. The market has become
increasingly bifurcated on the basis of class, and the onset of
the age of e-commerce is only reinforcing this.
Development levels fell to as low as just 2.4 million square feet by
2012, but nearly all of the major projects that started construction
from 2010 onward went forward with significant pre-leasing
commitments in place. That has not changed. As a result, of the
17 million square feet of new product that came online in 2013,
almost 15 million of it was occupied upon delivery. In other words,
of the product built last year, 88% had tenancy in place before
completion. The 15 million square feet of net absorption generated
by new shopping center product accounted for almost 40% of all
occupancy growth last year. This tells us a couple of things.
First, retailers on the whole (there are obviously some vast
differences once we start looking at individual retail categories)
are back in expansion mode. They have been since 2010, and
vacancy levels have been falling since then after reaching into the
low 11% range. New product, especially Class A product, is in high
demand. In fact, after years of almost no new construction, Class
A space is in short demand in nearly every major marketplace.
Most new projects are having little difficulty landing new tenants—
particularly those located in dense, urban environments (this also
includes major new redevelopment projects as well). As a result,
new construction totals are only going to increase going forward.
As this report went to press, we were tracking 17.1 million
square feet of additional shopping center development under
construction in the 60 major markets that we track. If 2013 was
the year we saw 17 million square feet of new deliveries, 2014 is
likely to see those numbers come in somewhere near 20 million
U.S. Shopping Center Development
Shopping
Center
Deliveries
Shopping
Center
Deliveries
Strongest Levels of New Development
30
25
25.5
24.1
19.5
Millions, SF
20
20.9
20.7
17.7
18.4
19.3
17.1
14.2
15
10
8.6
5.1
5
0
3.2
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
Chicago
2.4
2011
2012
2013
Houston
Dallas
+1.0MSF +1.0KSF +1.0KSF
Shopping Center Development
.
Source: Cassidy Turley Research, Costar Group
Cassidy Turley | 5
Retail Review Spring 2014
square feet when all is said and done. And, we also expect strong
levels of occupancy upon delivery for these projects as well. That
is for two basic reasons: new centers simply aren’t going forward
without heavy pre-leasing commitments in place and demand for
new product is robust.
But the return of new development will not come without
challenges for existing landlords. And that is because of the
new retail paradigm that is in place. The market has become
increasingly bifurcated on the basis of class and the onset of the
age of e-commerce is only reinforcing this.
We have always had Class A, B and C shopping centers. But the
differences between the three have grown in terms of performance.
Those differences are greatest with malls and lifestyle centers,
but they exist across every shopping center type and the gap is
widening between the weakest and the strongest. What is most
pivotal moving forward is what happens to Class B product. Class
A retail space will always be in demand—age of e-commerce or
not. Class C space will always be challenged because it is, by
definition, aging centers or neglected centers (both things that
could be fixed) or those with weak locations (something that can’t
be fixed) or weak tenancy (fixable) or some combination of all of
the above (maybe/maybe not fixable). But those two classes of
shopping center are pretty clear cut in terms of where they stand
in the marketplace.
It’s Class B that is the challenge. It’s the swing vote. It’s the center
with a great location and weak anchors. It’s the aging, but not
neglected, center that doesn’t have the Class A bells and whistles.
It’s the second (B+) or third or fourth best location in a good trade
area. It’s the center that with a little investment might be able to
compete with the Class A crowd… or might not.
We saw a surge in occupancy growth in many markets
in 2013 that had lagged in recovery. As quality sites
have become harder to find (and more expensive) on
both coasts, more chains have looked to the heartland to
satisfy their growth requirements.
Paradigm is Shifting: Class Bifurcation is
Here to Stay
The dynamics have always essentially been the same. Retailers
always have preferred the Class A centers. If they couldn’t afford
them, they would move down the food chain. In downturns, we
have always seen rents fall as vacancy climbs. Then, flight to
quality kicks in as stronger Class B and C tenants suddenly find
they can upgrade to a better center at cheaper rents. As economies
heal and retail demand increases, Class A always recovers first. As
Class A vacancy levels fall, rental rate growth returns—in fact, in
the first few years after a down cycle, it usually surges. Then you
see retailers priced out of the Class A market, looking to Class B
product. The recovery starts for Class B… and onward.
Market
Vacancy Rate
Q4 2013
Vacancy Rate
Q3 2013
Vacancy Rate
Q4 2012
1
San Francisco
(includes Peninsula)
2.6%
2.8%
2.8%
2
Hawaii
3.0%
3.3%
3.6%
3
Pittsburgh
4.6%
5.0%
5.6%
4
New York City Metro
4.8%
4.7%
5.0%
5
San Jose
5.0%
5.0%
5.5%
6
Washington DC
5.3%
5.5%
5.7%
7
San Diego
5.5%
5.4%
5.3%
8
Salt Lake City
5.5%
5.5%
5.7%
9
Oakland/East Bay
5.6%
5.5%
5.7%
10
Los Angeles
5.7%
5.6%
6.0%
11
Orange County
5.9%
5.7%
6.1%
12
Santa Barbara
6.0%
5.7%
6.0%
13
Austin
6.4%
6.4%
6.6%
14
Baltimore
6.7%
6.4%
6.8%
15
Boston
6.7%
5.1%
5.3%
16
Des Moines
6.7%
6.7%
7.0%
17
Minneapolis/St. Paul
6.7%
6.8%
7.3%
18
Northern New Jersey
6.7%
6.5%
7.2%
19
Miami
6.7%
6.8%
6.8%
20
New Orleans
7.2%
7.2%
8.2%
21
Raleigh/Durham
7.2%
7.4%
7.1%
22
Seattle
7.2%
7.1%
7.3%
23
Little Rock
7.2%
7.7%
6.5%
24
Denver
7.5%
7.3%
7.8%
25
Portland
7.7%
7.7%
8.1%
26
Charleston
7.7%
6.8%
7.0%
27
San Antonio
7.7%
7.8%
8.2%
28
Philadelphia
7.9%
7.7%
7.6%
29
Houston
8.2%
8.5%
8.8%
30
Tulsa
8.4%
8.3%
8.8%
Cassidy Turley | 6
Retail Review Spring 2014
There is only one problem with these dynamics this time around.
Mom-and-pop retail remains largely out of the picture still. We do
see this improving—the return of home values is huge for this.
The overwhelming majority of mom-and-pop retail startups use
home equity loans for their initial line of funding, and this simply
wasn’t going to happen three years ago when the average U.S.
home had lost 30% of its value and record numbers of Americans
were underwater on their mortgages. Last year’s strong rebound
in single-family home pricing hasn’t been enough to bring back
the mom-and-pops and won’t be. Considering home pricing
appreciation is likely to moderate to much lower (but sustainable)
Market
Vacancy Rate
Q4 2013
Vacancy Rate
Q3 2013
Vacancy Rate
Q4 2012
31
Richmond
8.6%
8.1%
8.8%
32
Hampton Roads
8.8%
8.3%
7.8%
33
Tucson
8.8%
9.1%
9.5%
34
Louisville
9.0%
9.0%
8.7%
35
Orlando
9.0%
9.2%
9.3%
36
Tampa
9.3%
9.3%
9.1%
37
Dallas
9.8%
9.9%
10.2%
38
Indianapolis
9.8%
9.9%
10.0%
39
Charlotte
9.9%
9.3%
9.7%
40
Oklahoma City
10.1%
10.4%
10.6%
41
Jacksonville
10.2%
10.5%
10.6%
42
Kansas City
10.2%
9.8%
10.0%
43
Milwaukee/Madison
10.4%
9.8%
10.3%
44
Mobile
10.4%
9.6%
8.1%
45
Nashville
10.4%
10.4%
11.3%
46
Inland Empire
10.5%
10.3%
10.7%
47
Albuquerque
10.6%
9.8%
9.9%
48
Omaha
10.8%
10.5%
9.4%
49
St. Louis
11.0%
10.9%
10.9%
50
Chicago
11.0%
9.4%
9.8%
51
Sacramento
11.3%
10.6%
11.2%
52
Cincinnati/Dayton
11.5%
11.7%
12.0%
53
Las Vegas
11.8%
11.3%
11.9%
54
Atlanta
11.9%
11.9%
12.3%
55
Detroit
12.0%
11.5%
11.8%
56
Birmingham
12.1%
12.0%
14.2%
57
Phoenix
12.1%
11.8%
12.9%
58
Cleveland
12.7%
12.2%
12.3%
59
Memphis
13.4%
13.1%
13.7%
60
Reno
14.8%
14.1%
14.4%
56
Atlanta, GA
12.2%
12.1%
12.6%
57
Cleveland, OH
12.6%
12.1%
12.2%
58
Birmingham, AL
13.7%
13.4%
13.6%
59
Memphis, TN
13.9%
13.8%
14.4%
60
Reno, NV
14.9%
13.8%
14.5%
levels in 2014, it will still be years before we see the same numbers
of new mom-and-pop retail startups back in the marketplace.
In the meantime, we will see slow improvement, but this is bad
news for Class B and C landlords. That’s because mom-and-pops
account for a significant portion of tenancy in these centers.
But, as we stated earlier, retail (again—we are speaking on the
whole) is in expansion mode. So, as available Class A space
becomes harder to find and much more expensive, why wouldn’t
the usual dynamic kick in? Well, to a certain extent, it has. Class
B centers in the strongest marketplaces showed significant
improvement—though not a lot of rental rate growth—in 2013.
That dynamic is starting to spread to retail markets that have
lagged during the recovery period—the Midwest and the Deep
South in particular. But it is not a very deep trend.
The fact of the matter is that retail growth is being driven by
national credit retailers who want Class A space. In the old
paradigm, if they couldn’t find that space at the price point they
needed, say, in the Los Angeles market, then they would look at
the Class B+ centers. And then the Class B centers, if need be.
But increasingly, we are seeing those tenants willing to hold out
until either new product becomes available, or they are going to
other markets where they can find the Class A space they need,
rather than staying put in one geographic area.
And so, back to the question of new development. Increasing
levels of new development will slow improvement in the Class
B and C marketplace. Pivotal in this will be the performance of
Class B product. Landlords of these shopping centers need to
find every way they can to upgrade their product to compete
with Class A space. That being said, improvement will continue
to come slowly and mom-and-pops will also continue to trickle
back to the marketplace—something critical for Class C owners.
Also, Class B and C landlords may see a boost from “flight to
quality blowback.” This would be tenants that upgraded in 2009
and 2010 to premier shopping centers whose leases are nearing
expirations and stiff rental rate increases upon renewal. But don’t
expect a ton of movement here. Theoretically, most of the retailers
that upgraded space in flight to quality moves also likely boosted
2013 was the year of Class A recovery in the
heartland. The coastal markets already saw this and have
seen improvement spread to Class B properties. This
same trend will replicate itself in the Midwest and Deep
South beginning this year for Class B shopping centers.
Cassidy Turley | 7
Retail Review Spring 2014
their retail traffic and their sales levels and should be able to
afford higher rents. But the fact of the matter is that with more
development of quality product on the way, Class B and C centers
will see less of that overflow demand.
Where You At?
2013 was a year in which we saw steadily increasing shopping
center occupancy and continued declines in vacancy in most
major U.S. markets. In fact, for many metros in the nation’s
heartland, the past year was the strongest year in terms of
occupancy growth recorded since the economic downturn. Retail
recovery initially started with Class A properties on the coasts and
in Texas in 2010. As vacancy levels for Class A product fell, we
saw the return of rental rate growth in many of these markets
heading into 2011 and beyond. By 2012, Class B assets in coastal
markets were seeing a boost—retailers looking to grow had few
Class A options left and faced rapidly increasing rental rates for
what little quality space remained on the market.
But against this backdrop, national credit retailers have
increasingly been boosting their growth levels in inland markets—
from California’s Central Valley to Western Pennsylvania and all
points between. In fact, Class A space is now in scarce supply
even in markets that otherwise have elevated vacancy levels,
and Class B space is finally starting to see improvement in many
Midwest and Deep South markets that have lagged in the current
period of recovery.
Of course, clearly the rising tide of economic improvement
is not lifting all ships. Class C product remains challenged in
most markets and accounts for the lion’s share of the nation’s
existing shopping center vacancy. This isn’t going to change any
time soon—retailer growth continues to be driven by national
credit chains and these higher quality tenants are demanding
the best sites. This is one of the reasons why we saw a surge in
occupancy growth in many markets over the past year that had
lagged in recovery. As quality sites have become harder to find
(and more expensive) on both coasts, more chains have looked
to the heartland to satisfy growth requirements. And so over the
course of 2013, we saw markets like California’s Inland Empire,
Sacramento, Denver, Las Vegas, Phoenix, Minneapolis/St. Paul,
St. Louis, Cincinnati/Dayton, Cleveland, Detroit, Milwaukee/
Madison, New Orleans, Birmingham, Nashville, Atlanta, Charlotte,
Jacksonville, Orlando and Raleigh/Durham all put up very solid
occupancy growth totals. In many cases, these trade areas far
outpaced “stronger” markets in terms of growth in 2013. For
example, while the Atlanta marketplace may be struggling with an
11.9% vacancy rate, the nearly 2.2 million square feet of positive
net absorption it recorded over the past year more than tripled
the roughly 614,000 square feet of occupancy growth posted in
the “white-hot” San Jose market. The reason for this shift is quite
simple. Retailers are going where quality space remains.
Really, 2013 was the year of Class A recovery in the heartland.
The coastal markets already saw this and have seen improvement
spread to Class B properties. This same trend will replicate
itself in the Midwest and Deep South beginning this year for
Class B shopping centers. However, we have yet to see much
rental rate growth for this product type on the coasts, and what
does happen in those markets in 2014 will be focused mostly
on B+ or otherwise stronger product. The heartland timeline is
approximately one year behind. But increasing levels of new
development will pose challenges to landlords everywhere. Until
deliveries in those coastal market pick up, expanding national
credit tenants will continue to look inland for opportunities for
growth. Texas and Florida are their own unique marketplaces.
Both remain attractive to retailers in terms of growth, but with
many of their markets still dealing with inflated vacancy levels,
rental rate growth has been inhibited. In the case of Texas, this
is because it was one of the few places you could build in the
recession, and construction never really took a significant break.
In the case of Florida, markets like Miami and South Florida are
following the same trends we have seen in the major markets
of the West Coast and Eastern Seaboard from Washington, DC,
to Boston. Orlando and Tampa are working their way back from
overbuilding and weak housing markets and seem to be on the
same track we are now following in Las Vegas, Phoenix and
Denver. Meanwhile, panhandle and northern Florida markets
are firmly showing the same trends evident elsewhere in the
Deep South—delayed improvement, but the trajectory is clearly
towards lower vacancy levels and increased occupancy growth.
As for Class C product, there will continue to be only minimal
relief as far as occupancy growth goes and certainly nothing in
the way of overall (statistically) rental rate growth.
Increasing levels of new development will slow
improvement in the Class B and C marketplace. Pivotal
in this will be the performance of Class B product.
Landlords of these shopping centers need to find every
way they can to upgrade their product to compete with
Class A space.
Cassidy Turley | 8
National/Regional Summaries
National Summary
Current Qtr
Last 12 Months
Total GLA
Total SF Vac
Vac %
Net Absorption
Deliveries
Under
Construction
Average Quoted
Rate
3,536,169,688
354,715,495
10.0%
23,996,320
9,702,608
8,663,672
$15.22
Power Centers
904,138,069
55,687,323
6.2%
7,765,678
3,648,566
1,594,226
$19.85
Malls
664,723,918
30,014,197
4.5%
2,369,000
626,720
2,578,076
$22.86
Specialty Centers
170,147,414
12,595,434
7.4%
3,684,879
3,031,276
4,285,416
$24.03
5,275,179,089
453,012,449
8.6%
37,815,877
17,009,170
17,121,390
Total GLA
Total SF Vac
Vac %
Net Absorption
Deliveries
Under
Construction
Average Quoted
Rate
Community/Neighborhood/Strip
640,928,654
51,485,320
8.0%
4,783,495
1,945,176
2,175,351
$20.11
Power Centers
150,579,612
8,423,332
5.6%
1,377,466
249,888
183,200
$23.30
Malls
113,391,217
2,685,350
2.4%
734,754
224,600
111,558
$24.59
34,722,555
2,450,813
7.1%
875,621
685,118
1,328,249
$28.63
939,622,038
65,044,815
6.9%
7,771,336
3,104,782
3,798,358
Total GLA
Total SF Vac
Vac %
Net Absorption
Deliveries
Under
Construction
Average Quoted
Rate
326,034,025
37,950,294
11.6%
2,782,934
327,774
545,844
$13.85
Power Centers
86,989,128
5,873,557
6.8%
874,327
207,408
130,448
$18.52
Malls
56,332,578
2,911,657
5.2%
220,761
8,800
1,714,000
$21.16
Specialty Centers
13,513,603
1,269,205
9.4%
631,297
529,141
385,585
$20.86
482,869,334
48,004,713
9.9%
4,509,319
1,073,123
2,775,877
Shopping Centers
Community/Neighborhood/Strip
All Shopping Centers
Regional Summaries
PACIFIC
Shopping Centers
Specialty Centers
All Shopping Centers
Current Qtr
MOUNTAIN
Shopping Centers
Community/Neighborhood/Strip
All Shopping Centers
Last 12 Months
Current Qtr
MIDWEST GREAT PLAINS
Last 12 Months
Current Qtr
Last 12 Months
Total GLA
Total SF Vac
Vac %
Net Absorption
Deliveries
Under
Construction
Average Quoted
Rate
190,186,144
18,947,496
10.0%
1,145,376
265,856
281,782
$12.00
Power Centers
53,225,688
4,842,423
9.1%
(72,770)
167,209
310,649
$16.10
Malls
40,745,768
2,344,418
5.8%
138,051
-
-
$16.25
9,924,714
1,165,650
11.7%
507,897
669,800
417,500
$13.91
294,082,314
27,299,987
9.3%
1,718,554
1,102,865
1,009,931
Shopping Centers
Community/Neighborhood/Strip
Specialty Centers
All Shopping Centers
Cassidy Turley | 9
National/Regional Summaries
Regional Summaries
MIDWEST GREAT LAKES
Current Qtr
Last 12 Months
Total GLA
Total SF Vac
Vac %
Net Absorption
Deliveries
Under
Construction
Average Quoted
Rate
Community/Neighborhood/Strip
476,403,930
63,075,999
13.2%
795,174
1,561,554
318,468
$12.33
Power Centers
133,598,867
10,860,777
8.1%
1,071,382
651,177
19,400
$14.49
Malls
95,637,558
7,721,133
8.1%
73,801
-
-
$14.00
Specialty Centers
22,515,044
1,109,531
4.9%
190,950
4,500
555,895
$19.31
728,155,399
82,767,440
11.4%
2,131,307
2,217,231
893,763
Total GLA
Total SF Vac
Vac %
Net Absorption
Deliveries
Under
Construction
Average Quoted
Rate
Community/Neighborhood/Strip
469,168,806
47,011,693
10.0%
5,370,876
2,119,048
1,018,544
$13.34
Power Centers
105,443,252
5,345,154
5.1%
1,728,040
1,104,363
257,088
$18.46
Malls
75,145,367
3,657,370
4.9%
364,748
6,200
5,018
$18.54
Specialty Centers
22,023,164
1,598,130
7.3%
140,757
19,345
-
$19.52
671,780,589
57,612,347
8.6%
7,604,421
3,248,956
1,280,650
Total GLA
Total SF Vac
Vac %
Net Absorption
Deliveries
Under
Construction
Average Quoted
Rate
134,898,198
15,323,252
11.4%
918,786
120,754
2,400
$10.90
Power Centers
32,993,509
3,068,646
9.3%
540,622
139,200
5,300
$16.71
Malls
19,698,788
2,175,399
11.0%
549,943
-
-
$16.65
6,635,170
1,164,004
17.5%
(133,764)
-
-
$14.61
194,225,665
21,731,301
11.2%
1,875,587
259,954
7,700
Total GLA
Total SF Vac
Vac %
Net Absorption
Deliveries
Under
Construction
Average Quoted
Rate
Community/Neighborhood/Strip
661,892,706
71,985,640
10.9%
3,869,324
1,647,744
2,058,174
$14.17
Power Centers
132,141,012
8,149,353
6.2%
813,356
495,898
537,511
$27.05
Malls
105,068,840
3,421,744
3.3%
181,482
14,120
-
$33.63
32,309,120
2,378,992
7.4%
879,172
729,763
796,779
$29.29
931,411,678
85,935,729
9.2%
5,743,334
2,887,525
3,392,464
Total GLA
Total SF Vac
Vac %
Net Absorption
Deliveries
Under
Construction
Average Quoted
Rate
Community/Neighborhood/Strip
636,657,225
48,935,801
7.7%
4,330,355
1,714,702
2,263,109
$17.51
Power/Regional Centers
209,167,001
9,124,081
4.4%
1,433,255
633,423
150,630
$18.93
Malls
158,703,802
5,097,126
3.2%
105,460
373,000
747,500
$24.96
28,504,044
1,459,109
5.1%
592,949
393,609
801,408
$26.89
1,033,032,072
64,616,117
6.3%
6,462,019
3,114,734
3,962,647
Shopping Centers
All Shopping Centers
TEXAS SOUTH CENTRAL
Shopping Centers
All Shopping Centers
Current Qtr
SOUTHERN US
Shopping Centers
Community/Neighborhood/Strip
Specialty Centers
All Shopping Centers
Current Qtr
SOUTH ATLANTIC
Shopping Centers
Specialty Centers
All Shopping Centers
Specialty Centers
All Shopping Centers
Last 12 Months
Current Qtr
NORTHEAST
Shopping Centers
Last 12 Months
Last 12 Months
Current Qtr
Last 12 Months
Cassidy Turley | 10
Statistical Overview
Pacific Region
HAWAII
Current Qtr
Historical Vacancy
Last 12 Months
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
15,151,559
495,841
3.3%
3.6%
3.9%
52,513
164,238
27,711
55,839
$32.76
6,704,705
157,783
2.4%
2.7%
2.9%
26,519
36,165
-
-
$37.23
757,201
66,534
8.8%
14.7%
15.4%
44,586
49,939
-
-
$38.59
Strip
1,587,954
113,817
7.2%
7.7%
8.5%
7,843
20,465
-
-
$23.78
Malls
3,750,236
4,548
0.1%
0.0%
0.7%
(4,548)
21,740
-
15,558
$48.00
27,951,655
838,523
3.0%
3.3%
3.6%
126,913
292,547
27,711
71,397
Shopping Centers
Community/Neighborhood
Power/Regional Centers
Specialty Centers
All Shopping Centers
INLAND EMPIRE, CA*
Current Qtr
Historical Vacancy
Last 12 Months
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Community/Neighborhood
74,294,816
8,318,881
11.2%
11.5%
11.5%
242,425
411,548
196,039
374,454
$15.60
Power/Regional Centers
20,388,423
1,841,220
9.0%
9.2%
11.0%
42,246
442,174
50,353
135,000
$18.52
6,179,444
745,019
12.1%
11.8%
12.6%
(16,281)
39,931
4,990
-
$22.03
Strip
14,237,975
1,687,913
11.9%
12.1%
12.3%
35,034
133,858
76,553
-
$15.99
Malls
12,406,836
756,981
6.1%
6.2%
6.9%
7,817
252,414
165,750
-
$39.86
127,507,494
13,350,014
10.5%
10.3%
10.7%
311,241
1,279,925
493,685
509,454
Historical Vacancy
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Shopping Centers
Specialty Centers
All Shopping Centers
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
*Riverside & San Bernardino Counties, CA
LOS ANGELES, CA
Current Qtr
Last 12 Months
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
118,785,099
7,830,901
6.6%
6.7%
7.0%
330,989
724,821
306,780
230,249
$21.64
35,393,714
1,560,082
4.4%
4.2%
4.9%
(65,728)
193,177
13,472
30,000
$21.51
7,598,417
282,666
3.7%
5.4%
4.1%
128,497
157,929
135,000
382,836
$40.02
Strip
38,665,628
2,933,112
7.6%
7.5%
8.0%
(496)
239,226
79,387
181,687
$22.93
Malls
29,587,724
459,176
1.6%
2.0%
2.6%
138,076
297,106
-
-
$20.73
230,030,582
13,065,937
5.7%
5.6%
6.0%
531,338
1,612,259
534,639
824,772
Shopping Centers
Community/Neighborhood
Power/Regional Centers
Specialty Centers
All Shopping Centers
OAKLAND/EAST BAY, CA
Current Qtr
Historical Vacancy
Last 12 Months
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Community/Neighborhood
36,197,316
2,046,554
5.7%
6.0%
6.2%
192,957
386,695
201,428
-
$20.75
Power/Regional Centers
10,582,235
564,465
5.3%
5.3%
6.8%
47,185
201,301
53,011
-
$17.24
Specialty Centers
2,081,781
59,692
2.9%
2.7%
2.7%
4,500
140,536
147,214
-
$30.00
Strip
6,093,231
525,811
8.6%
8.6%
7.9%
(1,699)
(3,899)
25,640
14,750
$19.62
Malls
7,890,277
335,398
4.3%
5.0%
4.4%
58,151
8,553
-
-
$25.39
62,844,840
3,531,920
5.6%
5.5%
5.7%
301,094
733,186
427,293
14,750
Shopping Centers
All Shopping Centers
ORANGE COUNTY, CA
Current Qtr
Historical Vacancy
Last 12 Months
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Community/Neighborhood
55,264,722
3,565,430
6.5%
6.6%
6.9%
153,091
324,497
84,627
39,710
$22.59
Power/Regional Centers
11,865,807
645,753
5.4%
5.6%
4.8%
20,192
(79,278)
-
-
$31.32
4,866,193
455,958
9.4%
11.5%
11.5%
103,399
103,706
-
460,208
$26.66
Strip
11,887,218
726,014
6.1%
6.4%
7.8%
35,549
214,678
15,724
15,000
$21.95
Malls
14,094,768
373,191
2.6%
2.6%
2.9%
1,117
69,062
30,600
-
$37.09
All Shopping Centers
97,978,708
5,766,346
5.9%
5.7%
6.1%
313,348
632,665
130,951
514,918
Shopping Centers
Specialty Centers
Cassidy Turley | 11
Statistical Overview
Pacific Region
PORTLAND, OR
Current Qtr
Historical Vacancy
Last 12 Months
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Community/Neighborhood
43,555,591
3,413,240
7.8%
8.0%
8.7%
80,056
455,362
71,380
-
$15.35
Power/Regional Centers
14,083,153
907,110
6.4%
6.7%
6.2%
30,332
29,187
73,279
-
$17.46
Specialty Centers
2,101,207
34,870
1.7%
1.6%
2.7%
(1,906)
22,907
-
145,205
$23.66
Strip
8,823,587
1,087,071
12.3%
12.7%
13.2%
34,069
93,623
19,039
-
$15.94
Malls
6,768,604
335,133
5.0%
4.8%
5.1%
(8,162)
7,368
-
-
$12.27
75,332,142
5,777,424
7.7%
7.7%
8.1%
134,389
608,447
163,698
145,205
Shopping Centers
All Shopping Centers
SACRAMENTO, CA
Current Qtr
Historical Vacancy
Last 12 Months
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Community/Neighborhood
44,460,055
5,132,270
11.5%
11.6%
12.4%
194,359
554,718
200,967
244,660
$16.17
Power/Regional Centers
15,168,177
1,396,639
9.2%
7.7%
10.3%
(132,060)
273,359
127,052
12,600
$19.34
3,371,348
478,679
14.2%
11.1%
10.9%
(103,218)
(112,179)
-
-
$21.83
Strip
10,653,288
1,696,211
15.9%
16.1%
15.9%
16,299
2,583
5,000
-
$14.52
Malls
4,608,805
130,019
2.8%
2.2%
2.2%
(9,718)
(9,718)
21,000
-
78,261,673
8,833,818
11.3%
10.6%
11.2%
(34,338)
708,763
354,019
257,260
Historical Vacancy
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Shopping Centers
Specialty Centers
All Shopping Centers
SAN DIEGO, CA
Current Qtr
Last 12 Months
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Community/Neighborhood
44,806,338
3,195,770
7.1%
7.3%
6.9%
95,042
160,545
264,576
139,162
$21.08
Power/Regional Centers
12,411,058
409,160
3.3%
3.6%
3.8%
34,352
73,783
6,000
5,600
$26.45
2,282,028
144,071
6.3%
4.9%
6.2%
76,338
104,790
115,000
140,000
$20.38
Strip
10,791,089
776,145
7.2%
7.3%
8.0%
13,408
87,860
4,881
7,100
$20.09
Malls
12,513,882
27,685
0.2%
0.2%
0.3%
-
4,321
-
-
All Shopping Centers
82,804,395
4,552,831
5.5%
5.4%
5.3%
219,140
431,299
390,457
291,862
Shopping Centers
Specialty Centers
SAN FRANCISCO, CA*
Current Qtr
Historical Vacancy
Last 12 Months
Shopping Centers
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Community/Neighborhood
7,368,951
295,176
4.0%
4.3%
3.8%
20,605
(14,653)
-
270,000
$31.91
Power/Regional Centers
3,670,796
42,805
1.2%
1.5%
2.6%
10,494
50,881
-
-
$43.89
Specialty Centers
1,484,246
34,526
2.3%
2.4%
3.9%
439
23,643
-
-
$60.00
Strip
1,891,532
70,291
3.7%
3.4%
4.5%
(6,904)
15,617
-
-
$25.89
Malls
3,871,240
35,172
0.9%
1.8%
1.8%
34,819
36,387
-
96,000
$36.00
18,286,765
477,970
2.6%
2.8%
2.8%
59,453
111,875
-
366,000
All Shopping Centers
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
*Includes San Francisco and San Mateo Counties
SAN JOSE, CA
Current Qtr
Historical Vacancy
Last 12 Months
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
25,333,883
1,570,070
6.2%
6.4%
6.8%
86,856
361,907
215,402
496,822
$27.10
6,581,429
322,466
4.9%
5.6%
6.9%
46,335
131,170
-
-
$31.91
715,372
1,762
0.2%
0.0%
2.3%
(1,762)
14,838
-
-
Strip
5,717,026
333,490
5.8%
6.2%
6.2%
19,160
62,957
45,796
33,448
$25.32
Malls
7,587,949
68,853
0.9%
1.5%
1.5%
42,612
43,068
-
-
$33.00
45,935,659
2,296,641
5.0%
5.0%
5.5%
193,201
613,940
261,198
530,270
Shopping Centers
Community/Neighborhood
Power/Regional Centers
Specialty Centers
All Shopping Centers
Cassidy Turley | 12
Statistical Overview
Pacific Region
SANTA BARBARA, CA
Current Qtr
Historical Vacancy
Last 12 Months
Shopping Centers
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Community/Neighborhood
6,145,022
506,954
8.2%
7.9%
8.4%
(24,289)
69,871
64,555
-
$18.65
Power/Regional Centers
2,533,490
34,959
1.4%
1.2%
1.7%
(4,396)
9,259
-
-
$28.00
-
-
0.0%
0.0%
0.0%
-
-
-
-
Strip
952,597
31,948
3.4%
4.8%
4.4%
14,004
10,251
-
-
Malls
-
-
0.0%
0.0%
0.0%
-
-
-
-
9,631,109
573,861
6.0%
5.7%
6.0%
(14,681)
89,381
64,555
-
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Community/Neighborhood
45,920,243
3,931,988
8.6%
8.7%
9.0%
131,379
292,141
95,846
64,928
$17.60
Power/Regional Centers
11,196,625
540,890
4.8%
4.9%
5.2%
9,079
45,452
-
-
$22.85
3,285,318
147,036
4.5%
5.2%
6.5%
207,932
329,581
282,914
200,000
$22.38
Strip
12,343,934
1,200,422
9.7%
9.5%
9.8%
(24,584)
14,586
8,400
7,542
$18.20
Malls
10,310,896
159,194
1.5%
1.5%
1.5%
2,392
4,453
7,250
-
$29.50
All Shopping Centers
83,057,016
5,979,530
7.2%
7.1%
7.3%
326,198
686,213
394,410
272,470
Specialty Centers
All Shopping Centers
SEATTLE, WA
Shopping Centers
Specialty Centers
Current Qtr
Historical Vacancy
Last 12 Months
$23.50
Mountain Summary
ALBUQUERQUE, NM
Current Qtr
Historical Vacancy
Last 12 Months
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
15,184,466
1,691,130
11.1%
10.5%
10.6%
(102,207)
(86,994)
-
-
$12.54
1,722,711
84,956
4.9%
4.9%
1.6%
-
(54,322)
3,000
-
$15.81
212,283
9,000
4.2%
4.2%
4.2%
-
-
-
-
Strip
3,537,090
422,466
11.9%
10.8%
12.6%
(39,649)
31,821
11,544
-
$14.18
Malls
3,182,681
311,299
9.8%
9.7%
9.8%
(2,323)
(110)
-
-
$9.00
23,839,231
2,518,851
10.6%
9.8%
9.9%
(144,179)
(109,605)
14,544
-
Shopping Centers
Community/Neighborhood
Power/Regional Centers
Specialty Centers
All Shopping Centers
DENVER, CO
Current Qtr
Historical Vacancy
Last 12 Months
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Community/Neighborhood
63,756,460
5,574,154
8.7%
8.7%
9.3%
(5,958)
416,709
36,414
36,539
$14.11
Power/Regional Centers
25,583,059
1,466,404
5.7%
5.8%
6.2%
6,147
189,423
74,799
130,448
$18.99
Specialty Centers
1,728,952
205,865
11.9%
13.3%
12.2%
23,366
31,592
30,960
-
$20.96
Strip
9,982,013
858,225
8.6%
8.7%
9.9%
11,180
169,117
45,384
24,299
$14.89
Malls
13,694,641
539,008
3.9%
4.1%
4.2%
21,180
50,942
8,800
14,000
$23.07
114,745,125
8,643,656
7.5%
7.3%
7.8%
55,915
857,783
196,357
205,286
Shopping Centers
All Shopping Centers
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Cassidy Turley | 13
Statistical Overview
Mountain Region
LAS VEGAS, NV
Current Qtr
Historical Vacancy
Last 12 Months
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Community/Neighborhood
41,816,430
6,026,515
14.4%
14.6%
15.0%
79,291
256,981
-
228,400
$14.95
Power/Regional Centers
15,706,226
1,006,236
6.4%
6.9%
7.7%
79,711
211,605
12,404
-
$18.27
Specialty Centers
3,472,811
195,936
5.6%
5.7%
8.3%
2,869
92,511
-
332,432
$22.43
Strip
9,505,515
1,449,648
15.3%
15.1%
16.0%
(11,997)
93,494
22,149
-
$14.70
Malls
6,674,864
409,549
6.1%
6.1%
6.3%
481
11,296
-
1,700,000
$23.73
77,175,846
9,087,884
11.8%
11.3%
11.9%
150,355
665,887
34,553
2,260,832
Historical Vacancy
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Community/Neighborhood
90,618,312
12,973,548
14.3%
14.5%
15.6%
222,022
1,322,838
142,645
16,500
$13.53
Power/Regional Centers
26,274,869
1,790,240
6.8%
7.1%
8.0%
69,536
326,031
9,085
-
$19.75
4,138,385
427,846
10.3%
9.3%
9.8%
(44,474)
312,183
370,931
-
$17.95
Strip
13,385,273
2,326,580
17.4%
17.6%
18.6%
44,754
173,835
15,961
-
$13.31
Malls
19,508,536
1,118,026
5.7%
5.8%
6.4%
13,853
121,049
-
-
$21.37
153,925,375
18,636,240
12.1%
11.8%
12.9%
305,691
2,255,936
538,622
16,500
Historical Vacancy
Net Absorption
Deliveries
Under
Construction
Shopping Centers
All Shopping Centers
PHOENIX, AZ
Shopping Centers
Specialty Centers
All Shopping Centers
Current Qtr
RENO, NV
Current Qtr
Last 12 Months
Last 12 Months
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
11,425,929
1,517,892
13.3%
13.6%
13.5%
37,387
22,973
-
2,500
$14.00
3,063,153
703,463
23.0%
23.3%
23.6%
9,006
20,859
-
-
$12.27
667,074
68,494
10.3%
10.3%
9.6%
128
(4,391)
-
-
$28.03
Strip
2,828,158
500,764
17.7%
17.3%
17.8%
(12,506)
12,239
11,968
11,000
$15.61
Malls
1,926,419
151,651
7.9%
7.9%
8.6%
-
14,132
-
-
$18.94
19,910,733
2,942,264
14.8%
14.1%
14.4%
34,015
65,812
11,968
13,500
Shopping Centers
Community/Neighborhood
Power/Regional Centers
Specialty Centers
All Shopping Centers
SALT LAKE CITY, UT
Current Qtr
Historical Vacancy
Last 12 Months
Average
Quoted Rate
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
34,043,941
1,761,334
5.2%
5.1%
5.3%
(21,125)
53,413
6,460
110,000
$12.41
Power/Regional Centers
9,811,847
590,458
6.0%
6.1%
5.0%
11,729
(98,183)
-
-
$15.87
Specialty Centers
2,374,197
292,705
12.3%
12.4%
16.4%
1,307
202,028
127,250
53,153
$22.49
Strip
7,054,481
449,544
6.4%
6.6%
7.4%
14,522
70,899
-
-
$14.00
Malls
8,960,949
350,512
3.9%
4.0%
4.2%
10,660
23,452
-
-
$19.20
62,245,415
3,444,553
5.5%
5.5%
5.7%
17,093
251,609
133,710
163,153
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
19,018,346
1,879,058
9.9%
10.5%
10.9%
133,961
219,084
35,249
116,606
$14.83
4,827,263
231,800
4.8%
5.0%
6.5%
11,303
180,731
108,120
-
$20.42
919,901
69,359
7.5%
7.0%
7.3%
(4,701)
(2,626)
-
-
$23.29
Strip
3,877,611
519,436
13.4%
13.5%
14.1%
4,138
26,525
-
-
$12.91
Malls
2,384,488
31,612
1.3%
1.3%
1.3%
-
-
-
-
$26.77
31,027,609
2,731,265
8.8%
9.1%
9.5%
144,701
423,714
143,369
116,606
Shopping Centers
Community/Neighborhood
All Shopping Centers
TUCSON, AZ
Shopping Centers
Community/Neighborhood
Power/Regional Centers
Specialty Centers
All Shopping Centers
Current Qtr
Historical Vacancy
Last 12 Months
Cassidy Turley | 14
Statistical Overview
Midwest/Great Plains Region
DES MOINES, IA
Current Qtr
Historical Vacancy
Last 12 Months
Shopping Centers
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Community/Neighborhood
8,661,257
531,105
6.1%
5.9%
6.6%
(16,709)
37,011
-
-
$10.13
Power/Regional Centers
1,501,164
166,797
11.1%
10.6%
7.9%
(7,928)
(47,895)
-
-
$13.78
503,259
6,288
1.2%
2.6%
6.0%
6,600
23,663
-
17,500
$21.51
Strip
2,392,508
281,711
11.8%
12.1%
13.3%
6,677
65,264
34,064
-
$11.30
Malls
4,846,567
212,407
4.4%
4.6%
4.7%
10,000
13,461
-
-
$16.53
17,904,755
1,198,308
6.7%
6.7%
7.0%
(1,360)
91,504
34,064
17,500
Specialty Centers
All Shopping Centers
KANSAS CITY, MO
Current Qtr
Historical Vacancy
Last 12 Months
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Community/Neighborhood
44,046,768
4,811,056
10.9%
10.8%
11.1%
(15,407)
196,149
116,012
213,492
$10.93
Power/Regional Centers
16,335,181
1,580,130
9.7%
10.0%
10.1%
121,322
157,507
99,599
272,000
$17.43
Specialty Centers
2,517,976
360,166
14.3%
14.3%
11.4%
-
(73,477)
-
-
$9.94
Strip
6,809,946
968,598
14.2%
14.2%
15.2%
(3,604)
69,885
-
-
$11.82
Malls
8,047,849
203,559
2.5%
2.6%
2.8%
2,297
20,434
-
-
$26.34
77,757,720
7,923,509
10.2%
9.8%
10.0%
104,608
370,498
215,611
485,492
Historical Vacancy
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Shopping Centers
All Shopping Centers
MINNEAPOLIS/ST. PAUL, MN
Current Qtr
Last 12 Months
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Community/Neighborhood
41,467,632
3,104,675
7.5%
7.7%
8.2%
87,730
335,189
26,999
23,690
$13.78
Power/Regional Centers
15,623,276
881,625
5.6%
5.9%
5.9%
58,270
110,507
67,610
18,589
$17.38
2,997,032
105,048
3.5%
3.8%
4.6%
7,529
33,056
-
400,000
$19.09
Strip
11,672,462
1,267,652
10.9%
11.0%
12.0%
19,887
158,649
31,470
-
$12.83
Malls
11,758,172
243,489
2.1%
2.2%
2.4%
19,008
38,929
-
-
$14.00
All Shopping Centers
83,518,574
5,602,489
6.7%
6.8%
7.3%
192,424
676,330
126,079
442,279
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
13,556,816
1,501,047
11.1%
12.1%
11.7%
141,881
91,834
-
-
$11.37
7,303,742
940,752
12.9%
13.2%
8.6%
26,606
(311,306)
-
-
$13.90
256,566
-
0.0%
0.0%
0.6%
-
1,471
-
-
Strip
3,999,920
441,647
11.0%
11.9%
13.1%
34,495
90,772
9,000
-
$11.31
Malls
2,326,441
84,557
3.6%
3.6%
5.6%
-
46,584
-
-
$9.75
27,443,485
2,968,003
10.8%
10.5%
9.4%
202,982
(80,645)
9,000
-
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Community/Neighborhood
48,055,954
4,847,075
10.1%
10.1%
10.1%
(13,504)
33,226
25,000
-
$11.64
Power/Regional Centers
12,462,325
1,273,119
10.2%
10.4%
10.4%
25,623
18,417
-
20,060
$14.30
Specialty Centers
3,649,881
694,148
19.0%
18.9%
18.4%
(4,954)
523,184
669,800
-
$12.33
Strip
9,522,881
1,192,930
12.5%
12.7%
13.0%
14,102
67,397
23,311
44,600
$13.13
Malls
13,766,739
1,600,406
11.6%
11.8%
11.8%
23,538
18,643
-
-
$13.26
All Shopping Centers
87,457,780
9,607,678
11.0%
10.9%
10.9%
44,805
660,867
718,111
64,660
Shopping Centers
Specialty Centers
OMAHA, NE
Shopping Centers
Community/Neighborhood
Power/Regional Centers
Specialty Centers
All Shopping Centers
Current Qtr
ST. LOUIS, MO
Shopping Centers
Current Qtr
Historical Vacancy
Historical Vacancy
Last 12 Months
Last 12 Months
Cassidy Turley | 15
Statistical Overview
Midwest/Great Lakes Region
CHICAGO, IL
Shopping Centers
Current Qtr
Historical Vacancy
Deliveries
Under
Construction
Average
Quoted Rate
(1,897,699)
423,166
205,404
$14.45
(180,538)
664,660
538,000
-
$16.00
4.8%
49,112
128,657
4,500
555,895
$23.74
13.4%
13.0%
79,015
27,783
83,000
37,000
$16.10
3.5%
3.6%
3.2%
3,045
(112,911)
-
-
$21.96
11.0%
9.4%
9.8%
(1,189,510)
1,048,666
798,299
Total SF Vac
Vac %
Vac %
Prior Yr
134,268,913
18,781,211
14.0%
11.5%
12.3%
43,820,992
2,900,825
6.6%
6.2%
7.0%
8,166,515
270,794
3.3%
3.9%
Strip
35,095,647
4,611,721
13.1%
Malls
29,809,925
1,055,817
251,161,992
27,620,368
Community/Neighborhood
Power/Regional Centers
Specialty Centers
All Shopping Centers
CINCINNATI/DAYTON, OH
Current Qtr
Historical Vacancy
Qrtly Net
Absorption
Last 12 Months
Net Absorption
Total GLA
(3,299,864)
(3,349,230)
Last 12 Months
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Community/Neighborhood
49,264,139
6,730,048
13.7%
14.3%
14.6%
333,027
452,366
8,524
-
$9.46
Power/Regional Centers
15,390,500
1,316,352
8.6%
8.7%
10.1%
39,202
261,802
18,480
-
$15.84
Specialty Centers
5,105,176
218,379
4.3%
4.3%
4.3%
(489)
606
-
-
$11.19
Strip
9,597,404
1,230,670
12.8%
13.5%
13.4%
77,994
100,325
53,669
9,647
$13.16
Malls
10,883,335
920,733
8.5%
8.3%
9.0%
(15,212)
61,628
-
-
$9.35
All Shopping Centers
90,240,554
10,416,182
11.5%
11.7%
12.0%
434,522
876,727
80,673
9,647
Historical Vacancy
Qrtly Net
Absorption
Shopping Centers
CLEVELAND, OH
Shopping Centers
Current Qtr
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Community/Neighborhood
58,553,972
7,591,869
13.0%
13.2%
13.5%
Power/Regional Centers
24,354,144
2,598,323
10.7%
9.7%
10.0%
2,113,937
259,944
12.3%
13.3%
13.7%
Strip
10,821,018
1,233,392
11.4%
11.2%
Malls
16,941,586
2,684,263
15.8%
112,784,657
14,367,791
12.7%
Total GLA
Total SF Vac
Vac %
Vac %
Community/Neighborhood
72,140,442
10,311,232
14.3%
Power/Regional Centers
26,556,815
1,989,456
3,666,938
Strip
Malls
Specialty Centers
All Shopping Centers
Specialty Centers
All Shopping Centers
Under
Construction
Average
Quoted Rate
Net Absorption
Deliveries
118,243
575,852
303,468
6,177
$9.80
(239,201)
(123,031)
49,697
16,900
$12.35
21,342
30,440
-
-
$19.17
11.5%
(18,184)
30,176
22,397
-
$11.25
16.2%
16.2%
68,170
65,492
-
-
$14.17
12.2%
12.3%
(49,630)
578,929
375,562
23,077
Historical Vacancy
Prior Yr
Qrtly Net
Absorption
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
14.5%
14.7%
131,008
629,347
418,417
-
$11.71
7.5%
7.4%
8.3%
(14,509)
236,493
10,000
2,500
$13.49
278,444
7.6%
8.4%
8.2%
27,858
23,796
-
-
$18.21
19,819,263
2,999,281
15.1%
15.3%
15.8%
26,530
179,133
52,274
30,040
$12.95
21,420,603
1,615,020
7.5%
7.6%
7.7%
6,246
33,944
-
-
$6.86
143,604,061
17,193,433
12.0%
11.5%
11.8%
177,133
1,102,713
480,691
32,540
Historical Vacancy
DETROIT, MI
Shopping Centers
Last 12 Months
Current Qtr
INDIANAPOLIS, IN
Current Qtr
Last 12 Months
Last 12 Months
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Community/Neighborhood
33,920,563
3,772,718
11.1%
11.3%
12.0%
98,370
368,228
73,403
30,200
$11.31
Power/Regional Centers
14,489,417
1,392,732
9.6%
9.9%
9.6%
78,876
31,458
35,000
-
$16.04
Specialty Centers
1,132,628
27,326
2.4%
2.1%
2.8%
(3,124)
4,876
-
-
$25.70
Strip
7,282,532
826,470
11.3%
11.9%
10.4%
42,222
(72,466)
-
-
$13.50
Malls
8,885,546
452,668
5.1%
5.4%
5.4%
23,187
22,987
-
-
$14.21
65,710,686
6,471,914
9.8%
9.9%
10.0%
239,531
355,083
108,403
30,200
Shopping Centers
All Shopping Centers
Cassidy Turley | 16
Statistical Overview
Midwest Great Lakes Region
MILWAUKEE/MADISON, WI
Current Qtr
Historical Vacancy
Last 12 Months
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
37,630,780
4,130,940
11.0%
11.0%
11.6%
734
341,900
120,436
-
$10.38
Power/Regional Centers
8,986,999
663,089
7.4%
7.3%
8.2%
(5,772)
323,114
-
-
$11.09
Specialty Centers
2,329,850
54,644
2.3%
2.3%
2.5%
-
2,575
-
-
$20.33
Strip
8,009,257
856,447
10.7%
10.8%
11.4%
7,867
60,229
2,800
-
$13.43
Malls
7,696,563
992,632
12.9%
12.9%
12.9%
-
2,661
-
-
$9.01
64,653,449
6,697,752
10.4%
9.8%
10.3%
2,829
730,479
123,236
-
Shopping Centers
Community/Neighborhood
All Shopping Centers
Texas/Panhandle/Lower Mississippi Delta Region
AUSTIN, TX
Current Qtr
Historical Vacancy
Last 12 Months
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Community/Neighborhood
25,554,323
2,231,024
8.7%
9.2%
9.4%
118,882
287,409
120,320
-
$16.17
Power/Regional Centers
16,763,100
638,231
3.8%
4.0%
4.7%
49,756
191,494
48,924
54,750
$18.72
Specialty Centers
2,916,369
57,518
2.0%
0.8%
1.2%
(33,900)
(10,663)
10,845
-
$23.25
Strip
6,800,114
707,015
10.4%
11.4%
11.0%
71,814
99,801
64,396
30,725
$17.79
Malls
5,233,547
4,988
0.1%
0.2%
0.1%
5,766
6,200
6,200
-
57,267,453
3,638,776
6.4%
6.4%
6.6%
212,318
574,241
250,685
85,475
Shopping Centers
All Shopping Centers
DALLAS, TX
Current Qtr
Historical Vacancy
Last 12 Months
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
120,538,256
14,358,372
11.9%
12.2%
12.5%
425,582
1,066,523
370,824
631,268
$12.72
33,057,559
1,726,587
5.2%
5.7%
5.9%
150,736
618,918
427,477
138,085
$19.79
6,514,828
383,638
5.9%
5.8%
6.6%
(8,295)
57,163
8,500
-
$17.74
Strip
31,072,513
3,538,230
11.4%
11.9%
12.6%
148,999
533,759
162,417
62,537
$14.47
Malls
26,521,497
1,389,843
5.2%
5.3%
5.2%
14,721
(18,997)
-
-
$21.27
217,704,653
21,396,670
9.8%
9.9%
10.2%
731,743
2,257,366
969,218
831,890
Historical Vacancy
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Shopping Centers
Community/Neighborhood
Power/Regional Centers
Specialty Centers
All Shopping Centers
HOUSTON, TX
Current Qtr
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Last 12 Months
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
119,018,825
10,406,611
8.7%
9.3%
9.7%
802,626
1,704,407
569,583
16,596
$13.71
27,242,965
1,378,366
5.1%
5.4%
5.8%
97,654
476,471
305,694
27,720
$17.55
6,539,878
769,253
11.8%
11.4%
11.2%
(22,691)
(33,644)
-
-
$20.49
Strip
34,465,885
3,522,435
10.2%
10.7%
10.7%
209,371
300,829
156,283
41,675
$15.86
Malls
23,388,179
1,260,450
5.4%
5.6%
5.6%
56,809
39,479
-
5,018
$15.98
210,655,732
17,337,115
8.2%
8.5%
8.8%
1,143,769
2,487,542
1,031,560
91,009
Shopping Centers
Community/Neighborhood
Power/Regional Centers
Specialty Centers
All Shopping Centers
Cassidy Turley | 17
Statistical Overview
Texas/Panhandle/Lower Mississippi Delta Region
LITTLE ROCK, AR
Current Qtr
Historical Vacancy
Last 12 Months
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
11,231,745
1,021,010
9.1%
10.1%
8.1%
108,089
(109,115)
-
-
$9.88
4,956,647
171,761
3.5%
3.2%
2.8%
(11,311)
(21,711)
10,000
-
$16.08
872,172
46,458
5.3%
5.9%
5.5%
5,272
1,321
-
-
$19.80
Strip
3,677,578
257,842
7.0%
7.2%
7.1%
5,762
11,182
7,600
-
$13.82
Malls
-
-
0.0%
0.0%
0.0%
-
-
-
-
20,738,142
1,497,071
7.2%
7.7%
6.5%
107,812
(118,323)
17,600
-
Shopping Centers
Community/Neighborhood
Power/Regional Centers
Specialty Centers
All Shopping Centers
NEW ORLEANS, LA
Current Qtr
Historical Vacancy
Last 12 Months
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
17,098,567
1,498,128
8.8%
9.5%
10.6%
130,477
562,786
279,904
-
$13.06
Power/Regional Centers
2,712,407
106,506
3.9%
3.9%
4.7%
-
20,631
-
-
$34.00
Specialty Centers
1,564,808
26,321
1.7%
2.5%
3.2%
13,440
23,564
-
-
$25.00
Strip
3,350,121
382,983
11.4%
11.9%
12.4%
16,245
32,861
-
-
$14.36
Malls
5,252,001
131,687
2.5%
2.4%
4.1%
(6,350)
82,781
-
-
$22.20
29,977,904
2,145,625
7.2%
7.2%
8.2%
153,812
722,623
279,904
-
Shopping Centers
Community/Neighborhood
All Shopping Centers
OKLAHOMA CITY, OK
Current Qtr
Historical Vacancy
Last 12 Months
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
21,216,151
2,162,807
10.2%
10.8%
10.2%
137,646
19,850
13,200
-
$9.79
6,907,903
486,135
7.0%
7.0%
8.4%
(3,566)
94,762
-
24,200
$13.90
643,609
39,219
6.1%
7.5%
10.3%
8,884
26,899
-
-
$15.86
Strip
7,101,287
509,540
7.2%
7.3%
8.9%
10,868
119,805
-
-
$11.54
Malls
3,002,340
732,234
24.4%
24.4%
31.1%
-
202,029
-
-
$6.00
38,871,290
3,929,935
10.1%
10.4%
10.6%
153,832
463,345
13,200
24,200
Historical Vacancy
Shopping Centers
Community/Neighborhood
Power/Regional Centers
Specialty Centers
All Shopping Centers
SAN ANTONIO, TX
Current Qtr
Net Absorption
Deliveries
Last 12 Months
Under
Construction
Average
Quoted Rate
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
34,145,740
3,168,496
9.3%
9.6%
10.0%
92,666
395,553
180,900
150,000
$13.28
Power/Regional Centers
9,863,988
634,087
6.4%
6.5%
7.6%
230,439
398,630
302,768
31,658
$19.49
Specialty Centers
1,908,325
159,773
8.4%
8.0%
14.2%
(7,763)
111,427
-
-
$16.51
Strip
9,425,123
871,139
9.2%
9.8%
9.5%
77,831
86,432
67,279
30,000
$15.07
Malls
8,740,307
95,858
1.1%
1.3%
1.4%
13,656
29,961
-
-
$26.84
64,083,483
4,929,353
7.7%
7.8%
8.2%
406,829
1,022,003
550,947
211,658
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
18,540,237
1,902,483
10.3%
10.7%
11.3%
73,502
279,409
104,792
55,743
$9.55
Power/Regional Centers
3,938,683
203,481
5.2%
5.0%
6.0%
(7,800)
43,607
9,500
4,875
$10.32
Specialty Centers
1,063,175
115,950
10.9%
11.9%
7.6%
10,926
(35,310)
-
-
$13.56
Strip
5,932,341
473,578
8.0%
7.8%
7.3%
(10,576)
(20,615)
21,550
-
$11.26
Malls
3,007,496
42,310
1.4%
2.0%
2.2%
18,000
23,295
-
-
$28.53
32,481,932
2,737,802
8.4%
8.3%
8.8%
84,052
290,386
135,842
60,618
Shopping Centers
Community/Neighborhood
All Shopping Centers
TULSA, OK
Shopping Centers
Community/Neighborhood
All Shopping Centers
Current Qtr
Historical Vacancy
Last 12 Months
Cassidy Turley | 18
Statistical Overview
Southern US Region
BIRMINGHAM, AL
Current Qtr
Historical Vacancy
Last 12 Months
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
22,173,040
3,084,463
13.9%
14.2%
15.0%
57,260
231,295
-
-
$7.93
Power/Regional Centers
9,850,445
1,171,595
11.9%
11.7%
15.4%
(22,800)
467,021
139,200
-
$16.42
Specialty Centers
1,354,124
202,627
15.0%
13.9%
14.7%
(14,400)
(3,362)
-
-
$13.89
Strip
5,287,607
474,197
9.0%
9.2%
9.2%
12,335
13,087
2,415
-
$11.72
Malls
2,818,064
86,909
3.1%
3.2%
16.3%
2,904
371,872
-
-
$42.00
41,483,280
5,019,791
12.1%
12.0%
14.2%
35,299
1,079,913
141,615
-
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
24,771,956
2,214,630
8.9%
9.1%
8.9%
46,032
17,968
29,107
-
$10.29
4,719,162
122,778
2.6%
2.7%
2.2%
4,492
(20,517)
-
-
$23.68
364,956
83,147
22.8%
24.6%
34.2%
6,560
41,747
-
-
$18.00
Strip
3,628,346
544,151
15.0%
16.2%
15.5%
43,724
39,336
26,815
-
$13.60
Malls
3,948,585
395,899
10.0%
10.0%
9.1%
-
(36,486)
-
-
$8.63
37,433,005
3,360,605
9.0%
9.0%
8.7%
100,808
42,048
55,922
-
Shopping Centers
Community/Neighborhood
All Shopping Centers
LOUISVILLE, KY
Shopping Centers
Community/Neighborhood
Power/Regional Centers
Specialty Centers
All Shopping Centers
Current Qtr
MEMPHIS, TN
Shopping Centers
Community/Neighborhood
Current Qtr
Historical Vacancy
Historical Vacancy
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Last 12 Months
Last 12 Months
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
24,114,441
3,223,474
13.4%
13.3%
14.2%
(5,851)
221,054
14,080
-
$10.29
Power/Regional Centers
8,348,208
737,952
8.8%
8.9%
8.9%
6,579
4,618
-
5,300
$9.41
Specialty Centers
1,686,894
318,948
18.9%
20.1%
20.2%
20,000
22,335
-
-
$17.24
Strip
7,436,666
881,781
11.9%
11.9%
12.8%
2,079
70,042
-
2,400
$12.76
Malls
3,307,304
849,040
25.7%
25.7%
25.7%
-
2,387
-
-
$1.19
44,893,513
6,011,195
13.4%
13.1%
13.7%
22,807
320,436
14,080
7,700
Shopping Centers
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Community/Neighborhood
9,085,145
998,255
11.0%
10.9%
10.0%
(11,392)
(87,166)
-
-
$10.56
Power/Regional Centers
1,656,655
118,340
7.1%
7.1%
7.1%
(1,366)
106
-
-
$20.56
Specialty Centers
1,777,656
392,001
22.1%
22.1%
10.7%
1,417
(202,556)
-
-
$14.31
Strip
2,567,999
219,589
8.6%
9.1%
9.6%
14,343
26,304
-
-
$11.01
Malls
2,470,766
96,971
3.9%
4.0%
4.0%
1,733
1,733
-
-
17,558,221
1,825,156
10.4%
9.6%
8.1%
4,735
(261,579)
-
-
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
29,983,518
3,065,713
10.2%
10.4%
11.3%
67,299
310,087
-
-
$12.53
Power/Regional Centers
8,419,039
917,981
10.9%
11.4%
12.0%
45,123
89,394
-
-
$19.63
Specialty Centers
1,451,540
167,281
11.5%
11.5%
12.1%
(944)
8,072
-
-
$11.72
Strip
5,849,480
616,999
10.5%
10.4%
11.0%
(9,367)
76,779
48,337
-
$14.70
Malls
7,154,069
746,580
10.4%
10.9%
13.4%
33,060
210,437
-
-
$24.00
52,857,646
5,514,554
10.4%
10.4%
11.3%
135,171
694,769
48,337
-
All Shopping Centers
MOBILE, AL
All Shopping Centers
Current Qtr
NASHVILLE, TN
Shopping Centers
Community/Neighborhood
All Shopping Centers
Current Qtr
Historical Vacancy
Historical Vacancy
Last 12 Months
Last 12 Months
Cassidy Turley | 19
Statistical Overview
Southeast Region
ATLANTA, GA
Current Qtr
Historical Vacancy
Last 12 Months
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
114,780,653
16,196,716
14.1%
14.4%
14.5%
310,542
647,173
237,281
64,977
$12.10
34,848,579
2,711,920
7.8%
7.9%
8.3%
50,169
207,564
13,000
-
$13.14
7,568,415
725,631
9.6%
10.1%
11.0%
38,821
463,629
403,786
4,571
$12.79
Strip
34,848,477
4,857,676
13.9%
14.5%
15.3%
202,203
467,264
-
-
$13.35
Malls
24,380,580
1,173,505
4.8%
4.8%
6.4%
740
396,925
-
-
$28.17
216,426,704
25,665,448
11.9%
11.9%
12.3%
602,475
2,182,555
654,067
69,548
Historical Vacancy
Shopping Centers
Community/Neighborhood
Power/Regional Centers
Specialty Centers
All Shopping Centers
CHARLESTON, SC
Current Qtr
Last 12 Months
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
13,607,175
1,262,700
9.3%
8.6%
8.8%
(89,788)
(61,618)
7,208
143,246
$14.27
2,235,034
72,733
3.3%
3.9%
4.4%
13,980
26,277
-
-
$17.67
578,578
-
0.0%
0.0%
0.0%
-
-
-
-
$24.99
Strip
2,980,578
309,471
10.4%
10.4%
9.7%
975
(19,979)
-
-
$13.29
Malls
2,101,239
5,487
0.3%
0.3%
1.2%
1,073
19,784
-
-
$20.00
21,502,604
1,650,391
7.7%
6.8%
7.0%
(73,760)
(35,536)
7,208
143,246
Shopping Centers
Community/Neighborhood
Power/Regional Centers
Specialty Centers
All Shopping Centers
CHARLOTTE, NC
Current Qtr
Historical Vacancy
Last 12 Months
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Community/Neighborhood
46,568,512
5,693,843
12.2%
12.0%
12.3%
(73,136)
453,142
468,814
447,853
$11.78
Power/Regional Centers
17,980,773
1,063,944
5.9%
5.3%
5.9%
(102,665)
102,415
104,374
12,500
$16.15
Specialty Centers
3,918,348
429,745
11.0%
11.0%
11.2%
1,944
8,463
-
-
$9.28
Strip
9,131,363
1,056,124
11.6%
12.1%
12.4%
49,065
86,135
15,000
-
$13.22
Malls
7,035,487
127,746
1.8%
1.8%
1.1%
-
(53,760)
-
-
$30.69
84,634,483
8,371,402
9.9%
9.3%
9.7%
(124,792)
596,395
588,188
460,353
Shopping Centers
All Shopping Centers
HAMPTON ROADS, VA
Current Qtr
Historical Vacancy
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Last 12 Months
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
34,503,833
3,559,828
10.3%
10.4%
9.8%
27,190
97,425
292,447
47,707
$12.09
Power/Regional Centers
9,611,687
350,626
3.6%
3.5%
3.3%
(10,711)
(26,198)
3,750
-
$19.63
Specialty Centers
1,930,298
137,285
7.1%
7.5%
6.6%
8,345
(10,743)
-
-
$22.19
Strip
6,909,324
722,880
10.5%
10.2%
10.1%
(9,147)
31,665
66,492
9,930
$14.24
Malls
5,873,965
397,914
6.8%
6.6%
6.1%
(9,732)
(41,190)
-
-
$16.26
58,829,107
5,168,533
8.8%
8.3%
7.8%
5,945
50,959
362,689
57,637
Shopping Centers
Community/Neighborhood
All Shopping Centers
JACKSONVILLE, FL
Current Qtr
Historical Vacancy
Last 12 Months
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
32,113,052
3,513,997
10.9%
11.6%
11.8%
225,424
388,686
111,120
-
$12.13
Power/Regional Centers
3,715,605
475,250
12.8%
12.7%
13.4%
(1,580)
21,220
-
-
$10.68
Specialty Centers
1,386,784
81,186
5.9%
6.9%
7.3%
14,122
19,655
-
-
$23.94
Strip
7,462,646
880,395
11.8%
13.1%
12.9%
102,332
90,083
7,240
17,000
$13.95
Malls
5,849,280
182,394
3.1%
3.2%
3.2%
2,905
18,414
14,120
-
$20.04
50,527,367
5,133,222
10.2%
10.5%
10.6%
343,203
538,058
132,480
17,000
Shopping Centers
Community/Neighborhood
All Shopping Centers
Cassidy Turley | 20
Statistical Overview
Southeast Region
MIAMI, FL
Current Qtr
Historical Vacancy
Last 12 Months
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
105,702,503
8,349,720
7.9%
8.1%
8.1%
231,882
330,345
82,989
226,369
$18.67
17,194,703
1,036,485
6.0%
6.3%
6.5%
44,295
90,662
6,499
505,000
$29.00
6,186,744
382,930
6.2%
7.9%
7.1%
108,442
302,495
264,982
594,000
$20.49
Strip
25,336,965
1,727,130
6.8%
6.9%
6.8%
38,253
32,023
49,684
9,800
$19.95
Malls
23,694,525
500,411
2.1%
1.7%
2.2%
(89,727)
10,292
-
-
$34.65
178,115,440
11,996,676
6.7%
6.8%
6.8%
333,145
765,817
404,154
1,335,169
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Community/Neighborhood
54,875,454
5,837,939
10.6%
11.1%
11.7%
268,561
611,294
43,737
6,000
$13.73
Power/Regional Centers
13,275,314
723,646
5.5%
6.1%
6.0%
81,436
70,211
-
-
$16.20
5,964,117
405,360
6.8%
6.1%
6.5%
(21,480)
37,401
60,995
7,400
$18.78
Strip
11,151,202
1,414,978
12.7%
13.4%
12.8%
74,561
38,742
27,320
-
$15.17
Malls
13,205,195
462,842
3.5%
3.9%
2.2%
46,857
(177,959)
-
-
$10.22
All Shopping Centers
98,471,282
8,844,765
9.0%
9.2%
9.3%
449,935
579,689
132,052
13,400
Shopping Centers
Community/Neighborhood
Power/Regional Centers
Specialty Centers
All Shopping Centers
ORLANDO, FL
Shopping Centers
Specialty Centers
Current Qtr
RALEIGH/DURHAM, NC
Current Qtr
Historical Vacancy
Historical Vacancy
Last 12 Months
Last 12 Months
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Community/Neighborhood
34,883,426
3,082,299
8.8%
9.2%
8.6%
126,793
84,722
153,055
-
$15.23
Power/Regional Centers
11,454,830
508,644
4.4%
4.7%
5.1%
29,166
414,899
353,975
-
$16.05
Specialty Centers
2,802,598
79,136
2.8%
2.7%
4.1%
(2,141)
36,285
-
190,808
$14.84
Strip
3,714,506
510,497
13.7%
14.6%
12.8%
30,922
(29,318)
6,000
4,706
$15.17
Malls
7,073,104
113,347
1.6%
1.8%
2.1%
17,502
32,595
-
-
$30.00
59,928,464
4,293,923
7.2%
7.4%
7.1%
202,242
539,183
513,030
195,514
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
26,172,399
2,796,658
10.7%
10.4%
11.0%
(55,920)
123,023
59,207
176,354
$13.13
7,697,235
336,788
4.4%
4.3%
4.6%
10,384
30,920
14,300
20,011
$19.73
54,528
-
0.0%
0.0%
0.0%
-
-
-
-
Strip
4,178,862
418,212
10.0%
9.4%
11.7%
(23,344)
70,848
-
-
$14.53
Malls
4,179,883
67,679
1.6%
2.0%
2.1%
16,883
19,926
-
-
$17.00
42,282,907
3,619,337
8.6%
8.1%
8.8%
(51,997)
244,717
73,507
196,365
Historical Vacancy
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Community/Neighborhood
74,385,552
7,867,935
10.6%
10.8%
10.8%
181,933
248,326
87,570
904,232
$12.83
Power/Regional Centers
14,127,252
869,317
6.2%
5.9%
5.4%
(32,461)
(103,394)
-
-
$18.23
1,918,710
137,719
7.2%
7.7%
8.3%
9,255
21,987
-
-
$24.17
Strip
18,586,224
1,926,642
10.4%
11.5%
11.2%
210,679
179,343
20,150
-
$14.08
Malls
11,675,582
390,419
3.3%
3.7%
3.0%
39,828
(43,545)
-
-
$25.72
120,693,320
11,192,032
9.3%
9.3%
9.1%
409,234
302,717
107,720
904,232
Shopping Centers
All Shopping Centers
RICHMOND, VA
Shopping Centers
Community/Neighborhood
Power/Regional Centers
Specialty Centers
All Shopping Centers
Current Qtr
TAMPA, FL
Shopping Centers
Specialty Centers
All Shopping Centers
Current Qtr
Historical Vacancy
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Last 12 Months
Last 12 Months
Cassidy Turley | 21
Statistical Overview
Northeast Region
BALTIMORE, MD
Current Qtr
Historical Vacancy
Last 12 Months
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Community/Neighborhood
41,150,368
2,946,108
7.2%
7.2%
7.6%
6,489
214,676
24,863
70,000
$19.40
Power/Regional Centers
15,474,658
691,147
4.5%
4.5%
5.9%
9,587
220,801
-
-
$27.69
2,030,618
190,975
9.4%
9.1%
10.0%
(5,267)
20,528
9,737
-
$18.74
Strip
6,216,008
521,659
8.4%
8.0%
7.6%
(13,587)
18,881
70,532
-
$17.91
Malls
12,420,564
796,635
6.4%
6.4%
6.4%
(1,053)
663
-
-
$26.59
All Shopping Centers
77,292,216
5,146,524
6.7%
6.4%
6.8%
(3,831)
475,549
105,132
70,000
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Community/Neighborhood
74,468,196
4,325,615
5.8%
6.0%
6.2%
319,782
706,479
309,162
631,338
$17.31
Power/Regional Centers
25,653,753
893,399
3.5%
2.9%
3.5%
222,966
464,864
471,000
147,230
$12.40
3,164,110
164,985
5.2%
5.1%
5.2%
(3,200)
(611)
-
-
$25.00
Strip
15,002,513
1,140,063
7.6%
7.7%
7.8%
28,296
49,148
17,468
9,000
$15.54
Malls
17,263,811
519,059
3.0%
3.0%
3.0%
(8,795)
(4,357)
-
-
$-
135,552,383
7,043,121
6.7%
5.1%
5.3%
559,049
1,215,523
797,630
575,900
Shopping Centers
Specialty Centers
BOSTON, MA
Shopping Centers
Specialty Centers
All Shopping Centers
Current Qtr
NEW YORK CITY METRO*
Current Qtr
Historical Vacancy
Historical Vacancy
Last 12 Months
Last 12 Months
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Community/Neighborhood
86,818,750
4,483,705
5.2%
5.5%
5.7%
305,102
854,820
387,741
630,849
$20.57
Power/Regional Centers
22,793,391
980,057
4.3%
4.3%
4.8%
2,609
104,321
-
-
$22.20
3,721,694
515,655
13.9%
13.8%
13.5%
(3,025)
(14,785)
-
-
$22.94
Strip
18,050,366
1,492,468
8.3%
8.2%
7.8%
(8,671)
(57,437)
23,686
-
$21.04
Malls
27,610,959
339,801
1.2%
1.3%
1.4%
6,080
36,053
-
-
$30.97
158,995,160
7,811,686
4.9%
4.9%
5.1%
302,095
922,972
411,427
630,849
Shopping Centers
Specialty Centers
All Shopping Centers
NORTHERN NEW JERSEY
Current Qtr
Historical Vacancy
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Last 12 Months
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Community/Neighborhood
81,225,496
7,207,213
8.9%
8.9%
9.8%
73,888
815,243
38,200
234,654
$19.09
Power/Regional Centers
31,238,106
1,404,399
4.5%
5.1%
5.5%
203,639
330,385
5,251
-
$25.08
3,167,504
84,367
2.7%
3.0%
4.5%
9,702
134,397
-
153,000
$26.70
Strip
15,623,191
1,571,707
10.1%
10.2%
10.4%
29,247
83,744
41,700
14,000
$19.55
Malls
30,739,417
678,738
2.2%
2.1%
2.2%
(18,164)
(12,595)
-
747,500
$51.37
161,993,714
10,946,424
6.8%
6.7%
7.2%
298,312
1,351,174
85,151
1,149,154
Shopping Centers
Specialty Centers
All Shopping Centers
PHILADELPHIA
Current Qtr
Historical Vacancy
Last 12 Months
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
140,278,909
13,803,995
9.8%
9.9%
9.9%
292,394
564,556
462,812
124,410
$14.04
59,297,303
3,158,644
5.3%
5.2%
5.3%
(57,983)
27,314
15,122
-
$13.44
6,660,880
222,529
3.3%
3.8%
4.2%
33,095
60,489
-
-
$18.23
Strip
20,071,416
1,909,978
9.5%
9.3%
9.4%
(51,991)
(6,562)
15,687
-
$14.23
Malls
29,139,081
1,347,782
4.6%
4.7%
3.8%
8,288
(250,297)
-
-
$18.67
255,447,589
20,442,928
8.0%
7.7%
7.7%
223,803
395,500
493,621
124,410
Shopping Centers
Community/Neighborhood
Power/Regional Centers
Specialty Centers
All Shopping Centers
* includes New York City, Long Island and Southern CT
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Cassidy Turley | 22
Statistical Overview
Northeast Region
PITTSBURGH, PA
Current Qtr
Historical Vacancy
Last 12 Months
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Community/Neighborhood
29,378,433
1,586,823
5.4%
5.7%
6.2%
80,059
286,669
41,400
60,000
$11.20
Power/Regional Centers
17,523,619
715,468
4.1%
4.4%
4.5%
53,834
75,902
-
-
$17.34
2,359,492
101,415
4.3%
4.4%
4.7%
2,585
8,912
-
-
Strip
4,712,936
331,617
7.0%
6.7%
7.5%
(15,027)
136,445
89,530
-
$15.71
Malls
11,845,773
431,591
3.6%
3.1%
6.1%
(65,481)
499,053
225,000
-
$12.36
All Shopping Centers
65,820,253
3,166,914
4.8%
4.7%
5.5%
55,970
1,006,981
355,930
60,000
Shopping Centers
Specialty Centers
WASHINGTON, DC
Current Qtr
Historical Vacancy
Last 12 Months
Total GLA
Total SF Vac
Vac %
Vac %
Prior Yr
Qrtly Net
Absorption
Community/Neighborhood
90,746,261
6,577,184
7.2%
7.9%
7.7%
567,925
480,713
119,235
483,083
$19.53
Power/Regional Centers
37,186,171
1,280,967
3.4%
3.4%
3.6%
73,703
209,668
142,050
3,400
$22.14
7,399,746
179,183
2.4%
3.0%
2.6%
267,089
384,019
383,872
648,408
$48.38
Strip
12,914,382
1,037,666
8.0%
8.0%
8.9%
41,936
182,980
72,686
5,775
$20.53
Malls
29,684,197
983,520
3.3%
3.3%
2.3%
4,279
(163,060)
148,000
-
$17.04
177,930,757
10,058,520
5.7%
5.7%
5.6%
954,932
1,094,320
865,843
1,140,666
Shopping Centers
Specialty Centers
All Shopping Centers
Net Absorption
Deliveries
Under
Construction
Average
Quoted Rate
Cassidy Turley | 23
Statistical Overview
Methodology
Disclaimer
This report and other research materials
may be found on our website at
www.cassidyturley.com. This is a research
document of Cassidy Turley in Washington,
DC. Questions related to information
herein should be directed to the Research
Methodology
Cassidy Turley’s quarterly estimates are derived from a variety of data sources, including its
own proprietary sample of market activity, historical inventory data from Bureau of Labor
Statistics Employment data, CoStar and other third party data sources. The market statistics
are calculated from a base building inventory made up of shopping center properties
deemed to be competitive in the local retail markets. The inventory is subject to revisions
due to resampling. Vacant space is defined as space that is available immediately or three
months (90 days) after the end of the quarter. Sublet space still occupied by the tenant is
not counted as available space.
Department at 202-463-2100. Information
contained herein has been obtained
from sources deemed reliable and no
The figures provided for the current quarter are preliminary, and all information contained in
the report is subject to correction of errors and revisions based on additional data received.
representation is made as to the accuracy
thereof. Cassidy Turley is a leading
commercial real estate services provider,
with 400 million square feet managed on
behalf of institutional, private and corporate
clients and $25.8 billion in completed
transactions for 2013.
Explanation of Terms
Total Inventory: The total amount of retail space within a shopping center.
Total Space Available: The sums of new, relet and sublet space that is unoccupied and
being actively marketed.
Vacancy Rate: The amount of unoccupied space (new, relet and sublet) expressed as a
percentage of total inventory.
Absorption: The net change in occupied space between two points in time. (Total
occupied space in the present quarter minus total occupied space from the previous
quarter, quoted on a net, not gross, basis.)
Asking Rents: Triple net average asking rents.
Regional Map
Pacific
Mountain
Great Plains
Midwest Great Lakes
Texas/Panhandle/Lower Mississippi Delta
South
Southeast
Northeast
Cassidy Turley | 24
Statistical
Key
CassidyOverview
Turley Statistics
A Leader in Commercial Real Estate Services
At Cassidy Turley, we are market leaders, industry leaders and community leaders. Nationwide, clients recognize us for the creative
sophistication of our real estate advice as well as for the discipline and accuracy of our service delivery. We are a trusted partner and
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Key Statistics
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• 65 international offices*
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• 2013 transactions
– Gross transaction volume
$25.8 billion
– Gross capital markets
volume $11.4 billion
• 400 million sf managed
portfolio on behalf of
institutional, corporate and
private clients
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locations served
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understanding of local business leaders and practices, giving Cassidy Turley and our
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• Many of our associates have honed their skills in their respective markets for years –
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Cassidy Turley | 25