Vacancy rates remained steady the first half of 2014 at 8.5%. First quarter 2014 brought a negative net absorption of 413,109 square feet (sf), while Q2 2014 sits at a positive 268,674 sf absorbed. Macy’s and Kmart are among two of the tenants who have moved out of big box spaces. Hy-Vee (76,000 sf), Sprouts (23,360 sf), and Stein Mart (34,000 sf) are moving into large blocks of space in 2014.
Sprouts Farmers Market has leased 27,000 sf. Rental rates ended both Q1 and Q2 2014 at $12.60 per square foot (psf), representing a 1.75% increase from four quarters ago. A total of 13 retail buildings were completed in the first half of 2014 for a total of 359,051 sf.
Source : Cushman & Wakefield