That's the first time the NAI/CIP review has captured negative absorption since it began tracking the retail market in 1992, says Eric DeJernett, the NAI/CIP retail specialist who compiled the report. Retail occupancy has been marching ever higher since the early 1990s.

The report takes into account big openings such as an HEB center in Round Rock and the conversion of a vacant anchor space at Round Rock West Shopping Center to a Gatti Town.

Even with a drop, the rate remains above 95%. "That's kind of hard to argue with," DeJernett tells GlobeSt.com. "I don't believe the retail market is going to see what the office market is seeing with all the sublease space. It's just not the way retail is set up."

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