Retail vacancies keep rising in Atlanta
The Atlanta Journal-Constitution
The retail vacancy rate in Atlanta is forecast to continue worsening, according to a report released Thursday by Marcus & Millichap, a real estate investment services firm.
The firm projected the retail vacancy rate will rise 3.3 percent to 13.1 percent by the end of the year compared to a 1.7 percent rise in 2008.
Making matters worse: builders are expected to complete an additional 3.6 million square feet of retail space in 2009.
Nearly 1.2 million square feet is scheduled to come online in the Sandy Springs/North Fulton submarket alone, the report says.
Marcus & Millichap also projects that asking rents will fall 3.4 percent in 2009 to $16.86 per square foot, while effective rents will decline 5 percent to $14.95 per square foot.
-- RACHEL TOBIN RAMOS
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