Brad Doyle Represented the Landlord in the Leasing of Downtown Office Space
March 14, 2014Brad Doyle Represented the Landlord in the Leasing of Flex Space at Sunbelt Court
April 9, 2014Retail rents rose in the first quarter of 2014 to levels not seen since 2008, amid an improving economy that has seen a dearth of new retail development in recent years, according to data from Reis Inc. Average rates now sit at $19.42 per square foot at smaller centers, an increase of 0.4% from the fourth quarter of 2013, and at $40.15 per square foot at large regional centers, up half a percentage point. Strip center vacancy sits at 10.4%, unchanged from 2013’s fourth quarter. Retail landlords are seeing increased opportunity to seek higher rates of retailers. “[T]hey’re not interested, necessarily, in paying the rents needed to justify new construction,” says Andrew Alexander, CEO of Weingarten Realty Investors.
