|
....tip , L..,.. u ~1 ~~
<br />'~ L tj' -7i f+ •~~
<br />~I. ~ 1 ~ •r
<br />~~ ~ ~r
<br />~a~~ ~ ~
<br />~.~
<br />
<br />~~~~.
<br />~~I~
<br />Tom- RETAIL I THIRD QUARTER I 2008
<br />MARKET INDIL.ATOR,S
<br />Q3 08 Q4 08
<br />Actual Estimated
<br />VACANCY RATE -3 -~
<br />NET ABSORPTION y ~
<br />CONSTRUCTION ~ ~
<br />RENTAL RATE y ~
<br />SIGNIFICANT TRANSP,CTIOrJ
<br />~'* j.
<br />~,;~
<br />~~
<br />;E
<br />Spirit River Crossings
<br />Cambridge, MN
<br />Buyer: Kohl's and Lowe's
<br />Size: 117,000 SF and 68,000 SF
<br />TURLEY
<br />MARTIN
<br />TUCKER
<br />~;,
<br />. ~:w~~,.,,,,~.r~~ .r~t~r
<br />Commercial Real Estate Services
<br />Retail Takes a Licking, But Keeps on Ticking
<br />The Twin Cities retail market continued on
<br />a flat pace in the third quarter. Absorption
<br />rcgistereil a negative. 4,146 SF tot the quar-
<br />ter, snaking year-to-date ahsorpric~n a nega-
<br />tive 19,9Q8 SF. Vacancy remained steady
<br />for the third straight quarter stt 5.5`~u.
<br />Retailers have borne the brunt: crf the
<br />economic slowdown this year, with an-
<br />nouni:ed store. closures, Loth locally and
<br />nationwide. Many of these names are fa-
<br />miliar to shoppers and. mall owners in the
<br />T~viu Cities.
<br />VG Ickes is closing all stores nation-
<br />ally, whica~t include six here in the Twit?
<br />Cities. Bombay <,;ompany is also closing
<br />all national Mures, includin,t? the three
<br />Mitu7esor,a stores in Rosedale, Southdale,
<br />and i'11Lcrtville. VZiilsons Leather will be
<br />closing their six remaining stores in the
<br />stare. i=;ornpUSA wi.l] lac clasin~ foot
<br />hlinncsota stores in 1-lopkins, Minneapolis,
<br />Woodbury, artd Roseville. Starbuc.ls is
<br />closing bt~l stores nationwide, in{:ludin,~r
<br />seven here. in the metro. Lven home im-
<br />},?rovement giant Horne Depot will. be rk>s-
<br />ing its Cottage Grove store.
<br />C)ther retailers shutting down stores na-
<br />tionally include: 1/thata Allen, S`prirrt.
<br />tiextel, KB Toys, Steve. & Barry's, l'ep
<br />Boys, Movie Gal.lety, H.ollywoad Video,
<br />l..a ne f3rya tu, Fashion Bug, Cat.herine's,
<br />and. Talbots.
<br />Along wirh st:racgling retailers, there are
<br />alaU many TGStBUrantS 1r1 The ~alrle Loat.
<br />Within tl~te past year, Baker ;Square, 1>on
<br />Pablo's, Joe's Crab Shack, Joey's Seafood,
<br />Steak & Ale, I~enni,~an's, J.P.'s Bistro, and
<br />Fosst's art: jnnt :;once establisltinertts thar
<br />have closed their doors in the ~l'win Cities
<br />market. As discretionary income contin-
<br />ur.s to be pinched Lti risin<; fooc:l and eas
<br />prices, Loth rest:aurants and retailers will
<br />~<:
<br />~;
<br />~~
<br />~„
<br />n iz
<br />t- ~
<br />w
<br />~,
<br />~. ~
<br />`, G
<br />_3
<br />b
<br />2004 2005 2006 2007 Q3 2008
<br />~ ~ : ~s
<br />
|