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Puget Sound Retail Sector Shows Strength

SEATTLE, WA-According to Colliers International, Puget Sound posted the "strongest overall vacancy numbers in three years," with mall performance and rental rates all looking strong. The area now looks to holiday sales.

By Janet Parker | Updated on October 10, 2001

SEATTLE, WA-As previously reported by GlobeSt.com, prior to September 11 retail properties had been faring well despite a slumping economy. With a caveat from Colliers International retail specialist Erin Conger that recent events are likely not fully factored here, the overall retail vacancy rate dropped to 2.7% — a drop of 2.7 percentage points from the 5.4% rate measured last fall.

This, says Colliers, “shows the strongest overall vacancy numbers in three years.” The good news is heightened by the fact that under-performing shopping centers (with more than 10% vacancies) plummeted during the period from 11% to 2% while the number of fully-leased centers spiked sharply from 32% last fall to a current 57%.

Other noteworthy points in the report include 2.9 percentage-point drop in anchor-space vacancies to a 1% — and shop-space vacancies falling from 8.2% in the previous survey to 5%.

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