Retail Takes a Hit; 9% Vacancies Highest in Seven Years

ATLANTA-Retail vacancies in metro Atlanta are at 9%, the highest in seven years, and are expected to climb further, a new Bullock Mannelly Partners Inc. study shows. Fewer sale deals are being made and those that are completed are staying on the market longer than previously.

“The effects of strong construction volume, decreased tenant demand and a rash of store closings will continue to impact the Atlanta market through 2002,” Michael Crawford, Bullock Mannelly’s research director, says in the report.

“With overall job growth figures surprisingly flat in 2001 and consumer confidence descending from second quarter last year, the Atlanta commercial real estate market was dealt a strong blow across all product types,” Crawford says.