August 28, 2009
From a CoStar article, JLL:
Jones Lang LaSalle Retail last week issued a “perspective on recovery” for the retail sector in which JLL Retail President and CEO Greg Maloney predicted that the recession will bottom out during the last quarter of this year, to be followed by the beginning of revitalization for the retail industry in first quarter 2010.
From a NREI article, REIS:
“Vacancy level projections will exceed any historical level Reis has on record by 2011,” Victor Calanog, director of research at Reis, said in a capital markets briefing on Wednesday. He projects that vacancies for neighborhood and community centers will peak at 13% by 2011.
“We do not see a recovery in the retail sector until 2012 at the earliest,” says Calanog. Meanwhile, rising cap rates reflect the decline in expectations about future net operating income and relative risk aversion toward retail property investments.
- US Retail Vacancies Zoom to 17 Year High
- U.S. Office Vacancy Rate Set To Soar
- Grubb & Ellis Releases Annual Forecast
- US Office Vacancy At 5-Year High; Rents Plummet
- U.S. Office and Retail Vacancy Continues Its Ascent