Retail Q4 Development Trends
Jan 11, 2011 2:53 PM
- Developers brought just 594,000 square feet of neighborhood and community center space online, reflecting both the tight credit conditions and still weak fundamentals for retail real estate. This represents the lowest level of completions on record since Reis began tracking quarterly data in 1999.
- For the full year, the figure amounted to 4.1 million square feet—a 7.8 million square foot drop from 2009 and less than one-seventh the average amount of space delivered annually from 2000 through 2008.
- Overall, more than 7 million of square feet of projects slated for completion in 2010 were delayed or canceled
Source: Reis Inc.
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